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Advice - Tenants in Common
Minimoneysaver_2
Posts: 163 Forumite
Help!!!
Bought a house with someone who was my friend at the time. Almost three years on - it is not working out - I can't stand living there and want out.
We are tenants in common and very stupidly we did not get anything drawn up when we bought regarding how we would proceed if one person wants out before another. I don't really know what to do from here or where to start. I am so miserable I have to get out of the situation. Has anyone got any advice?
I doubt she will be able to buy me out, we have an interest only mortage and we did not put down a deposit. :eek:
Any advice gratefully accepted.
Bought a house with someone who was my friend at the time. Almost three years on - it is not working out - I can't stand living there and want out.
We are tenants in common and very stupidly we did not get anything drawn up when we bought regarding how we would proceed if one person wants out before another. I don't really know what to do from here or where to start. I am so miserable I have to get out of the situation. Has anyone got any advice?
I doubt she will be able to buy me out, we have an interest only mortage and we did not put down a deposit. :eek:
Any advice gratefully accepted.
:j
0
Comments
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It doesn't really matter that you had no agreement as to "how to get out". There is really only one choice - and that's to sell. Either you both sell to a stranger; or one of you sells your share to the other.
No other option, sorry.
What is so bad that you can't discuss with your friend and work something out?Warning ..... I'm a peri-menopausal axe-wielding maniac
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But what if she won't sell?
We have come to an agreement to live with each other and worked out what we can but it is awkward, uncomfortable, the friendship is definitely over and I want out. I don't want to go home after work, I try to stay away whenever I can - its just hard and stressful and I can't continue living there.:j0 -
Minimoneysaver wrote: »But what if she won't sell?
We have come to an agreement to live with each other and worked out what we can but it is awkward, uncomfortable, the friendship is definitely over and I want out. I don't want to go home after work, I try to stay away whenever I can - its just hard and stressful and I can't continue living there.
If she refuses to sell to you and refuses to put the property on the market, then all you can do is to consult a solicitor with a view to getting a Court Order to force her to sell.
You could move out and leave her to pay all the costs of living there - including the mortgage. But if she defaults on the mortgage, it's your problem too. You would not need to contribute to the living costs if you are not there as you would charge her Occupation Rent i.e. you would effectively be renting your half of the property to her as she would have full and exclusive use of the whole house, if you moved out. Again ... another one for a solicitor.
If she won't sell to you and won't put it on the market .... what are her intentions?
Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
Is your actual mortgage set up on a tenants in common basis?I am a CeMap qualified bank manager.
However, only advice that I have given outside these forums can be relied upon. Any advice I give in the forums must be verified with an external source as the forums do not give the depth of info required to give suitable personalised advise.0
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