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Fair offer for his share of a jointly owned home

Last post Fri, Jan 09 2009, 10:10 AM by Charlotta. 4 replies.
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  •  Fri, Jan 09 2009, 10:10 AM

    Re: Fair offer for his share of a jointly owned home

    Thanks again Angela - you have been a wonderful help at a really difficult time. I will speak to my mortgage provider and also get some legal advice.
    • Post Points: 5
  •  Thu, Jan 08 2009, 5:42 PM

    Re: Fair offer for his share of a jointly owned home

    I expect so I'm afraid. However, how would estate agents know if you were planning to sell the house - just tell them you changed your mind later! Be careful though, they may give it a higher valuation than it's really worth to try and convince you to sell it.

    Don't forget that there might be other expenses too - you will have to make sure his name is taken off the land registry (not sure if you can do this yourself or will need a solicitor). Also, check that the mortgage company will allow his name to be removed and if they charge an admin fee for this.

    I don't know a lot about this I'm afraid. Hopefully someone else on here know's more

    • Post Points: 20
  •  Thu, Jan 08 2009, 1:56 PM

    Re: Fair offer for his share of a jointly owned home

    Thanks Angela.

    Do most places charge for an independant mortgage valuation? I did a search on valuations which came up with estate agents who were offering free valuations but only if you are selling your property.

    • Post Points: 5
  •  Thu, Jan 08 2009, 1:45 PM

    Re: Fair offer for his share of a jointly owned home

    I think the fairest thing would be to get an independant mortgage valuation. Then you should pay half of the equity in the house (the valuation less outstanding mortgage).
    • Post Points: 20
  •  Thu, Jan 08 2009, 1:15 PM

    Fair offer for his share of a jointly owned home

    I have recently split with my husband after sharing a mortgaged property for 4 years. We bought the house for £150K and paid a 10% deposit between us. Since being in the property we have both contributed equally to the mortgage and have agreed that I will buy his proportion. We are both still living there so we want to get this sorted out as soon as possible so that he can move on. Could you advise me what would be a fair amount to offer him please (based on an average rate of mortgage we have been paying between £550 - £850 per month over the 4 years).

    Thanks.

    • Post Points: 35