Mortgage stuff

[Presario]

Well this is a little complicated but bear with me!!!

I own 50% of a house and my friend owns the other 50%.

I have recently got engaged and me and my fiance want to buy a house together.

The friend I currently live with DOESN'T want to sell our house, but rather buy my half.

However, the house is worth around �95,000 and the bank will only lend my friend around �72,000. He therefore cannot afford to take on the entire mortgage.

My friend is currently looking for ways of being able to buy the house off me e.g. his sister taking on the extra �23,000 of the mortgage that the bank won't lend my friend.

Anyways, my friend is in no particular hurry to sort anything out and I did (originaly) agree to live with him unitl Dec 2007. However, I have found it very stressful living with my friend and I have really had enough. Both me and my fiance REALLY want to get a place now and finacially are in a very good position to do so.

My question is.... If I go to the bank that is providing my current mortgage with my friend. Could I not jst take my name off the mortgage? And then he could borrow the �8,000 or so he owes me for money we have made on the house?

Is there any possible way I could sell my half of the house to my friend???!!!!!!!

[Ethel]

No, you can't just take your name off the mortgage. The mortgage company will need to sure they will get their money - at the moment they can chase you and your joint owner if the mortgage falls into arrears.

You can sell your half to a third party - if you can find someone who wants to buy under these circumstances.

You can force the sale - probably through the courts if your friend doesn't agree.

You are in a difficult situation and these things should have been decided before you bought the house.

[Presario]

We originally agreed to live together until Dec this year, so it is me trying to change the agreement; which is why I want to try and sort this out without involving courts, or being nasty etc. If I have to, I will wait til Xmas and then if he is still unable to buy my half then the original agreement would be to sell the house (although I know how much he loves it and wants to stay here). If, at Xmas he is still unable to buy me out and refuses to sell the house then I will pursue it through the courts.

However, if anyone knows of a way I can get out of it now, then please let me know as 9 months feels so long!!!!!!