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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2541
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I have joint mortgage with my brother friend. I brought the

Resolved Question:

I have joint mortgage with my brother friend. I brought the property in 2008 so that I can live in with my family. I asked my brither friend for help towards deposit which he paid but also suggested to add his name on mrtgage to help reduce monthly payments. I did not realise he had other attentions at the time. He has gone to his solicitor as he now wants to sell as the property price has gone up. I don't know what to do as it will be very difficult for me to me buy him out and where do I go as I have family with two kids. The current value of property is now £370.00'and we bought it for £200,000 in 2008. Please advise.
Submitted: 11 months ago.
Category: Law
Expert:  Harris replied 11 months ago.

Hi, thank you for your question. When he contributed towards the property was there a formal agreement or deed of trust prepared to outline his contribution and what will happen in the event that a party wishes to sell the property?

How much did he contribute and can you demonstrate what both your intentions were regarding his involvement?

Customer: replied 11 months ago.
There was no agreement or deed of trust. The intention was for me to live in. I have been paying towards mortgage since 2008'till now. His attention has always been to make money. As the property price has doubled he wants to sell.
Customer: replied 11 months ago.
We both contributed £11,000.00 each towards deposit of property and I have paid the mortgage.
Expert:  Harris replied 11 months ago.

Thank you and apologies for the delay in responding. It would appear that you both have equal shares in the property but I would highly suggest you double check the title deed to see if it is as joint tenants or tenants in common. If it is as joint tenants, then if one of you passes away the whole property passes to the survivor automatically and you cannot pass it on as inheritance which would not be in your interest. If it is as tenants in common it can be held as unequal shares and you can each deal with your share as inheritance as you choose.

I appreciate that the above is not your specific issue at the moment, but it is in your interest to be aware of it.

In relation to his request to sell it - he is able to pursue this if no agreement can be made between you (for example buying out his interest). It makes it difficult for you given that there is no formal agreement or deed of trust and it will be for you to show to the court each of your intentions regarding the property to prevent a sale.

I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you

Expert:  Harris replied 11 months ago.

Hi, this question remains open. If you found my information provided helpful please could you rate my response positively using the stars at the top of this page as I will not be credited for my response without a positive rating.

Harris, Law Specialist
Category: Law
Satisfied Customers: 2541
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
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