We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Debate House Prices


In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

negative equity

2

Comments

  • goose_514
    goose_514 Posts: 8 Forumite
    :T time to play hard ball!!! lol
  • goose_514
    goose_514 Posts: 8 Forumite
    wymondham wrote: »
    Another angle ....

    If you can take on the whole mortgage, then the negative equity question does not come into it does'nt it? Assuming you keep the same mortgage etc then no reason why your friend can't just walk away? This way you stand a hope of keeping the friendship!

    However he is going to Australia...
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    wymondham wrote: »
    This way you stand a hope of keeping the friendship!

    I wouldn't want to be friends with someone who won't face their responsibilities.
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    ad9898 wrote: »
    I wouldn't want to be friends with someone who won't face their responsibilities.

    Likewise, best never mix finance with friends!
  • goose_514
    goose_514 Posts: 8 Forumite
    wymondham wrote: »
    Likewise, best never mix finance with friends!
    felt like a good idea at the time! it has been good, but money is the worst for ruining friendships... lesson learnt
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    goose_514 wrote: »
    felt like a good idea at the time! it has been good, but money is the worst for ruining friendships... lesson learnt

    As he's off to Aussie I fear you'll have a struggle getting anything out him as you can bet he never accounted for this scenario!
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    goose_514 wrote: »
    However he is going to Australia...

    Whoa, you have to be careful here, he could in theory just get on a plane and leave you stuck paying the mortgage, the bank will not take him off the mortgage even though he is going out of the country, I have experience of this very scenerio.

    You need to get him off ASAP, he could leave, let you struggle to pay for say 10 years, come back and make you sell taking his share of any profit at this time.
  • goose_514
    goose_514 Posts: 8 Forumite
    ad9898 wrote: »
    Whoa, you have to be careful here, he could in theory just get on a plane and leave you stuck paying the mortgage, the bank will not take him off the mortgage even though he is going out of the country, I have experience of this very scenerio.

    You need to get him off ASAP, he could leave, let you struggle to pay for say 10 years, come back and make you sell taking his share of any profit at this time.

    yes i know this. This is also the proble, i have a few months in which to either agree, or agree to disagree! if nothing is sorted then i know i have no comeback!
  • sarah_elton
    sarah_elton Posts: 2,017 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    ad9898 wrote: »
    Whoa, you have to be careful here, he could in theory just get on a plane and leave you stuck paying the mortgage, the bank will not take him off the mortgage even though he is going out of the country, I have experience of this very scenerio.

    You need to get him off ASAP, he could leave, let you struggle to pay for say 10 years, come back and make you sell taking his share of any profit at this time.

    Agreed - this changes things somewhat. It is still possible to get him off the mortgage when he is overseas, but he still has to sign all necessary papers so you would have a lot of international courier runs to do - not ideal. Your first priority has to be making sure everything gets transferred to your name. Unfortunately it sounds like he has you over a barrel. :(
  • tomstickland
    tomstickland Posts: 19,538 Forumite
    10,000 Posts Combo Breaker
    I see it like this:
    if you sold the house and made £10K profit then you'd take £5K each
    if you were to sell the house today for a £10K loss then you'd both have to pay £5K

    So, if he wants out he owes you £5K.
    Happy chappy
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture