Hi everyone.
Just thought id throw up a thread with my unique situation and see if im on the right track for a bright future.
Now, before I explain it in detail most people I talk to about it (Friends, Family) say “SELL IT!!!” or “THAT’S NOT FAIR!!!” or “YOUR GETTING SCEWED!!!”.I am here to get opinions off people who are experienced in property and to see if I do have a chance, so here goes.
I’m 27 years old working full time earning 35k per annum + commission(about 7k roughly). 6 years ago I brought into a house with my then Girlfriend. It was not anything I planned, I brought out of emotion when my then girlfriends dad passed away and left his house to his 2 daughters. (One daughter living with him, one daughter not).
My girlfriend is the daughter who lived with him and after such a tragedy, was not in any frame of mind to decide if she wanted to keep the house or not. The other sister was mad keen on selling it and splitting the profit, (good idea now I think about it), but I did not think this was the best thing to do at the time so I offered to buy the other sisters half for half market value. So here I was, 21 and owning half a house, while my girlfriend owned the other half. Living in it like a normal couple for 3 years was a great experience, but as young people grow and make decisions, we grew apart and now im back at home with mum and dad. The dilemma im in is that I can not sell the house without her concent (she doesn’t want to sell) and vice versa. Both of our names are on the title and both our names are on the mortgage also as she helped me finance the loan with her half of the house that she inherited.
What can I do to make this situation work for me?
The mortgage has blown out to $154,000 from the original $90,000 with refinancing and redrawing off the house’s equity to fund my luxuries.(which I now don’t have). The last time the house was evaluated it is worth $210,000 so there is already $56,000 of equity in it now. I have a small personal loan for $7,500 and plan on paying that off ASAP.
At the moment I always seem to have more month at the end of the money, so buying a IP isn’t anything I can see myself doing anytime soon as servicing the loan may be difficult.
Im really not sure what to do. I know what I cant do. I cant sell it.
What are your thoughts?
Opinions and constructive criticism wanted. Im a bog boy, I can take it.
Any and all advice will be greatly appreciated, ask any questions you like also.
Thankyou
Mick
Just thought id throw up a thread with my unique situation and see if im on the right track for a bright future.
Now, before I explain it in detail most people I talk to about it (Friends, Family) say “SELL IT!!!” or “THAT’S NOT FAIR!!!” or “YOUR GETTING SCEWED!!!”.I am here to get opinions off people who are experienced in property and to see if I do have a chance, so here goes.
I’m 27 years old working full time earning 35k per annum + commission(about 7k roughly). 6 years ago I brought into a house with my then Girlfriend. It was not anything I planned, I brought out of emotion when my then girlfriends dad passed away and left his house to his 2 daughters. (One daughter living with him, one daughter not).
My girlfriend is the daughter who lived with him and after such a tragedy, was not in any frame of mind to decide if she wanted to keep the house or not. The other sister was mad keen on selling it and splitting the profit, (good idea now I think about it), but I did not think this was the best thing to do at the time so I offered to buy the other sisters half for half market value. So here I was, 21 and owning half a house, while my girlfriend owned the other half. Living in it like a normal couple for 3 years was a great experience, but as young people grow and make decisions, we grew apart and now im back at home with mum and dad. The dilemma im in is that I can not sell the house without her concent (she doesn’t want to sell) and vice versa. Both of our names are on the title and both our names are on the mortgage also as she helped me finance the loan with her half of the house that she inherited.
What can I do to make this situation work for me?
The mortgage has blown out to $154,000 from the original $90,000 with refinancing and redrawing off the house’s equity to fund my luxuries.(which I now don’t have). The last time the house was evaluated it is worth $210,000 so there is already $56,000 of equity in it now. I have a small personal loan for $7,500 and plan on paying that off ASAP.
At the moment I always seem to have more month at the end of the money, so buying a IP isn’t anything I can see myself doing anytime soon as servicing the loan may be difficult.
Im really not sure what to do. I know what I cant do. I cant sell it.
What are your thoughts?
Opinions and constructive criticism wanted. Im a bog boy, I can take it.
Any and all advice will be greatly appreciated, ask any questions you like also.
Thankyou
Mick
