joint mortgage/TIC want out?

hedley

Bought house with pal- as tenants in common a few months ago. Joint mortgage. Now am working 300 miles away-could not have forseen this when I signed up with him.
co owner does not want me to rent room to cover mortgage.
also cannot afford to buy me out
also doesn't want to sell...

I can't continue to pay rent /mortage and utilities on two places, one of which not even visiting.
Friend and I have fallen out badly over this. Can't really afford long legal battle!

Where do I stand legally? don't want to renege on mortage and give myself a bad credit rating.

I really want to sell. I have even offered to pay the morgage co's penalty!

I couldn't have foreseen this- just feeling really stressed about this.

jonesMUFCforever

I can't see anything but a lengthy legal dispute.
Without both of you consenting to the sale it simply won't go through without a court order.
I would suggest an urgent appointment with a solicitor.

At the end of the day if mortgage is not paid then last resort is the house will be re-possesed and both of your credit files will be badly affected.

dexters_mum_2

I agree with the poster above.
If you want to sell your share, he doesn't, then you'll need legal advice to proceed further. It could be getting an order of sale through the courts but I'd advise you to act sooner rather than later because if you start inccurring arrears, it will affect your credit rating and eventually lead to the repossesion of the house if things are not resolved and I doubt that would be the case either of you would want to find yourselves in.

Seek some legal advice and go from there, let us know how you get along.

Angela_D_3

Surely you'd thought of this when you bought the house and have a legal document drawn up ?
I think basically you've lost your deposit because you can't afford to sue him and he'll keep paying his half of the mortgage and re negotiate with the bank.
You're stuffed like a turkey.

crashinit

Angela_D wrote:

Surely you'd thought of this when you bought the house and have a legal document drawn up ?
I think basically you've lost your deposit because you can't afford to sue him and he'll keep paying his half of the mortgage and re negotiate with the bank.
You're stuffed like a turkey.

People these days never think about what could happen, i have no pity for him.

movieman

Ouch! Unfortunately this is the kind of thing that happens when you 'buy a house with a pal'...

I think the others are right: you're probably going to have to take legal advice to figure out a way to get out of this, otherwise you'll end up paying a mortgage for a place where you don't live as well as paying to live where you work.

PropertyGuru

have you thought of going to the 'small brains court'?

A_Nice_Englishman

Surely the solicitor or mortgage lender would have foreseen this situation and advised (solicitor) / insisted (lender) that a legal agreement be drawn up?

If I was the OP I would go through all the paperwork connected with the purchase and speak to the solicitor who dealt with it.

Alan_M_2

Whatever problems you're both having, sit down and sort it it now, otherwise this is going to cost a whole lot more in time, stress and money.

It's not for us to pass judgement on any situation as it's difficult to get all the details across on a forum like this, forget solicitors and legal ramifications right noe, just drive there, sit down and sort it out, otherwise you could end up both getting screwed.

movieman

The problem is, in this situation the person who's staying has all the power; if they say no, then legal action will probably be the only option.

This is why it's such a bad idea to buy a house with someone you're not married to (and can be a bad idea even then).

devils_advocate

Looking at this dispassionately, person A and person B buy a house together on a joint mortgage. Both therefore agree to pay their share of the mortgage for 25 years or so.

Person B suddenly wants out. However, the agreement is that they have to keep paying the mortgage. If they fail to pay, A can therefore sue B, as no dobt the liability on the mortgage is joint and several, and A can be sued by the mortgage co if B doesn't keep up payments. If full payments are not kept up, and the place is repossessed, A can sue B for all losses that A has suffered in not keeping up the repayments.

So bottom line is that if you don't want to pay the mortgage, you are liable to your mate for all his losses. If he can't afford to buy you out, and the place has to be sold, you are liable to him for all his costs of purchase, all the costs of sale, and his share of any loss on sale between purchase and sale.

Your options are to forget the new job and stay where you are, cos unless the salary is a lot higher it will probably cost you serious money to move, or look at how much you would owe him if the place had to be sold, and work out an amount for you to sell him your share which reflects this. However, you'd still have to find some way of financing this and he'd have to finance the new mortgage.

You're not in a strong position.