Legal Question in Family Law in United Kingdom
Advise on selling / renting our house
I need some advise please, my best friend and I are were buying a house together but we have decided it is not working, we have been in the house for 7 years and do not really know which direction to go in, We are joint owners 50/50.
We do have a little debt but nothing major, we re-mortgaged about 4 month ago to get us out of debt and do not know if this effects our situation.
We are unsure of whether we can sell the house because we have debt and we also have no money behind us to pay for fees, we have considered renting the house so neither of us live in it but a professional rents it out for us but we do not know how to do this - if we did this could one of us move back in if we wished in the future?
Neither of us have any money behind us so buying the other out is not an option.
Your website was very very helpful but please could you help me. I have no idea where to turn to and need this sorting as it is making me ill.
1 Answer from Attorneys
Re: Advise on selling / renting our house
There is no reason why you should not sell this house if you both agree. The debts secured on it will be repaid on completion of the sale from the proceeds. Renting it out is a possibility but probably not to be recommended if you both need someone to live as this would tie up the capital and create a long term link between yourself and your friend which could not be desirable. We are able to assist and advise further if required.
Andrew Dutton
www.legal-zone.co.uk
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