Own apt with friend - think she wants to sell

carina said:
Ok to clarify-
It would all be done legally. She would "buy me out" - I would have nothing to do with it anymore. Profits in 5 or 10 years would have nothing to do with me.
I am not sure how the whole buying out thing works, hence the post!
She said that she saw a financial advisor recently and was told that she would be able to do it - she's on good money etc;
I definitely do not want to buy her out. I am willing to walk away. If all of this is possible.
I think the chance to get away from the negative equity is something I can't afford to pass up on. This apt is half an hour from the city. Not great re; Public Transport, I don't think it will ever sell.
Click to expand...

To buy you out she needs a new mortgage. If she can do that and is willing to give you 3k into the bargain then go for it. I don't get her position though as she will need the mortgage plus cash to sort this out from what I can see.
 
Bronte said:
I'm really curious as to where you are getting the idea that there will be a profit in 5 or 10 years time?
Click to expand...

Exactly. Aside from the fact it is completely irrelevant in a buy out scenario, it's very much wishful thinking!
 
MentalNote said:
To buy you out she needs a new mortgage. If she can do that and is willing to give you 3k into the bargain then go for it. I don't get her position though as she will need the mortgage plus cash to sort this out from what I can see.
Click to expand...

I agree - but I cant see a financial advisor advising anyone to do this. It is effectively going to cost her 3k + 14k (OPs share of the negative equity), plus taking on a bigger mortgage, she already 'owns' 14k of negative equity and prices aint going up. Unless there is something OP is not aware of I cant see how anyone would think this is a good deal?
 
I think that my flatmate is thinking that she cannot get a mortgage with her boyf and doesn't want to sell this place and have to pay the banks the negative equity so she is thinking that she buys me out and they move in, set up home and she doesn't worry about neg eq because she's not trying to sell it.
I was just making the point that I would have nothing to do with the apt in the future when I mentioned possible profits, I don't think for a second there will be any.
 
You must log in or register to reply here.
Back
Top