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Shared House problems
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ThatGuyAbroad
Posts: 2 Newbie
Hello All,
I am currently in a bit of a bind. My story goes like this....When the housing market was at it's peak me and two friends decided to get on the housing ladder by doing a house share. The idea was to keep it for a few years and then sell it to hopefully have a bit more money in the pocket for our own places....Big mistake. Anyway, after the housing market dive bombed we have the reality of keeping it for a while. Not the end of the world but an inconvenience. The problem is that one of the owners is now looking like he might be unable to pay his share. What's worse is that no one else can afford to cover his share either.
I am currently living abroad and am able to still pay for my share of the house each and every month but if it gets repossessed I am not sure what the best course of action will be. I can assume we are in negative equity and from what I have seen repossessions sell for peanuts so the debt I could incur as a result could be huge.
I don't have much cash in UK accounts and do not own a house or any assets abroad. I am currently renting. If I do get stung with a huge bill, would my best bet be to declare bankruptcy in the UK and tough it out till my blacklisting clears?
A lesson to anyone reading this...Never let anyone else have the ability to affect your own finances. It's enough to give you a heart attack.
I am currently in a bit of a bind. My story goes like this....When the housing market was at it's peak me and two friends decided to get on the housing ladder by doing a house share. The idea was to keep it for a few years and then sell it to hopefully have a bit more money in the pocket for our own places....Big mistake. Anyway, after the housing market dive bombed we have the reality of keeping it for a while. Not the end of the world but an inconvenience. The problem is that one of the owners is now looking like he might be unable to pay his share. What's worse is that no one else can afford to cover his share either.
I am currently living abroad and am able to still pay for my share of the house each and every month but if it gets repossessed I am not sure what the best course of action will be. I can assume we are in negative equity and from what I have seen repossessions sell for peanuts so the debt I could incur as a result could be huge.
I don't have much cash in UK accounts and do not own a house or any assets abroad. I am currently renting. If I do get stung with a huge bill, would my best bet be to declare bankruptcy in the UK and tough it out till my blacklisting clears?
A lesson to anyone reading this...Never let anyone else have the ability to affect your own finances. It's enough to give you a heart attack.
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Comments
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Is he considering selling his share then?Total 'Failed Business' Debt £29,043
Que sera, sera.
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He would if someone would buy it off him. I it is hard to find anyone who wants to buy a share of a house with people they don't know and for more than it's probably worth. We paid a 5% deposit at the peak and the market bombed well below that.
I would like to sell the whole house but I am not sure it would be a realistic option at the moment.0
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