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Selling when one party doesn't want to.

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  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
    1,000 Posts
    Neily23 wrote: »
    Theres negative equity. Paid just under 70 got 40 left and the guide price is 30-35.

    You paid £70K for the property but now it's only worth £35K??
  • Neily23
    Neily23 Posts: 5 Forumite
    Yes unfortunately the area was 65-70 when i bought it 13 years ago i got a corner flat with huge garden and driveway which none of the others had. Area went right down and now all properties are low.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Paid just under 70 got 40 left and the guide price is 30-35.

    No wonder he won't take on the debt by you giving him the house.
    You would need to pay him your share of the shortfall as well.

    Selling will be an issue if he can't cover his share of the shortfall
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
    1,000 Posts
    How is the mortgage paid? Do you both pay into a joint account?
  • Neily23
    Neily23 Posts: 5 Forumite
    Comes out of his account and i pay in my share by standing order.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    sadly another thread where friends and money shouldn't mix
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • FBaby
    FBaby Posts: 18,374 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Indeed at the moment what you are offering is a debt why would he take it? You invested in a property and your investment went wrong why would he bail you out? Stop paying if you went but then if it goes to repossession you'll be responsible for half the debt + cost, offer him to take your debts at a cost to you or accept that you need to keep paying and hope you get a return on your investment.

    Best bet is to agree to rent the other room and share the rental the only win-win solution.
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