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Calculating Equity
Hi guys,
I'm buying my ex's share of the jointly owned home after the sale fell through.

I've taken the value (based on multiple valuations) minus the outstanding mortgage, minus the future agent/legal fees for when I do sell, minus essential repairs (not improvements):

-O/S Mortgage
-Agent and Legal fees
-Essential repairs

Is this fair?  She's getting legal representation and and I don't want them to make her feel like she's being conned!  I'm trying to be fair.  The way I see it, if she was to take half of the value minus just the mortgage, I get lumbered with all the other costs between now and when I sell so my share is a lot smaller.

Personally I'd leave out the essential repairs bit, the valuations have been made on the property as it stands.

Just deduct the outstanding mortgage & what the agent & legal fees would be.
Ok Dan, at least I got it close! My ex and I get on well and she trusts me. I've promised her that I will return the "essential repairs" bit to her if I don't do the work. And I will. But it isn't things the agents have seen. It's work to prevent the property suffering damage - gutters and roof,. I was going to borrow the money to do this but perhaps I'll scrap this. It's quite a small amount and would make things seem fairer in her favour.

I'm aware that your situation was very similar to mine. Mine has dragged on because 2 sales fell thru and I'm reverting to Plan A. I hope it'll give me some peace of mind. How are you getting on?
I'm balls deep in to the conveyancing work on the house I'm buying & the sale of the FMH is about the same. She has only just had a offer accepted on a place so she's got a a lot of catching up to do!

It's all a bit surreal at the moment but I'll update that on your other thread as we're both within weeks of being the same length of time into this.
Gotchya! I really hope it all goes through smoothly for you.

I asked my solicitor about the breakdown of equity. She simply said it's up to my ex to decide if it's fair and seek advice if she needs it.

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