Any way out of this situation?

VIGILANT22

you cant just issue rental agreement on properties that are mortgaged under residential...you would require lenders permission for "consent to let"...more involved in this also...

anyhow...that is not the solution to the OP's problem...as the OP has said he is looking to remove him from the mortgage...not complicate matters with consent to let etc............

Ditch_Crawler

VIGILANT22 wrote: »

you cant just issue rental agreement on properties that are mortgaged under residential...you would require lenders permission for "consent to let"...more involved in this also...

anyhow...that is not the solution to the OP's problem...as the OP has said he is looking to remove him from the mortgage...not complicate matters with consent to let etc............

You are repeating points I have already made - have you ever heard of 'lateral thinking' or 'brainstorming'?

Comyface

cabbage wrote: »

Hi
Correct me if I am wrong, but now that you have two years' accounts, couldn't you just remortgage to another lender either in your sole name or with your dad using your friends lender? When you remortgage you settle the old mortgage and this will have the effect of taking your friends name off the mortgage and the deeds.

That's a cracking sugggestion, I'd try that myself.

VIGILANT22

Comyface wrote: »

That's a cracking sugggestion, I'd try that myself.

:rotfl::rotfl::T

VIGILANT22

Ditch Crawler
are you for real??...........

Ditch_Crawler

VIGILANT22 wrote: »

Ditch Crawler
are you for real??...........

It is possible that the 'friend' is already in contravention of his mortgage agreement, by failing to maintain the address as his principal residence.

If the 'gentleman's agreement' continues for several years, and then the house is sold for more than it was bought for, the 'friend', who has been living elsewhere, may be liable for capital gains tax?

Also, if the OP continues to pay his friend's share of the mortgage payments, then HMRC might regard that as taxable income...

These people are potentially in quite deep !!!!!, which is why it surprised me that nobody anticipated this problem right at the beginning.

The best thing would be to sell the house ASAP, and go their separate ways.

Ditch

VIGILANT22

1. ", my friend is planning to rent for the next 2 years"
Who says he has moved out....Plenty "couples" have one move out of the principal residence, no contravention of mortgage agreement.

Would you just let it go...your just grasping at straws to cover up for yr "ridiculous comments" yesterday Quote "he could show that his earlier mortgage has become a self-financing investment "

Ditch_Crawler

VIGILANT22 wrote: »

1. ", my friend is planning to rent for the next 2 years"
Who says he has moved out....Plenty "couples" have one move out of the principal residence, no contravention of mortgage agreement.

Would you just let it go...your just grasping at straws to cover up for yr "ridiculous comments" yesterday Quote "he could show that his earlier mortgage has become a self-financing investment "

The original poster is notable only by his absence, but I hope he finds your comments helpful.

D.