Quote:
Originally Posted by superbiatch
If he defaults paying you and you have a record say for instance a bank statement, this can add weight to your argument to buy him out in future. Don't give up, its hard work but to keep your credit rating protected for future is important as you're only young (I'm assuming that because you're living with dad) and will want your own mortgage at some stage.
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Not really. The uncle has no responsibility pay the OP anything at all. It is a joint mortgage held on a jointly owned property.
---------- Post added at 13:56 ---------- Previous post was at 13:53 ----------
Quote:
Originally Posted by AdamD
We can't buy him out, we don't have the money for it
And even if either my dad or I took over the payments, there's no telling if he'll "accidently" forget to pay US, then we'd be in debt.
The only option I can think of right now is to sell up, I think we're both at the point of not caring what happens to our credit, or the house itself, we just don't want to live with him, he's....well there are no words to describe what a waste of space he is.
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You will need to "buy hm out" at some point, whether you give him the value of his "share" and he leaves, or when you sell the property, you will need to give him his share of the proceeds (effectively "buying him out" of the deal).
It is time for you to consult a solicitor Adam, I don't think anyone on here will be able help any further, other than give you lots of empathy and support.