want to buy my ex out - how do i know what to pay?

Hi There,

I am currently in the process of divorcing my husband and we have owned a house together for the last 2years. When we bought the property we paid 124,000 and it is now worth 135,000. We both own 50/50 of the house and both of our names are on the morgage. I am wanting to buy his share of the house but have no idea how much i would need to pay to buy him out.

Please help!!!

The stating point would be to take the agreed value of the house, less the putdtanding mortgage and costs of transferring the proprty to your sole name.

This will give you the current equity in the poperty. All other things being equal, the payment would be 50% of that equity.

You would need to chek with your mortgage lender whether they would consent to the mortgae going into your sole name and if so, whether they will make any charge, or impose any early redemption penelties.

Whether a 50/50 split is fair will depend on other factos; your ages, length of the marraige, incomes, whether there are any children, what the other assets are and how they will be split, how much you can afford to mborrow in addition to taking on the existing mortage.

If eveything else is qual (i.e. you have a short marraige, no children, both earn roughly the same and there are no other debts or assets) then 50% of the equity is likly to be fair.

if there are differences, for instance if one of you earns a lot more than the other, if there are children etc, then an unequal split is more likely to be fair.