does an agreement in principle link your credit

missscousemouse_2 · 24 March 2013 at 5:19PM

i joint own a property with my ex and am stuck. me and my new partner want to get a house together but my ex is refusing to let us buy him out and for him to buy me out. he wont agree to drop price of house either . my friend was in a similar position and she just left her house and stopped paying which forced the house issue to be resolve but she has been left with bad credit now unable to get a morg for the next few yrs. my partner thinks this may be what i need to do so we can move on but ive told him im worried as il lose my investment in my house and it will leave us unable to get our own house.
my partner has been told he can get a morg which will allow him to get a house and i could move in but my concern is we were hoping to get married next year and if we did and i ended up with bad credit would it not impact on him as well. we got an agreement in principle for both of us to see if we could take my house on together and i think i remember the morgage guy saying we were now linked but not sure?

lawriejones1 · 24 March 2013 at 6:44PM

Your partner is being unreasonable but, if you are both on the deeds of the house you are entitled to advertise it for sale.

Bad credit will follow you and could wreck your plans so try and rise above it and be the better person and maybe put your plans for buying place on hold until it's sold.

It's also another thing to buy a house and get married in the same year (I'm doing the same...!)

missscousemouse_2 · 24 March 2013 at 11:09PM

its been for sale for 5 years with no offers i have to have his permission to reduce it

kingstreet · 24 March 2013 at 11:11PM

An agreement in principle will have created a financial association between you. If no new account was opened, obtain "disasssociation forms" from the CRAs to have the link severed.