Posted on: 03rd Sep, 2009 06:16 am
A "friend" and I had purchased a house about two years ago. Obviously we had a falling out and he moved out in June. I'm now living there collecting rent and getting by well, but his name is still on the deed/mortgage. I want him off.
Is there any legal angle that I can take? He hasn't paid since he left (June).
When it comes time to remortgage, what is he entitled to? Is he able to name his price to sign it over to me? Can I force him into it for lack of payment?
Is there any legal angle that I can take? He hasn't paid since he left (June).
When it comes time to remortgage, what is he entitled to? Is he able to name his price to sign it over to me? Can I force him into it for lack of payment?
do you have a lawyer? i guess not, but i suggest you broach these subjects with a lawyer.
you really need to negotiate with your "friend" instead of simply trying to take action. as for his entitlement, that's a matter for a court to decide, if you wish to take it that far. otherwise, it's a matter between the two of you, which is why i recommend a negotiation. perhaps you both need legal representation, perhaps not, in order to reach some sort of agreement.
no matter what else you may do, you need to first try to work out this situation amicably, as everything else will only cost you.
you really need to negotiate with your "friend" instead of simply trying to take action. as for his entitlement, that's a matter for a court to decide, if you wish to take it that far. otherwise, it's a matter between the two of you, which is why i recommend a negotiation. perhaps you both need legal representation, perhaps not, in order to reach some sort of agreement.
no matter what else you may do, you need to first try to work out this situation amicably, as everything else will only cost you.
thanks. If he were to agree to be taken off the mortgage, what monetary amount is he entitled to and is he allowed to name his price and say something like he wants 50 grand or something unrealistic like that?
in general terms, if you consider yourselves to be 50/50 owners, then he could readily claim to be due 50% of the equity in the property in order to give up his ownership. that's a fair deal. however, if you have no equity, then 50% of that is still zero. honestly, this is something to be negotiated. someone claiming "50 grand or something unrealistic" isn't going to be very successful no matter what, unless there's enough equity to cover that claim to begin with.
Hi MMS6283,
Do you have some legal documents of the ownership agreement?
If yes, then there is absolutely no problem.
If no, then you have to talk with your friend and draw some conclusion.
But further after discussionyou have to make documents legally. Actually this is what everyone should understand before going with such partnership.
Do you have some legal documents of the ownership agreement?
If yes, then there is absolutely no problem.
If no, then you have to talk with your friend and draw some conclusion.
But further after discussionyou have to make documents legally. Actually this is what everyone should understand before going with such partnership.