ChatterBank0 min ago
signing over a mortgage
I bought a house with a friend 2 years ago for 80,000 and remortgaged 1 year ago for 93,000. I havent lived there for about a year and havent made any payments towards the mortgage in that time, but have been paying half the loan repayment for a few months, even though i only used 3,500 of the 13,000 loan for myself. I would now like to buy a house with my girlfriend but obviously can't while i still own half the mortgage on the other house. My friend lets out rooms in the house to other people to help with the house payments etc, of which i make no profit whatsoever ( im not sure if he does either) My question is: am i entitled to half of the current market value ( 100,000 ) if I sign over the house to him? Obviously the full loan would be covered first so there would only be about 7,000 left to divide. He thinks I have got 3,500 virtually for free and that i should sign he house over without claiming any profit, but I wont have got anything for free as the full loan payment will be deducted from what profit i could make, and he will get the house! Please tell me where I stand.
I hope all that made sense, a knowlegable answer would be appreciated.
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