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Financial offer on Jointly owned home.

  • Mikeyboy56
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3 years 9 months ago #486983 by Mikeyboy56
Financial offer on Jointly owned home. was created by Mikeyboy56
Hi,
my ex partner (never married) have separated, and she now has a new partner, with whom she stays three nights per week. At the present time, I am still living in the house, until the financial settlement is completed.
We have had three valuations on the property at 200-215k., with an outstanding mortgage of 25k. We are tenants in common, and I have been informed that although I have contributed substantially more on renovations to the property, the split will be 50/50.
Therefore, on the above figures, what amount should I be looking at, for her to buy me out?

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  • dukey
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3 years 9 months ago #486986 by dukey
Replied by dukey on topic Re:Financial offer on Jointly owned home.
When you bought the house did you have a deed of trust written?.

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3 years 9 months ago #487009 by Mikeyboy56
Replied by Mikeyboy56 on topic Re:Financial offer on Jointly owned home.
Unfortunately, no.

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  • LittleMrMike
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3 years 9 months ago #487020 by LittleMrMike
Replied by LittleMrMike on topic Re:Financial offer on Jointly owned home.
The presumption would be that you own 50/50 but it is possible for this presumption to be displaced.

Obviously , before you can consider a buy out, you need to establish what your respective shares are. But your starting point is 50/50 if you're happy with that.

If either of you wants more then either of you can apply for a declaration as to what your interests are. This requires advice from a property lawyer specialising in this field.

LMM

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