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My ex- and I bought 2 BTLs in joint names (tenants in common), with mortgages also in joint names. It seemed a good approach at the time for bolstering our pensions. She left in 2012 and I have been managing the properties since. We maintain a joint bank account for them, and split the 'profits' (Ha! Ha!) equally for tax purposes. There is no equity!
The time has come when I must regularise this situation. She is happy for me to continue managing everything, but I've had enough. Also, I can see problems ahead when we come to re-mortgage in a few years or, god forbid, one of us is no longer around.
I have not yet approached the mortgage providers.
Can someone please advise my first steps.
Hi Lou,Forgive me, but I do not fully understand the situation. Why can't you just sell them?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Lou - how much is the shortfall from o/s mortgages?
My opinion (for what it's worth): Sell them off and take the hit. Don't hold and hope for the value of the house to recover, whilst doing a management job that you don't want to do for a partner you have separated from. It could become very stressful and actually have some negative impact on your health and well being. Try to offer the mortgage lender a full and final settlement figure and see if they will work with you to get out of the situation, or use a debt management specialist to help you get out.
I think in situations where you and your partner are going separate it's best to have a clean exit; try to get out with minimal damage and move on with your future plans.
Hoping the market will recover can be a dangerous play if you aren't careful. Then you start wishing. Then the prayer mat comes out and all of a sudden you start getting religious..
If It was me I'd personally just sell for whatever I can get, try to get the lender to work with you. It might be hard now but in the long run you will be relieved.
Just my opinion obviously.
The implication here seems to be that neither party has the funds to make up the shortfall - though I do have an acquaintance who despite poor credit history managed to get non secured bank loans of £30k over past few months.
Could you not just put out to management as this will take away the stress of dealing with tenants?
Failing this could you sell or even option to another investor or someone with new enthusiasm to step into your shoes?
Nothing worse than having dud props!
You could arrange it so you are tenants in common with unequal shares
Say 60/ 40 split with you getting the bigger share to reflect the work you put in that she doesnt
Jonathan Clarke. http://www.buytoletmk.com