How to get out of a joint mortgage?
I share a flat/mortgage with my sister (in London) but after 8 years I can’t bear it anymore! How do i get out of it, bearing in mind the current economic climate?
We both want to live separately but of course ideally would like to buy separate places of our own. Our flat needs doing up and so may not have made much money during that time. If we sold our flat would we be able to buy separately places in London still?
The situation is made more complicated as she has been made redundant and currently is doing temp work. Obviously the situation has to be beneficial to us both.
What should I do? If we find we cannot sell the flat, what are our other options?
It’s a good time for buyers at the moment because everything is going cheaper but the only problem is they don’t want to buy because no one has any money!
You would need to check with your mortgage company if you would be allowed to come out of the mortgage agreement I don’t see this as being possible though it’s you & your sisters debt & if you were allowed to come off it the debt would be in her name.
Because no one is looking to buy unless it’s dirt cheap you may not even make enough to pay off your mortgage never mind make a profit, which would then need to be split between the two of you as you both own the house.
If you can’t sell it then you can rent it out if you already had an alternative place to stay but the money from the rent would go towards the mortgage payment & again anything left over would have to be split.
It’s a risky situation if you decide to go your seperate ways but finding another house may be easy for each of you but finding a mortgage especially if your sister doesn’t have permanent work & a stable income.
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