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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I need advice about a property I own with... i need advice

Customer Question

i need advice about a property I own with... i need advice about a property I own with a friend on and 80:20 share basis. We were interest only mortgage paying 50:50 (although she moved out 5 years ago and now we have a tenant - i still live there) but
1 year ago moved to repayment mortgage. we need to draft a deed of trust but I am confused about who is responsible for what in terms of mortgage payments ( do we stay 50:50) and how do we split equity?
Submitted: 2 years ago.
Category: Property Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
How much is the house worth and how much is outstanding on the mortgage?
What agreement has been reached about paying the mortgage?
Clare
Customer: replied 2 years ago.
about 550,000, bought for 395,000 in 2008 with a 90k deposit. Our verbal agreement now, I believe, is we do 50:50 on mortgage paymnet
Expert:  Clare replied 2 years ago.
why is your friend still paying anything towards the mortgageIs there any reason why the property is not being sold now?
Customer: replied 2 years ago.
she isn't - the rent from the tenant covers her part. but the tenant is moving out soon so until we find another one she will have to cover her half. i live the property and want to remain living here so we are not selling.
Expert:  Clare replied 2 years ago.
Hi
Does she not wish to sell and no longer have the burden of the mortgage?
Clare