Hi Guys,
I was just wondering if anyone could give me some advice so I could pass onto my friend back in England.
She brought a house with one of her friends about 15 years ago but divided it into 2 flats but didn’t tell the council and stuff that they had split the house. Now 15 years on, she has had a bit of a disagreement with her friend and now he has stopped paying his half of the mortgage and they have been threatened with repossession. Apparently she has spoken to her lender and they have pretty much said stop paying her half and get it repossessed and they should get about £50000 each. She doesn’t want to do this and wants to carry on paying her half.
Is there anyway she can get the loan divided so if he wants to have his repossessed she can let him but keep hers. What would happen if she now tells the council that the house has been divided? Would she get heavily penalised?
Cheers
Your friend needs to speak to a solicitor who can discuss with her how the property is held – whether jointly – or as a tenant in common – and how this will affect the mortgage liability. This situation is somewhat similar to what happens in family law situations. Either the property is sold – each party is paid out – or the property is refinanced – with one party taking over the responsibility for the mortgage – and the other being paid out of the arrangement.
As for the involvement of the Council – you would really have to find out more about the planning restrictions and what can and can’t be done on the property. There can sometimes be dire consequences like demolition of the property – so it is best to get informed and property advice.Thanks for your advice Raddles! I’ll pass the information on to my friend!
Ems
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