Home sale after split

[H92]

Hi sorry if this has been posted before. I have recently separated with ex partner, we have a house together. They want to keep the home, I’ve agreed to rent elsewhere until we come to an agreement on value amount. We had a brief discussion today regarding the property and how we’ll split. They’ve offered to buy me out however before I agree to do this, I would like to know how people do it. Do they simply take what they have put in? Do people consider the current property value? as since we’ve had it the property has increased £15k.

TIA

It will depend on how you jointly own the property and any agreement you had with regard to treatment of deposits at the outset. If you have a mortgage the party who is going to “buy you out” will in effect have to remortgage the property and therefore satisfy all lending requirements re affordability etc. (assuming they don’t have available sufficient cash to pay). Yes you should each have the property valued by a local surveyor (not estate agent - they will say anything to get the business) and then you both need independent legal advice.

Pretty much what @VanCleefArpels says.

You need legal advice and it will need to be paid for.

Hi thanks both, for commenting and advice. We’ve agreed verbally regarding deposits, they will be split equally. I know that they’re able to meet all requirements regarding taking over the mortgage. I just didn’t know whether the home valuation increase will impact my figure or if I just accept offer given? I will however seek legal advice I was just hoping for a heads up prior to seeing solicitor

As others have said, you need legal advice. However, if you own the property jointly, your share should be based on the current value.

If you owned it equally and contributed similar deposits then equity increase should be split too. Assume you aren't married and are therefore TIC rather than JT so did you have trust drawn up by the conveyancer saying it wasn't 50/50 ownership