Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About 4 days ago 64
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?
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