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Advice on Dispute
Kezzazzz
Posts: 4 Newbie
I am a long time lurker to these forums and am hoping someone can offer some advice.
My partner (stupidly) put a friend on his mortgage and the deeds back in 2012. She has never paid a penny or lived in the property.
They have now fallen out and she is wanting to force the sale of the house and be paid off some money from the proceeds.
They were never married and have no children.
How likely is it that he will have to pay up to sell?
Thanks
My partner (stupidly) put a friend on his mortgage and the deeds back in 2012. She has never paid a penny or lived in the property.
They have now fallen out and she is wanting to force the sale of the house and be paid off some money from the proceeds.
They were never married and have no children.
How likely is it that he will have to pay up to sell?
Thanks
0
Comments
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what % ownership for each - is it 50:50 each?
maybe he put her on the mortgage and deeds as he would be unable to purchase alone? how much equity is in the property? could he afford to mortgage in his name only?0 -
Thanks for the quick response. It is 50/50. That was initially why he put her on the mortgage as she agreed she wanted no monetary reimbursement. It was purely so he could keep the house.
There is about 50% equity at the moment - amounting to approx £150,000.
He can pay it as it is at the moment but the money she is asking for he wont be able to get a new mortgage.0 -
Ouch! This could be a hugely expensive mistake to have made.
If they bought 50/50 with no legal agreement in place to suggest otherwise then she is entitled to 50/50.
Sounds like she wants no further involvement but forcing a sale is expensive.... can she afford to do that?0 -
Oh! Thought this may be an expensive lesson :-(
We are unsure if she can afford to force the sale. What sort of money are we talking about?0 -
the current mortgage will likely impact her from getting her own mortgage
Owning part of another property will mean extra stamp duty
It may cost £10k ish to force sale and she will likely have capital gains tax to pay too
Has he made a counter offer?0 -
He hasnt made an offer as yet.
He's weighing up all the options at the moment.
Thanks all for the great advice. Its been really helpful.0 -
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