19:06 PM, 13th January 2015, About 7 years ago 16
I have a buy to let which was originally purchased for £200,000 with a silent partner 50:50 who now wishes to release their equity in the property. The property has been valued by local estate agents in a walk around of the property at £225,000.
My questions is this, both sides wish for the split to be amicable not least of all is that we may wish to replicate the investment in the future. How do we arrive at a 50:50 figure to be paid to the leaving party. I don’t feel it fair to simply pay £112,500 as there would be costs involved in selling the property should we both wish to release equity. My thoughts are that the figure should be:-
minus £??? ( offer price below asking price of £225,000)
minus £??? ( potentially drop needed in the market if initial valuation proves unrealistic)
minus £??? (Estate Agent Fee)
minus £??? (Solicitor fees)
minus £??? (work/time needed to sell property)
I think after deductions it can then be split 50:50, but what figures can anyone suggest for the deductions?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|