Splitting up and buying me out

Former MemberFormer Member Posts: 1,876,329 The Mix Honorary Guru
Hello,

Me and my partner have just recently split up and he is planning on buying me out of the house. We have had the house valued and he is currently talking to a financial advisor to see how much he should give me. I know I am entitled to half the equity in the house but I am not sure if I am entitled to anything else. It seems unfair that I will now have to buy and pay for solicitors fees etc and he won't!

Should I be asking for anything else financially? I am letting him have the furniture but he will be offering me a pay out for that too.

Thanks

Comments

  • Former MemberFormer Member Posts: 1,876,329 The Mix Honorary Guru
    Well I'm not an expert on this, all I know is from my partner being in the same process. The mortgage company will charge you a fee for putting it solely in his name which is likely to be a few hundred, so you need to decide who is going to pay for that or if you will split it between you.

    My partner and his ex each had to have solicitors because they couldn't communcate with one another at all but the only time a solicitor was actually *required* in the process (as I understand it) was for my partner to have his identification verified by the solicitor, and his solicitor was going to charge abou5 £500 to supervise the transfer but again I'm not sure that is *required*. I would imagine he will definitely need access to a solicitor (although I could be wrong) and you may need access to one, in which case it seems you should both be responsible for paying your own legal fees and chances are he may incur more fees than you.

    Anyway I'm sure someone more in the know will come along and advise you about it but basically I think you will both incur fees and I don't think he is obliged to pay yours.
  • Former MemberFormer Member Posts: 1,876,329 The Mix Honorary Guru
    It seems unfair that I will now have to buy and pay for solicitors fees etc and he won't!

    I was in a similar situation a couple of years ago. I split with my ex and bought him out of the house. He didn't need a solicitor, as he was happy with the offer I made him and so dealt directly with mine, and he didn't pay any legal fees. The fee was payable for transferring equity into my name, so I instructed the solicitor and I paid him. I'm not sure why it would be the other way round in your case?
  • Former MemberFormer Member Posts: 1,876,329 The Mix Honorary Guru
    Olive wrote: »
    I was in a similar situation a couple of years ago. I split with my ex and bought him out of the house. He didn't need a solicitor, as he was happy with the offer I made him and so dealt directly with mine, and he didn't pay any legal fees. The fee was payable for transferring equity into my name, so I instructed the solicitor and I paid him. I'm not sure why it would be the other way round in your case?

    Yeah that is what I generally thought happened - the one doing the buying out usually has the most fees to pay, so he may well argue that he wants you to pay half of those, but certainly you shouldn't be having loads of legal fees to pay yourself while he has none.
  • Former MemberFormer Member Posts: 1,876,329 The Mix Honorary Guru
    I think what she meant was that she would incur solicotors fee's, survey and stamp duty when she bought a new house with the money she gets from being bought out by her partner - which is a little unfair as he won't incur any of these as he is remaining in the joint home.

    however i think it might just be one of those unfair things - i'm not sure though....
  • Former MemberFormer Member Posts: 1,876,329 The Mix Honorary Guru
    Thanks for the guidance guys! I thought I would be the only one stuck with the fees so glad he gets some! :)

    Thanks again!
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