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Calculating Equity
#1
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):

Value
-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.

.
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#2
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.
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#3
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?
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#4
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.
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#5
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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