Query regarding mortgages and house purchases

AdamD · 23-01-2006, 21:31

Hello all

I opened up a joint mortgage with my brother to buy our first house, which went through ok
We own a semi detached 3 bedroom bungalow and have a 160k mortgage between us.

Now a few months have gone by, I don't like living with my brother, which is a shame, I just prefer my own space.

So my question is this, what options do I have? can I "sell" my half of the house?
Ideally I want to get my own place, but I have no idea what options, if any, I have.

driver_problems · 23-01-2006, 21:34

Quote:

Originally Posted by AdamD

Hello all

I opened up a joint mortgage with my brother to buy our first house, which went through ok
We own a semi detached 3 bedroom bungalow and have a 160k mortgage between us.

Now a few months have gone by, I don't like living with my brother, which is a shame, I just prefer my own space.

So my question is this, what options do I have? can I "sell" my half of the house?
Ideally I want to get my own place, but I have no idea what options, if any, I have.

Have you confronted your brother with these views?

Gareth · 23-01-2006, 21:45

You should have a formal cohabitation agreement which covers this kind of situation - did you set one up when you took out the mortgage?

AdamD · 23-01-2006, 21:46

Eh we had a verbal agreement, but things just changed at the last minute
I Was never happy with the end result, but nothing has changed since.
It was simple stuff like no smoking in the lounge and other areas of the house, only in his bedroom, that got scrapped by him
I Don't agree with the fact he leaves everything in a mess and never clears it up.

Gareth · 23-01-2006, 21:46

Also, have a read of this page from the BBC.

AdamD · 23-01-2006, 21:50

Quote:

Originally Posted by Gareth

Also, have a read of this page from the BBC.

Ugh, guess I did it all wrong
Oh well

basa · 24-01-2006, 08:51

I'm no financial expert, but I would presume you entered a joint mortgage because each of you individually couldn't afford a decent property ?

If that is the case I would also presume neither of you can afford to buy the others half of the mortgage.

The only solution is for you to discuss the areas of disagreement and find solutions or agree to sell the property and go your separate ways. Depending on how long you have owned the property there may be a profit involved, but after estate agent and solicitors fees I doubt it !

driver_problems · 24-01-2006, 11:27

Quote:

Originally Posted by basa

I'm no financial expert, but I would presume you entered a joint mortgage because each of you individually couldn't afford a decent property ?

If that is the case I would also presume neither of you can afford to buy the others half of the mortgage.

The only solution is for you to discuss the areas of disagreement and find solutions or agree to sell the property and go your separate ways. Depending on how long you have owned the property there may be a profit involved, but after estate agent and solicitors fees I doubt it !

or just sell the property on like a couple getting divorced under fairly amicable terms? Then go your own ways