Hastings
Property Equity Calculator for Hastings
Work out the equity in your home and what each share looks like before mediation in Hastings. Enter the value, the mortgage and the costs. Call 03300 100 175.
Why both of you should run this
Almost every argument about a house in mediation turns out, on inspection, to be two people working from different numbers. One is thinking of what the house is worth; the other is thinking of what would actually land in a bank account after the mortgage, the agent and the solicitor are paid.
This works out the second figure. It is arithmetic and nothing more: it does not know your circumstances, your children's needs, or what either of you contributed, and those are the things that decide a settlement. What it does give you is a shared starting point in Hastings that neither of you has to take on trust.
What is actually left after a sale
Enter your own figures. Nothing is sent anywhere, and nothing is stored.
Use an agent's valuation or a recent sale on your street, not the Zoopla estimate.
Your lender will give you a redemption figure. It is not the same as the balance on your statement.
Start at 50. The split is what mediation is for; this is here so you can see what a different figure would mean.
This is arithmetic on the figures you entered. It is not a valuation, not legal advice, and not a settlement. A mediator will work from your lender's redemption statement and a real valuation, and the split itself depends on far more than the numbers above.
Turning a figure into an arrangement
Get the real figures
A redemption statement from the lender and a valuation from an agent who has been inside the house. Estimates are fine for a first conversation and not for a settlement.
Check whether one of you can stay
Only the lender decides this, through a transfer of equity, and only if the remaining person passes affordability on their own income.
Bring both sets of numbers to a MIAM
The first meeting is individual and confidential. Bring what you have, including anything you disagree about.
Record what you agree
The outcome is written up, and where there is a divorce it goes into a consent order so a court can enforce it.
The three things people usually choose between
| Sell and divide | One buys the other out | Defer the sale | |
|---|---|---|---|
| Who decides if it is possible | Either of you can force a sale through the court if needed | The lender, on affordability alone | Both of you, and usually a court order to hold it |
| What it does to the mortgage | Ends it | Transfers it into one name | Leaves both of you liable |
| Effect on credit files | Clean once redeemed | Clean for the person leaving | Both remain exposed to a missed payment |
| Usual reason to choose it | Neither household can carry the loan alone | Keeping children in the same school | Waiting for a child to finish school |
Questions people ask about this
Is the mortgage balance the same as the redemption figure?
No, and the difference catches people out. A redemption figure is what the lender needs to close the account on a given date, including interest to that date and any early repayment charge. Ask for it in writing; it is free.
Does a 50/50 split mean the house is divided in half?
It means the net equity is divided in half. Who keeps the house, who takes on the mortgage, and what each of you gives up elsewhere are separate questions, and they are the ones mediation actually works on.
What if we disagree about what the house is worth?
It is common. The usual answer is two or three agent valuations, or a single surveyor both of you instruct jointly. Mediation can settle how the valuation is obtained, which often removes the argument entirely.
Do we have to sell?
No. A transfer of equity, or an order that defers the sale until a set event, are both routes families in Hastings take. Whether either is available depends on the lender and on what both households need to live on.
Talk it through with a mediator in Hastings
A MIAM is a single, confidential meeting on your own. Bring the figures above and anything you disagree about.