Getting out of joint mortgage.

R_P_W

So you had ~£47k deposit when you took out the mortgage? Who provided that?

What agreement did you have drawn up at the point of buying the property to deal with situations like this?

I think your assumption that you are going to be take out your 'half' of the property is a bit optimistic. If the value of your property has dropped then your initial deposit will be eroded.

So you are also moving out to rent for a few months? You are still liable to pay your share of the mortgage. Don't know how much this is but surely any rent on 'your' room should go towards this.

Sounds a bit like your mate is going to be severley inconvenienced by this whole process to the point where you might have to sell the property - maybe help him out abit here by not stopping contributing towards the hosuing costs straightaway?

themull1

why don't you just stay put til june?

screech20

The deposit was from both of us - everything is 50/50.

We didn't physically have anything drawn up to be honest, we did talk about it for a while but it didn't happen. Really it's just everything that we do / decide is done mutually.
He's got no problem with me wanting to move on, understands fully. People change, people move on.

I realise my half of the mortgage is still to be paid, but there is no worry as far as thats concerned, the whole mortgage is covered.

As far as him be inconvenienced, I won't let that happen, If things start getting difficult, then we would both agree on putting a bit more into it per month.

Obviously i'm going to get his full approval on this before i make any moves, and i'm 100% sure he'll pick up on anything i'm missing out.


and i can't stay here any longer for various reason. Some personal between myself and my girlfriend, and also work commitments.



CHeers

getmore4less

screech20 wrote: »

Thanks. I'm glad I'm making the right decision.

So you also had a place with a friend that then decided to rent for a while?
How did you work out who still paid what while that person wasn't living there?

I've not spoken to him yet, he's away for a few days, but I'm assuming the money I (we) get from renting my room out, is straight up mine...?

Cheers.

That would be the simple way.

another is you seperate the ownership/occupancy

you own the house as before sharing the bill of ownership.

he rents the house at market rate and pays you 1/2 keeps 1/2 for himself.

he pays the occupancy bills council tax utilities etc.

If he rents any rooms he gets it.

screech20

Thanks.
I think i'll keep to the simple way.

Don't want to be putting it on the renting market. He's still going to be living here anyway.


Cheers