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Selling jointly owned/jointly mortgaged house

(7 Posts)
Newtodating Thu 07-Jan-16 16:19:38

Bit of advice needed please
Dp has a jointly owned (joint tenancy) jointly mortgaged house with his brother,which he has been paying for solely for past 4 years since brother moved in with his now wants to be financially free from him to free him up to get a mortgage with gf.
To enforce a sale he'd have to take dp to court yes?
Would court award brother half the equity from the sale or take into consideration that dp's been paying solely for it for past 4 years?
Happy to offer a settlement based on half the equity at point of brother moving out on proviso title deeds are transferred to dp's sole name,on understanding he'll endeavour to remove brother from mortage as soon as possible as no guarantee as to when we would be accepted for joint mortgage on the house (hopefully within next year or so).
Any advice on how to proceed?
Dp not wanting to sell house,and not able to continue with mortgage in his sole name as doesn't earn enough.

Newtodating Thu 07-Jan-16 16:21:30

Last sentence meant to say he can afford to continue paying the mortgage just the bank won't transfer mortgage into his sole name as on paper he doesn't earn enough.

Tiggeryoubastard Thu 07-Jan-16 16:24:24

They also won't allow the deeds in his sole name if someone else is on the mortgage.
Has your dp been living there? If so the extra mortgage he paid could be classed as rent to his brother for his brothers half share in the house.

titchy Thu 07-Jan-16 16:26:12

Tenants in common - use the percentage split originally set out in trust. Joint tenants is half each regardless of who's paid what.

19lottie82 Thu 07-Jan-16 16:27:55

There's your problem. You can't just "remove someone from the mortgage", you need to get a totally new mortgage and if your DP can't do that, then they're both a bit stuffed.

The crunch factor here is, can your DP afford to buy his DB out? From the sounds of it....... No. So realistically, the only thing they can really do here is sell. Speak to a solicitor and come to an agreement re equity split.

I strongly recommend that your DP and his DB remain amicable throughout this, other wise it could become very expensive and very drawn out, with no improved outcome for either party.

Newtodating Thu 07-Jan-16 16:49:32

Title deeds of my house are in my sole name but mortgage is still jointly named with exh and he has no financial claim on the house.was part of the divorce/consent order.the proviso is that I must try to remove his name from mortgage as soon as possible either by selling house,paying a chunk off mortgage thus bringing mortgage down to an amount bank will lend to me solely,or add someone else to mortgage.

Newtodating Thu 07-Jan-16 16:51:53

And thanks all for the advice.

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