Hi there,
Really hoping someone can help.... I bought a property with a friend in 2006 with a friend. We both live in the house. I've just got engaged and so wish to start up a home with my fiancee. Situation is :
a) We owe 370k on the mortgage
b) Property currently worth approx 290k
c) Friend refusing to buy me out
d) If I buy her out she has insisted its at the 370,000 price (1/2 of that obviously).
Her argument is that she is already loosing over 20k (Inital deposits, fit out etc. We both contributed to all that 50/50) She is saying that it is my decision to move on etc...
What are my options? My fiancee and I have good, secure jobs. I would happily live in the house for another few years. The worry I have is "buying the negative equity". It may be years before I break even - thats if house prices eventually rise. Should we sell and go our seperate ways with a clean slate?
Any advice would be greatly appreciated.
Many thanks
Kiera
Really hoping someone can help.... I bought a property with a friend in 2006 with a friend. We both live in the house. I've just got engaged and so wish to start up a home with my fiancee. Situation is :
a) We owe 370k on the mortgage
b) Property currently worth approx 290k
c) Friend refusing to buy me out
d) If I buy her out she has insisted its at the 370,000 price (1/2 of that obviously).
Her argument is that she is already loosing over 20k (Inital deposits, fit out etc. We both contributed to all that 50/50) She is saying that it is my decision to move on etc...
What are my options? My fiancee and I have good, secure jobs. I would happily live in the house for another few years. The worry I have is "buying the negative equity". It may be years before I break even - thats if house prices eventually rise. Should we sell and go our seperate ways with a clean slate?
Any advice would be greatly appreciated.
Many thanks
Kiera