mortgages

[kelly smith]

me and a ex bought a house together and now we have split up his new partner wants to buy me out.

How is this done, and how should we go about doing it?

pls help

[vicmel]

Get an up to date valuation. If property title is 'tenants in common' buy him/her out according to percentages on the Title. If you are ' joint tenants' suggest you offer half the valuation less an allowance for multiple ownership(similar to Probate valuation rules) of 10%. ie a total of 45% of the valuation.

[funnywebsite]

First you need to get the property valued and agree on a figure of what you both think is a reasonable share. If this is on a mortgage then you will both have to let the bank know. You will have to probably get a solicitor involved because the name of the deeds will have to be changed.