Hi
Apologies if has come up on another tread but took scan and couldn't see similar scenario.
I don't have 100% of facts but trying to help a friend who is facing a very tricky situation.
House bought jointly with brother back in boom. It is just at break even or slightly in equity as of today. Friend has lived in house since Day 1 while brother has never (or for very short time at start) lived there. Mortgage has been met by having two spare rooms rented over the years. Tenants pay my friend directly and that cash plus friends part transferred to joint mortgage account to meet the monthly payment.
Brother now has partner and they want to move into property. Offered friend 10k in return for equity and he walks away, they take over house and mortgage.
Since buying friend has changed career and is now in lowly paid job (approx. 25k) so would never get mortgage in own right and would struggle to even rent a room elsewhere at current prices so that is not a great option.
Since that was knocked back the brother wants to force sale of house to leave him free to buy again (assuming he and partner have earnings to get approved but likely not with 50% ownership of another property). Mediation is next step, friend is going along but no idea what to expect and has no real room to budge on position unless the lump sum offered was significantly higher and gave realistic chance of getting smaller property in own right.
So question is can he be forced out and/or forced to sell. He is assuming mediation is step 1 on way to legal action so the brother can be seen to having try to sort out outside of the courts.
Thanks
Apologies if has come up on another tread but took scan and couldn't see similar scenario.
I don't have 100% of facts but trying to help a friend who is facing a very tricky situation.
House bought jointly with brother back in boom. It is just at break even or slightly in equity as of today. Friend has lived in house since Day 1 while brother has never (or for very short time at start) lived there. Mortgage has been met by having two spare rooms rented over the years. Tenants pay my friend directly and that cash plus friends part transferred to joint mortgage account to meet the monthly payment.
Brother now has partner and they want to move into property. Offered friend 10k in return for equity and he walks away, they take over house and mortgage.
Since buying friend has changed career and is now in lowly paid job (approx. 25k) so would never get mortgage in own right and would struggle to even rent a room elsewhere at current prices so that is not a great option.
Since that was knocked back the brother wants to force sale of house to leave him free to buy again (assuming he and partner have earnings to get approved but likely not with 50% ownership of another property). Mediation is next step, friend is going along but no idea what to expect and has no real room to budge on position unless the lump sum offered was significantly higher and gave realistic chance of getting smaller property in own right.
So question is can he be forced out and/or forced to sell. He is assuming mediation is step 1 on way to legal action so the brother can be seen to having try to sort out outside of the courts.
Thanks