Joint ownership relationship breakdown - second home advice?

torro_2

Hi there,

I am 40 years old. My father is about 67. We both joint own a property that we live in valued at around £600k in London (well, guessing from house price sales in the area). £50K left on the mortgage. My salary is £60K.

Me and my family have lived there due to the welfare of my parents. However our relationship with my parents has broken down. Long story cut short. We want to move out yet still be close by - and also given our kids are settled in schools nearby. My parents won't sell the property. They don't have enough to buy me out.

I don't have a huge amount of savings to my name given I have been looking after the finances in the current house. My parents have enough to look after themselves if they needed to.

So, I was wondering in the world of mortgages, could I take out a big chunk of money from the current property (say 60%) to buy a second home? We could put the original property on interest only and use the second home as collateral/security on this mortgage (if thats the right word).

I'm being overly simplistic but would be interested to know any potential ways to achieve our aims?

Thrugelmir

Joint owners will also have to give their permission for any charge placed on the property.

Force a sale through the courts if necessary. Not cheap however. If there's no defence then costs will most likely be awarded. Speak to a solicitor first. You never know a letter from same may suffice.

torro_2

So if the joint owner approves of a charge on the property, in theory i could go ahead with my plan as above?

Not quite sure I want to take my parents to court. The relationship isn't that bad.