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house advice please
sp_123
Posts: 7 Forumite
Through no fault of my own i seem to be in a situation where i am being pressured to leave my house
It is a little bit complicated so i will explain
In 2006 I and 2 mates bought the house I am living in now, one friend had split with his Gf and on selling their house he put the deposit down on this house.
The other lad then forewhatever reason then dropped out, and continued to rent his flat, as the money had been paid for the deposit he said he would say as a silent partner on the mortgage (which was interest only) so no money would be lost and we could stay in the house. The plan was to keep the house 2 years and then sell, it was put on the market but we havent had anyone offer enough to walk away with high enough profit (max would have seen us walk away with 5k each that was about 3 months ago)
About 6 months ago, this lad now while still on the mortgage goes and buys a house from Wimpey, and then tells us that he needs to be off the mortgage.
Me and my house mate have tried in vain to get a mortgage to cover us but due to the house price we cannot get a mortgage with a high enough LTV (we can both afford as we have both been paying and our wages are high enough to get a mortgage)
It now has come to this, where this lad has a month to complete, or he loses his deposit and is liable for the house (is this true with Taylor Wimpey or is there ways of pulling out?). My house mate is back with his Gf, and he and he have decided that she would put her money into the house (from the sale of their house when the split) and there for have a better LTV so they could afford to live there, and then they are saying i should walk away with nothing
If the situation is not right for me i am entitled to turn them down and stick with the house being on the market??
It is a little bit complicated so i will explain
In 2006 I and 2 mates bought the house I am living in now, one friend had split with his Gf and on selling their house he put the deposit down on this house.
The other lad then forewhatever reason then dropped out, and continued to rent his flat, as the money had been paid for the deposit he said he would say as a silent partner on the mortgage (which was interest only) so no money would be lost and we could stay in the house. The plan was to keep the house 2 years and then sell, it was put on the market but we havent had anyone offer enough to walk away with high enough profit (max would have seen us walk away with 5k each that was about 3 months ago)
About 6 months ago, this lad now while still on the mortgage goes and buys a house from Wimpey, and then tells us that he needs to be off the mortgage.
Me and my house mate have tried in vain to get a mortgage to cover us but due to the house price we cannot get a mortgage with a high enough LTV (we can both afford as we have both been paying and our wages are high enough to get a mortgage)
It now has come to this, where this lad has a month to complete, or he loses his deposit and is liable for the house (is this true with Taylor Wimpey or is there ways of pulling out?). My house mate is back with his Gf, and he and he have decided that she would put her money into the house (from the sale of their house when the split) and there for have a better LTV so they could afford to live there, and then they are saying i should walk away with nothing
If the situation is not right for me i am entitled to turn them down and stick with the house being on the market??
0
Comments
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All of the owners of the property will have to agree to the sale. No one can be forced into it just because it suits them better.
Did you have a written agreement between you when you purchased the property to decide beforehand what you would do in this situation?0 -
the house has been on the market for ages, we all want out.
What has been decided behind my back is that my actual housemate and his Gf then take over here and they live here
The other lad is off the mortgage and so he doesnt forefit his deposit/house
and then i am left with nothing, and basically forced out and having to bend over backward so they get what they want
We never drew up an agreement, but all decided to sell after 2 years, the spanner was thrown in the works when this other lad decided to buy somewhere while still on the mortgage here, before the house had sold ( or could have asked us to remove him prior to him buying)0 -
it was put on the market but we havent had anyone offer enough to walk away with high enough profit (max would have seen us walk away with 5k each that was about 3 months ago)
You'd have made £5k each, in this market, and that wasn't enough? Blimey!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
in hindsight yeah we should have taken it, but when we 1st had it valued when it went on the market we looked to make 4 times that each, so you can see why we hoped for about the 10 mark0
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Sorry, you are confusing me now. First you said this other lad wants off the mortgage, now you are saying he is off the mortgage already!
Which is it?0 -
3 of us are on the mortgage, the plan that has been made behind my back is that my house mate who lives here and his Gf take the house and live here
the other lad will be off the mortgage then and free to move in,
and so will i and therefore have being moved out of here and they want me to do it without anything
basically they expect heaven and earth to be moved so this lad doesnt lose his deposit (even tho he has ultimately caused this) and i am the fall guy to all this0 -
Don't do it then. They can't force your hand, the same as you can not force theres.
You have a few choices ( Whether or not they stack up is a different matter )
Your mate and his G/F buy you and the other lad out
You sell on the open market
You rent the whole house out and split all costs/profits between you
I am sure there will be other options available.
You have to decide what is right for you, let the other two parties decide what is right for them. Try and keep it nice between you all, as no one will benefit if it turns nasty.0 -
Thanks Col thats pretty much how i saw things as well
they buy me out,
or we continue the way we are with it for sale, yes the other lad might lose his deposit ( ultimately his own fault) but we sort him out when it eventually sells for a reasonable amount0 -
The other option is the house falls in value and you walk away owing money.Self Employed, Running my Dream Jobs0
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Why would you walk away with nothing? If your friend's GF is taking over your share of the house and there is equity, she should buy it off you surely?
If by selling up you would each walk away with 5k then I think you should be paid that 5k to relinquish your claim on the property.0
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