Criteria for buying someone out of property

[gbbird]

Having been through this in the past, the 'amicable' criteria we used was to work out the difference between amount left on mortgage and the current market value of the house, then divide this by two, and give the one being bought out that amount.

Was just wondering if people use other, perhaps more complicated criteria, for such things, for example deposit amounts, big purchases etc. If it was left in the hands of a solicitor, what criteria would they use?

[cptsideways]

I'd be interested to know too. Same situation at my end sadly.

[SMP]

cptsideways said:

I'd be interested to know too. Same situation at my end sadly.

Me too please.

And if anyone has a good feel for the split if there's children involved I'd appreciate a mail offline . . . .

[randlemarcus]

Having just been through this, can confirm that I got 37.5% of remaining equity.

Initial lawyerly estimates at the beginning of the process were that on a good day for me, she'd get 65%, and on a bad day for me, it would be 75%.

3 kids involved.

[gbbird]

randlemarcus said:

Having just been through this, can confirm that I got 37.5% of remaining equity. Initial lawyerly estimates at the beginning of the process were that on a good day for me, she'd get 65%, and on a bad day for me, it would be 75%. 3 kids involved.

Were you being bought out and she was keeping the property, or the other way round i.e you were buying her out and you were keeping the property, or were you selling it off?

[randlemarcus]

She keeps the property, takes over mortgage, I zoom off into distance. In theory, grumble grumble

[Yugguy]

I dunno, when me and the missus split up because I felt very guilty I gave her the house basically, I guess I lost out financially but you can't put a price on being able to look at yourself in the mirror.