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This, I could do the heavy stuff but having very quickly developed a lot of decorating experience, I am well aware now that I lack finesse.
Finesse is probably the least of what you need when you're taking out supporting walls, installing new 17th edition fuse boards, connecting radiators and building staircases. Which of that should I have done myself?
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Finesse is probably the least of what you need when you're taking out supporting walls, installing new 17th edition fuse boards, connecting radiators and building staircases. Which of that should I have done myself?>
haha i know the feeling mate. i'm knee deep in decorating and would have loved to have done some of the 'proper' work myself but there is just no chance as you need to be out working to pay for the bills and sometimes you just have to pay to get the job done properly.
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So Foxtons might get done for £42m. Or £100m. Or maybe £14,000. Or nothing, probably.
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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.
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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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They aren't married
House is owned 50/50%
Money has always been paid into a joint account which the mortgage then comes out of.
My friend has paid more up front for the house (had inheritance) he has also paid most of the mortgage payments. However he doesn't think that'll mean anything when it comes to being brought out.
He'd really like to keep this away from a legal case if possible.
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It also depends on the way they arranged it with the solicitor.
Edit: stupid forum left out the last page. I see they set it at 50%.
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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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if 'your friend' paid most of the mortgage and upfront costs, this should be factored into the % split.
me, i'd go for a portion as future dated legal charge, it will yield a much better return than that offered at current savers rates
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elbow grease is free
Do you even opportunity cost? I'd rather be riding my bike, so would like to exchange fiat currency for labour rather than missout on riding time and the other ten zillion things that are more interesting and fun than painting a room :)
If I didn't have work at the moment I probably would do it myself tho
tbc
dsan
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About
Owning your own home
Posted by
@Hobo
Congrats. Chuffed for you. Is Ben ok with the change?