Buying partner out - advice needed please

[amdx]

Due to separation we are looking at our options.

Currently in shared ownership home 50% share, other 50% is with housing association. Mortgage in joint names.

Approx value of house is £235,000 so our 50% share would be worth £117,500.

Balance to pay off our mortgage is £60,500, but we also have £24,600 in joint debts to pay off.

Can’t work out how to work this out out as to how to pay off the debts, and release the 50% share of the equity.

Any thoughts welcomed!

Are you planning to sell the house, or remortgage so you can stay living there?

Hi Rockchick,
Exploring all options really, selling would be simpler, then we can pay off the debts and split what’s left of the equity. But it would be nice for one of us to be able to stay on there with our daughter, and not have to find two new places to live, and we are on very limited incomes. But can’t work out how we do it, would partner staying on in house have to borrow to pay the debts off as well?

So if you both leave that house it's a simple pay off debts and share the rest.

If he stays. He can remortgage, release equity money to you, pay off the debts and get a whole new mortgage on his own.
And vice versa if you were to stay.

In theory. You have £57k equity minus your debt of £24,600. Leaves £32,400. Or £16,200 each.

So you can sell. Settle the debt and walk away with that money

Or one of you could remortgage with an additional £16.200 and take on the debts

Or remortgage an additional £40800 pay off debts and pay out other person.

Sorry that's all wrong

Equity after debts are cleared is £16,200 each.

Debts are shared. So each owing £12,300.

So if one of you takes on the debt. Then equity owing for that person is £3,900

Think I'm just confusing the situation sorry. Over tired

YellowLemonz - Thank you. So you said:
He can remortgage, release equity money to you, pay off the debts and get a whole new mortgage on his own.
Is the only way to release the equity money through the remortgage - as in borrow enough to pay off the debts and pay me my half of the equity?

Thank you unicornsarereal - I am also very tired and full of cold and it’s hard to get my head round all this!!

Any other thoughts greatly welcomed!