Basically, my friend approached me and asked me 4 years ago if I would get a mortgage with her. I wouldn't have to put a deposit just help her to be able to purchase a larger property. in return for the risk she offered 20k on sale on sale of the property after 3 years. she has been living there and has been renting a room to cover the mortgage. I reside at my parents property. its a residential mortgage owned jointly.
The house is worth at least £270k, we purchased it for 214k of which 50k was a government loan and the balance on repayment mortgage.
it was a stupid thing to do which I have realised now, she has maintained the mortgage payments so I am not sure what the outstanding value is at present but can find out.
What are my rights? I need to get my name off he mortgage and move on but she is delaying the whole process.
ok great! am I entitled to get anything rom the profits made? I am not trying to take something that was not offered to me in the first place? initially I was offered 20k but at the end of the day I am happy to take a fair percentage from the profits made.
Also, what are the rough costs involved in getting a court order? so can claim all legal costs from the sale of the property?
in reference to sending the letter do I need to register post it or can I email.
Once I get a court order, can I get an estate agent and have the house valued and put on sale?
also, she can she sell the property without my knowledge? my signature is needed right?