Ex buying my share of the flat

[Judeloo]

My Ex and his parents are wanting to buy my share of the flat. We bought the property for �255,000 and it is now worth �275,000. The mortgage balance is �237,400. We own the property 50/50 - how much should I sell my half to them for? I have sought other legal advice and the lawyer said that it is �275,000 minus the mortgage balance...but my ex doesn't think that's right...Can someone please confirm the legal standing on this.

[Eve]

I suppose the fairest way would be to go through each other's financial contributions to the property such as the deposit, balance of purchase price, mortgage payments, contributions to works on the property etc.. and try to come to some kind of agreement as to what is a fair share for each of you say percentage wise. You could then work out the percentage of the current valuation.

You will need to ensure that the mortgage is sorted, whether it is being redeemed or not.

[Judeloo]

Hi at this stage I am trying to find the correct and legal way to work out the equity on the property - so i canget the initial sum....we can then deduct the bits you have mentioned from that initial figure...

so really, what i need to know is...how do you figure out the equity on the property.

Thanks for the advice though

[Ethel]

The equity is the current value of the property minus the mortgage and other loans secured on it.

[NORMANTHEDOG]

the equity left after paying the mortgage is �37,600. half is �18.800 each,less fees.

[Judeloo]

Hi Norman,

What d you mean less fees?

Thanks

[dannydingbat]

Fees are what it costs to pay for the legal work involved.

[Mrs_Pegasus]

Agree with Ethel.

He needs to pay you 50% of the balance when you take the current market value less the mortgage and insist he pays the legal fees for the transfer. If he continues to be awkward say you will be looking to force a sale when it can be decided in court what you will get which will probably be what has already been said unless he can prove he has contributed more into the mortgage payments, bills etc.

[Judeloo]

Thanks for all those - that is what i thought - i'll post him this as well...