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questions such as:
are they married?
are they both on the mortgage? what is the split of payments/inputs (i.e.who paid the deposit, the taxes, the legal fees)?
who has greater earning potential post-split?
what is the likely % rise in price over the next 5-10 years?
these factors can and do affect the outcome, so it may transpire that 50% of the equity plus a wedge of cash is what's required to 'move on'.
alternatively, a % of equity now, plus a legal charge on the property such that the remaining % (not £, which will go up of course) is paid over when the place is resold, or at an agreed date in the future.
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That's pretty much it, but it depends on whether they are joint tenants, or tenants in common.
At its most basic, assuming no marriage and joint tenancy, you get the house valued by a few independent valuers, subtract the outstanding borrowing against the house, and the buyer pays half that value to the other person.
The buyer will need to transfer the mortgage into their name and have deeds amended.
If they are married, they would need to take all of their other assets (and maybe debts) into account, as well as length of marriage, dependents, and all sorts of other stuff, then the assets are split in whichever way they decide is fair, and whatever a judge approves.
[Edit] Dumb forum pages...
Paying most of the mortgage / putting more down at the start is probably irrelevant, as they have a joint tenancy.
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rive_gauche
NotThamesWater
@spenceey
Bit a long shot so sorry if this isn't applicable in this thread.
One of my friends is going through a breakup and his ex is thinking of buying him out of the mortgage - what is the usual protocol for things here? Do they split the value of the house currently take the equity and half it?
I've tried having a look on line and it isn't that clear.