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Do I see profit if partner buys me out?

1 reply

the30thIsOnHoldInLockdown · 17/04/2020 19:27

Scenario:
Bought a house with my partner 2 years ago for £100,000. 15% deposit.
We renovated and now its valued at £130,000.
If I let him him buy me out (because we are breaking up) will I see some of that profit?
(Numbers aren't real it's just so you get the picture of the scenario I'm in)

Also, how long does the process take usually if you have been there before and what about solicitor fees? Are they crazy high?

I can't get advice from my mortgage provider at the minute because as you can imagine their phone lines are tied up with more important issues and I don't want to use up any of that time.

Thankyou!

OP posts:
TriciaH · 18/06/2020 16:00

If you equally paid the deposit so 7.5% each and have been paying the same towards the mortgage then he should be buying you out at 65k based on those figures because that's what your half is now worth. He has to pay your share of the profit as I bet if the value had gone down to say 70k in total value he would not have bought you out at the 50k paid.

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