Currently I have a join mortgage with a friend on a house and its about to come to the end of a two year fixed period.
However my friend has decided he wishes to part ways. Now I don't really fancy selling so my choice (as I see it is too pay his half back) due to his job situation.
How does this work exactly (We are 50/50)? The things inside we can sort its more around the mortgage and the house. Now as the mortgage is coming to the end of the fixed term I imagine it will be easier to change, but how do I work out what he should get for the house? Have it valued?
Sorry for the somewhat 'nooby' question. I should be OK carrying on paying the mortgage myself but I don't really have 'half of house value' lieing in my back pocket so to speak.
Obviously if I have to sell the house completely then thats what I will have to do, just avoiding that if I can...
Thank you.
However my friend has decided he wishes to part ways. Now I don't really fancy selling so my choice (as I see it is too pay his half back) due to his job situation.
How does this work exactly (We are 50/50)? The things inside we can sort its more around the mortgage and the house. Now as the mortgage is coming to the end of the fixed term I imagine it will be easier to change, but how do I work out what he should get for the house? Have it valued?
Sorry for the somewhat 'nooby' question. I should be OK carrying on paying the mortgage myself but I don't really have 'half of house value' lieing in my back pocket so to speak.
Obviously if I have to sell the house completely then thats what I will have to do, just avoiding that if I can...
Thank you.
