negative equity

nick1977

If I gather right from this, your friend wants to walk away from the property, without paying off his share of the negative equity.
He can't have his cake and eat it!

From my point of view he's got two options:

1) Pay you half of the -ve equity and then have his name removed from the deeds and mortgage

2) keep his 50% ownership of the property, paying his half of the mortgage, and charging you a rent for his half. This could then be reviewed at a later date.

You're in the unfortunate position of having to do the fighting, and you may decide that for the sake of £5k it might not be worth all of the additional cost and headache of solicitors etc, and write it off to a harsh lesson learned.

Nick

olly300

OP I sent you a PM.

goose_514

thank you all for your posts. there has been a development, for those that still want to know... he has called a summit to chat about the situation. he has chatted to RBS and an independant solicitor. I am hopeful that all will go well!

ps. dont do hungover at work!