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Commercial property sale?

  • gorgeous
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31 May 08 #24130 by gorgeous
Topic started by gorgeous
Last yr ex2b and I bought property 50/50 since jan no contributions have been made to mortgage.I cannot afford to pay full house mortgage and this I informed the bank to see if ex2b would he hasnt.
Bank want their money.
I suggested to sol I put it up for sale as sole seller sol agreed and will deal with ex2b and paperwork. Sol said he cant say no to a sale unless he pays full mortgage and eventually will have to give me a portion of the equity or sell. Is this the best thing to do or is there another way.
The business has never been operational but a loan remains outstanding no contributions have been made to this either.
Will the bank wait for the sale or what shouldI do.
Ex2b is ignoring the situation completely.

  • dawn1
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31 May 08 #24190 by dawn1
Reply from dawn1
if the property is in joint names I would get confirmation from his sol stating that he is happy for u to sell the property and reimburse you for any expenditure from the sale proceeds, otherwise he will just put a restriction on it and u will lose any maoney paid out will be lost.
inform the bank that it is up for sale, they will give you if you r lucky upto 6 months to get rid of it.
if the property is in joint names then the solicitor is under duty to pay each of u 50/50. if in his name only then you will have to hope he gives you your half.
hope this helps
kind regards
dawn

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