Breakup in relationship- how to sell house in joint mortgage?

wazza2004

Son and girlfriend bought a house with a joint mortgage.  Only he lives in it.  She plans to move in after marriage.  The relationship has broken down.  He wish to sell the property and move back home.  This final decision was made today. 

Was wondering if anyone can give any advice? He plans to contact the mortgage people to seek advice. 

Thanks in advance for any advice. 

grumpy_codger

Why would 'mortgage people' care unless it's negative equity? They just want their money back plus the early redemption charges (if any).

As they both own the house they need an estate agent and a solicitor to sell it. The solicitor will pay the debt to the lender after the house is sold.

swingaloo

They need to simply put the house up for sale. Depending on how long they have had the house there could be negative equity or a redemption fee to be paid.

Flugelhorn

how long have they owned it? might be tricky to sell if it is less that 6 months 

wazza2004

Flugelhorn said:

how long have they owned it? might be tricky to sell if it is less that 6 months 

4 months.  Bought in April

Flugelhorn

wazza2004 said:

Flugelhorn said:

how long have they owned it? might be tricky to sell if it is less that 6 months 

4 months.  Bought in April

This can make it harder to sell as people question why it is up for sale so soon, also mortgage companies won't generally give mortgages on properties that are being sold again so quickly

RAS

By the time it's sold it should be or could be over 6 months.

Flugelhorn

RAS said:

By the time it's sold it should be or could be over 6 months.

it probably will be - just worth making sure it is before any FTB try to get a mortgage and get refused or put off

gwynlas

Just read up on everything on the forum about selling re getting quotes from EA choosing best for type of property, preparing for sale ie house looking clean and appealing etc etc.
Are they bothh happy for house to e sold?

Myci85

Flugelhorn said:

wazza2004 said:

Flugelhorn said:

how long have they owned it? might be tricky to sell if it is less that 6 months 

4 months.  Bought in April

This can make it harder to sell as people question why it is up for sale so soon, also mortgage companies won't generally give mortgages on properties that are being sold again so quickly

I used to think this, but the house next door to us sold in may, then was on the market again in November, and it was snapped up. Our assumption was maybe the owners had a relationship breakdown as that to me would be a valid reason for selling so quickly. So all it really should need is the EA to be clear that is the reason for selling again so soon. 

m0bov

The mortgage "people" will just say sell or don't sell. They should be able to offer a settlement which may well be costly. Ensure you get advice from the solicitor to ensure each party gets a fair share if there is any equity. Might even be a loss after legal fees and costs.