I need to downgrade on my house (Not the right market i appreciate) and I am looking into differing options. I could sit tight and stay here, but after being here a while I have decided it isn't what I want or need and think selling is the right thing to do personally. Obviously in the current market selling houses is hard right now, but one option is to decide if it possible to sell 50% of my home?
I appreciate there is the default issue if the mortgage isn't paid by one party, but legally can this be underwritten? Can the house be sold to someone who can then, lets say for easy explanation reasons, own half the property, move in to it and live in it, and pay me a small rent for my half the property whilst paying their mortgage too?
If they defaulted how could it be written into the contract to ensure the house wasn't repossessed? I could cover the payment/s missed but how would i ensure I didn't lose the house and get my money back or a % back in the ownership per payment? Maybe write into the contract that they could only resell the house to me at 80% of the original cost they bought their half off me if they do go into arrears? Any advice? Has this been done before? I assume it is like buying a house with a friend???