Transferring of negative equity

GDB2222

if

athleticodan wrote: »

my friend who is leaving doesn't think he should pay anything

Well, he would think that, wouldn't he? Why should you take on his negative equity for him?

Nobody knows for sure what your mortgage lender will do, but I think it is unlikely that they will let your friend off the hook without a substantial input into the mortgage at least to get rid of the negative equity. At some stage, perhaps after you have paid substantial fees for a new mortgage application, they will get a valuer in.

Your girlfriend would have to be absolutely stark staring mad to take on any responsibility for this mortgage.

So, I think what is going to happen is that your friend is going to walk away from this mess, leaving you to pay the whole of the mortgage. You will be unable to get him off the mortgage or to get his name removed from ownership. At some stage, perhaps years in the future, there may be some positive equity in the house, and your friend will come back and claim that.

zzzLazyDaisy

GDB2222 wrote: »

So, I think what is going to happen is that your friend is going to walk away from this mess, leaving you to pay the whole of the mortgage. You will be unable to get him off the mortgage or to get his name removed from ownership. At some stage, perhaps years in the future, there may be some positive equity in the house, and your friend will come back and claim that.

That's what it looks like to me too - unless the friend later wants to get a mortgage with the gf, and then has a motivation to sort this mess out so he can move on. But that would mean sinking money into the pit, so I wouldn't hold your breath!

OP if you are unable to do the transfer at the moment, for whatever reason, I suggest that you save up as much as you can, as fast as you can, so that you can clear the negative equity and get together a deposit. Then sort out the transfer of the house into your sole name as soon as possible and move on with your life. It is a hard lesson learned but as others have said, buying property is something best done in your sole name, unless you happen to be married to the other person.