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Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2324
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I separating from my partner. He wants to buy me out but

Resolved Question:

I separating from my partner. He wants to buy me out but need advice on what I need to be aware of. We are not married have no children together. Where do I start.
Submitted: 6 months ago.
Category: Family Law
Expert:  Harris replied 6 months ago.

Hi, thank you for your question. Just a bit more information required to fully assist you:

-Are you in England or Wales?

-Whose name is ***** ***** title of the property?

-Whose name is ***** ***** in?

-What is the value of the property and what is the outstanding mortgage?

Customer: replied 6 months ago.
England
-joint
-joint
-value approx £250,000 outstanding around £1000,000
Customer: replied 6 months ago.
sorry that should be £100,000 outstanding.
Expert:  Harris replied 6 months ago.

Thanks for confirming. Legally you would both be entitled to a share of the equity in accordance with how you hold the title - so if it is in equal shares, a suitable buy-out is 50% of the equity - this is the current value (£250,000) less the mortgage (£100,000) less costs of sale (usually 1.5% = £3,750). This would leave £146,250 - therefore your share has an approximate value of £73,125.

As part of the agreement, there should be confirmation obtained that the mortgage will be transferred to his sole name so that you no longer have any liability.

I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you

Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2324
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
Harris and other Family Law Specialists are ready to help you
Customer: replied 6 months ago.
Thank you.
Can the life insurance we have jointly be separated or do I need to set up a new one.
Most of the property has integral units, can I ask for half of costs or is that part of settlement.
Expert:  Harris replied 6 months ago.

You will need to check your policy as they vary, but it is likely you may need to end the current policy and set up sole policies.

In relation to the settlement proposals, the costs of the property will form part of the financial settlement and there needs to be full and frank disclosure between you regarding this.

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