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Joint mortgage with a friend and want to sell but he doesn't

Last post Tue, May 10 2011, 10:32 PM by buster74. 2 replies.
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  •  Tue, May 10 2011, 10:32 PM

    Re: Joint mortgage with a friend and want to sell but he doesn't

    thanks I will give them a call
    • Post Points: 5
  •  Tue, May 10 2011, 9:46 PM

    Re: Joint mortgage with a friend and want to sell but he doesn't

    It's worth having a chat with a legal adviser at your local Citizens Advice Bureau. With some joint ownership properties, the house must be put up for sale if one of the owners so wishes. The ownership agreement is not the same as the mortgage agreement.
    • Post Points: 20
  •  Tue, May 10 2011, 9:19 PM

    Joint mortgage with a friend and want to sell but he doesn't

    Hi I have a joint mortgage with a friend and have had for the past 7 years. Over the past couple of years the friendship has deteriorated and after trying to sell the house which he was very reluctant to do and without any joy for the past year we decided to rent and both move out.

    Now the second month has passed and the tenants have missed there monthly rent payment and I can now see issues arising and having to let them move out, but I know my past friend is going to be awkward about it and where I would be willing to cut my loses and sell, I wouldn't just want to hand the house over as there is a bit of equity in the property and really am reluctant to do him any favours.

    Now I know that seems harsh maybe but if he wasn't willing to sell what could I do? I wouldn't want to move back in and life as it was previously so is there anything I could do to make him sell the house and without it costing me a fortune in court fees??!!

    I would appreciated any advice.

    Thanks

    • Post Points: 20