I would rather sell the property immediately. He doesn't want to sell. All of my money is invested in the place, and I would rather live on my own.
A mortgage has been offered by a building society but has not yet gone through as there is a hold up with the grant of probate on my father's estate. The loan was given with a charge held against the property. It cannot be released without grant of probate.
We were friends. The loan was officially to us both, and agreed with a legal document with a charge held at the land registry against the property. It was convenient to me to be able to live for free off money inherited from my grandparents, which is why Niall was to pay the specified payments. The terms were that it should be paid each month (£715), and a mortgage secured within the year, jointly by us both. The £15,000 was an overpayment made by me above the usual loan payments, which were made monthly. The mortgage has been offered, but we can't accept or sell the flat until my dad's probate has been granted. The mortgage is however mainly offered on evidence of Niall's salary as I am self-employed. At the time it was offered, I had a lot of money in my account, and I am not sure it would have been offered without it as Niall has adverse credit history, the extent of which we didn't fully realise at the outset.
Sorry, just looking at my first post I realise it's confusing. My original deposit was £110,000. Of the £139,950 loan I made an overpayment of £15,000. Niall made the payments to me for the loan and I paid them to my dad. That transaction was pretty direct. They came into my account and straight out. My dad didn't want to be seen to only be lending to Niall as it was always a favour to me not him. As it stands, however, selling now would give Niall a 50% share of the uplift in the property, which is around £115,000, meaning he would have made around £57,000 on an interest free loan from my dad.
There isn't one agreed. We were making one that we agreed on when we first bought the property. But it made no allowances for what would happen to the equity from the interest free loan from my dad, so neither of us signed it. I tried to adjust it a few months in but Niall didn't agree, feeling that the loan was all his.