Bigsmoke79
Registered User
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- 5
Looking advice,
Me and my best friend bought a house together in 2007 was 100% mortgage and interest only so neither put down a deposit, we borrowed £104k and I reckon it's now in negative equity by about £5-10k, so it's worth about £95k.
We both lived in the house for 6 years
He lived in it for about 1 year alone after
We rented it out for 2 years after that
Then I moved back in with my other half for the last 3 years
I've been paying the small interest only mortgage amount, and all ground rent, rates etc for the last 3 years and my friend hasn't paid anything for the last 5.
If I was too look at taking on the mortgage and doing a Remortgage and changing it into repayment the reality is I would be taking on the debt (negative equity), would it be fair for me to ask my friend to take their name off the mortgage for a small amount or nothing?
He's invested as much as me in the property over the years but hasn't lived in it for about 5 years, I wouldn't like him to walk away with nothing but at the same time there's no equity to buy him out and nothing has been paid off the mortgage as it's interest only.
So whats a reasonable figure to ask him to take his name off the mortgage? Or what way would you anybody in here suggest going about it.
I mentioned it to my finanical advisor and he doesn't think I should pay anything really as I'm the one taking on the debt, will be me having to pay Solicitors to take him off the deeds etc
Me and my best friend bought a house together in 2007 was 100% mortgage and interest only so neither put down a deposit, we borrowed £104k and I reckon it's now in negative equity by about £5-10k, so it's worth about £95k.
We both lived in the house for 6 years
He lived in it for about 1 year alone after
We rented it out for 2 years after that
Then I moved back in with my other half for the last 3 years
I've been paying the small interest only mortgage amount, and all ground rent, rates etc for the last 3 years and my friend hasn't paid anything for the last 5.
If I was too look at taking on the mortgage and doing a Remortgage and changing it into repayment the reality is I would be taking on the debt (negative equity), would it be fair for me to ask my friend to take their name off the mortgage for a small amount or nothing?
He's invested as much as me in the property over the years but hasn't lived in it for about 5 years, I wouldn't like him to walk away with nothing but at the same time there's no equity to buy him out and nothing has been paid off the mortgage as it's interest only.
So whats a reasonable figure to ask him to take his name off the mortgage? Or what way would you anybody in here suggest going about it.
I mentioned it to my finanical advisor and he doesn't think I should pay anything really as I'm the one taking on the debt, will be me having to pay Solicitors to take him off the deeds etc