Joint ownership of a house - how do i get out of it?

[MishMash]

What is the procedure to get out of joint ownership of a house? I bought a house with another person in November last year, and due to a number of factors my financial circumstances have changed and i no longer want to be a joint owner in the house.

The house is mortgaged, we both have a 50/50 share. The house is currently rented until the end of July.

Can anyone give me starting points - do i need a solicitor, do i approach the bank, how does one person take over a loan in joint names?

All advice appreciated.

 

[GoAnna!]

What was the exit plan in your partnership agreement?

Assuming no agreement then I would have thought the logical steps are:

agree on a fair market value

offer partner your share in property for market value

sell property and divide profit (or loss)

 

[hobo-jo]

Hardly be fair to share the loss (if there was one) on half the property with the other owner (if they intend to hold) surely you can't be serious GoAnna?

 

[GoAnna!]

Hardly be fair to share the loss (if there was one) on half the property with the other owner (if they intend to hold) surely you can't be serious GoAnna?

Well it would depend upon what was agreed between them I guess whether that would be fair or not. I can see your point though....

When I bought my first property with GoMichael after 3 dates we had an agreement that either of us could force the sale after a certain period of time (hopefully sufficient time to have created a profit - we hoped)

I would hope that at the time of purchase the exit strategy plus any other scenarios would have been discussed and agreed upon.

The other person would also have the option of bringing in a new partner to prevent the sale.

 

[LynnH]

GoAnna is spot on re losses! If the property is sold - to whoever - gains/losses are shared at the point of time when the sale occurrs. Why should the party who sells her half have the privilege of sharing in any future gains???

Cheers
LynnH