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Buying out of house (divorce) help

5 replies

fatsinglereadytomingle · 05/01/2023 19:54

House is valued at £350k with mortgage of £200.

Proposal is for ex to cash in savings, take on the mortgage in his name and increase it by £60k. I'd walk away with £90k which would include a deposit from a previous property that allowed us to buy together.

In reality I think we'd get more for the house, approx £365k if we were to sell BUT would then incur early redemption charges on the mortgage along with estate agent and solicitor fees.
This is an amicable separation and hopefully that will remain the case.
I'm just trying to ensure it's all a fair split.

OP posts:
Ferguson0909 · 05/01/2023 20:40

How much are your savings?

fatsinglereadytomingle · 05/01/2023 21:12

Our savings are completely separate and always have been (I know it doesn't really mean much when married)
His amount to £30k which would be all gone in his plan
Mine are £40k which would be untouched

OP posts:
Lilly11a · 05/01/2023 21:22

So assets are using

lower house value 150k equity + 70k savings = 220k

You get 90k+ keep savings 40k = 130k
He gets house new equity 150k-60k remortgage=90k

If higher house value 165k equity+70k= 235k
You still 130k
Him 105k

Unless there are kids or some other reason you should get more then 50% either way you are quids in

Soontobe60 · 05/01/2023 21:28

So the total amount you’re talking about is £220k, less legal fees to transfer the house into his name only and any early redemption mortgage fees. If you ringfenced your deposit then that can be subtracted too.
I guess you should be receiving 50% of the balance.

fatsinglereadytomingle · 06/01/2023 00:49

That's confirming my sums.
This is all just a discussion at this time. The separation is all on his terms which I assume is the reason for his more than generous split and also takes into account that I paid for all items in the house including things that cannot be removed, garden landscaping and decorative items and are not removable.

It's all still to be confirmed that it will all add up and the house valuation is all correct but it sounded a fair split to me but

OP posts:
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