Bought with a friend. Could be in a mess. Need advice...

Ronaldo_Mconaldo

Sounds like she'll get what she deserves one day, BigAunty.

BigAunty

ShortStacked wrote: »

It sounds like the best thing for me to do is:
- Accept the fact that he's going to move out, and work with him to find a way which is mutually beneficial
- Explore the other possibilities first (which I have already been doing) to ensure we've discussed, and understand the implications of, each option
- Insist on him signing a Deed of Trust before he moves out, which will need to address things like equity split, what happens if he wants to move in, and all the other stuff that would normally go in
- Ensure I have full control and final say on lodgers
- Don't bother going down a full legal arrangement route, but check out Landlordzone and ensure we have a lodgers agreement
- Ensure all costs will be bared by my friend

And do some hard maths about if/when you may be in the position to buy out your friend.

You cannot be deluded and ignore the possibility that his relationship will succeed and he will then demand that you sell up and this may come in months, rather than years.

Unless his partner is very rich, his income will be needed for them to get a mortgage to buy a family home together.

And what if you meet someone, decide that your new partner moves in and you want to buy out his share with her income and he refuses? What then?

neneromanova

even if he gets a lodger in, only half on the lodgers money should go towards paying his half of the mortgage otherwise it's rather unfair as he gets someone to pay his half of the mortgage, while you have to pay your full half with no help. How much are the monthly payments?

TBagpuss

worse case scenario he could force a sale of the house.

The two of you could get a deed of trust drawn up now, and could could have a formal agreement in place for the future setting who is responsible for what, including things such as decorating, repairs, mortgage payments etc both during periods when there is a lodger, and when there is not.

Bear in mind that if there is a lodger this may have a knock on effect on things such as instance, and you would also have to reach agreement about things such as how the mortgage and bills would be paid during any periods when there is no lodger, and what say each of you has over who moves in.

Another option would be for you to offer to move out and to sell him your 0% interest in the house, provided that he (or he and his partner) can release your from the mortgage, or for you to do the same

heartbreak_star

You really need to prod him on that deed of trust, OP.


HBS x

ShortStacked

neneromanova wrote: »

even if he gets a lodger in, only half on the lodgers money should go towards paying his half of the mortgage otherwise it's rather unfair as he gets someone to pay his half of the mortgage, while you have to pay your full half with no help. How much are the monthly payments?

Monthly payments
Him £820
Me £720
(he has the larger room)