A
AskAboutIt
Guest
Hello,
I am aware of a rather unusual situation and wondered if anyone had opinions or suggestion on it.
Background:
Joint Owners, Residential Property, both on title (Joint Tennants I believe), Joint Mortgage. Owners since 2006 (1 propery previous 2003-2006)
Both owners unarrried and resident in property with their child until recently. One owner decided to move out with child. Other owner remained in the property. Recently the owner who had moved out they had no interest in the property and expressed their wish to dispose of it.
Personal relationship between owners was difficult, however a number of options were put forward:
1)Sell property and slit proceeds (-ve equity 20-30K)
2)Resident owner take over full mortgage payments (good tracker)
3)One owner buy the other's share
4)Hang on to property for long term and rent out to cover mortgage payments.
5)Resident owner remain and rent rooms out to cover mortgage.
Non-resident owner wants released from joint mortgage which rules most of the above out and is the end of the good tracker mortgage.
Resident owner currently not in a possition to buy the other's share but might be with another person.
(Non-resident owner does not wish to buy other's share?)
Any other suggestions?
Non-resident owner was asked their preference but instead has sent the resident owner a legal letter threating to issue partition proceedings as they wish to discharge the mortgage they are not living there and the resident owner is living soley in the family home.
Would anyone care too share their view on how best to proceed or resolve?
(N.B. I assume the solicitor made an error or was not speaking in the legal sense by stating 'family home')
I am aware of a rather unusual situation and wondered if anyone had opinions or suggestion on it.
Background:
Joint Owners, Residential Property, both on title (Joint Tennants I believe), Joint Mortgage. Owners since 2006 (1 propery previous 2003-2006)
Both owners unarrried and resident in property with their child until recently. One owner decided to move out with child. Other owner remained in the property. Recently the owner who had moved out they had no interest in the property and expressed their wish to dispose of it.
Personal relationship between owners was difficult, however a number of options were put forward:
1)Sell property and slit proceeds (-ve equity 20-30K)
2)Resident owner take over full mortgage payments (good tracker)
3)One owner buy the other's share
4)Hang on to property for long term and rent out to cover mortgage payments.
5)Resident owner remain and rent rooms out to cover mortgage.
Non-resident owner wants released from joint mortgage which rules most of the above out and is the end of the good tracker mortgage.
Resident owner currently not in a possition to buy the other's share but might be with another person.
(Non-resident owner does not wish to buy other's share?)
Any other suggestions?
Non-resident owner was asked their preference but instead has sent the resident owner a legal letter threating to issue partition proceedings as they wish to discharge the mortgage they are not living there and the resident owner is living soley in the family home.
Would anyone care too share their view on how best to proceed or resolve?
(N.B. I assume the solicitor made an error or was not speaking in the legal sense by stating 'family home')