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Joint Mortgage Holder has changed the locks !!
Comments
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I have verbally agreed that if he mortgage was transferred into his name, I would not ask for compensation as we would be in or at least close to negative equity... i think, and to answer the ext inevitable question I haven't had a valuation. That assessment is going by the difficulty someone else in my block had in selling his house for a similar price, to what I would require.
I understand morally I am wrong, but it is the principal of not having any access to a property I own. I think now my initial anger was a snap judgement.
I dont know if you fully grasp the situation - you wouldnt be entitled to any compensation whatever you agreed to, actually it is you that owes 50% of the negative equity. If you want to walk away from this property your co-owner could ask you for 50% of the shortfall before he lets you walk away. You really should get good legal advice as this could get sticky.
Goodluck in sorting the situation out.0 -
david29dpo wrote: »It would be wise not to involve lawyers but to sort this out between you. You need your name off the mortgage and deeds ASAP. This would be a benefit to both of you. Get together and talk about it. Can he afford the payments on his own? Does his income cover the amount? Can this be done without a high LTV? Agree to get the flat valued and go though the figures. In the mean time, you dont live there anymore so respect that fact. Has he moved anyone else in?
His brother is sleeping there which wasn't premediated it was just that he split up with a long term girfriend and was homeless, he is looking for his own place though0
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