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Separated unmarried and house buy out

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  • 25-04-2016 9:34pm
    #1
    amquinn7
    Registered Users Posts: 2 ✭


    My partner and I bought our house a year ago with both names on the deeds..65/35 split. He actually only paid 25% and has agreed that this will settle his share. My questions are:
    1. Will the law allow us to settle for less than the deeds state his share is.
    2. Do we need separate lawyers given that we have come to a agreement we're both happy with?

    Thanks


Comments

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    #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,218 Mod ✭✭✭✭godtabh


    if anything else you take from this thread get your own solicitor


  • Options
    #3
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Sorry OP, you need legal advice and legal advice cannot be given on boards so I am closing this thread.

    As Godtabh says, you will need your own solicitor, ideally one that has not acted for you together in the past.

    Mod


  • Options
    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Just one observation- it is not a foregone conclusion that the property is worth more now, 12 months later- than it was when you paid for it. Allowing a commensurate reduction in the stake in the property- could also be allowing a comensurate reduction in any debt or costs associated with disposing of the property. If it typically costs 3% to buy or sell a property (all fees, stamp duty etc)- you'd need a 5% increase in property prices- to stand still). If the property cost 100k (plucking a figure out of thin air) and there are 5k of costs (realistically it will be significantly higher)- but the property has not increased in value by a commensurate amount- the 5k in costs- instead of being apportioned 3,250 to you- 1,750 to him- are now 3,750 to you- 1,250 to him......

    You need-

    1. Separate solicitors
    2. A proper valuation of what you can realistically expect to get if/when you sell the property (typically in a situation like this- unless you are actually getting rid of the property- you get 3-4 valuations- and average them- to try to smooth out valuers over or under valuing a property)
    3. Make no agreements informal or otherwise- without as many facts as possible.

    One party 'agreeing to take a smaller stake' does not automatically equate with the person who has the larger stake being better off...........


This discussion has been closed.
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