Just wondering if anyone else has had issues with shared ownership, and how they dealt with it?
As the story goes - 1.5 years ago I purchased my first house with my best friend, with a shared-ownership agreement in place ofcourse. We also had to get a joint mortgage, as the banks wouldn't lend to us otherwise
About 8 months down the line, he starts smoking meth and has a meltdown, both emotionally and, inevitably, financially.
He stole from me on multiple occasions and accused me of some extremely paranoid stuff, so I felt compelled to move out.
His wife & child also moved out, so he was living there by himself in a 5 bedroom home...
I suggested we rent out the extra space, as we had a clause in our agreement which would see us split any rental income 50/50, and this would benefit us both.
Well hes now renting it out, but I don't know to who, nor have I seen a bond form/tenancy agreement, or any rent money. On top of that, hes been defaulting on the mortgage, which were both jointly liable for.
My lawyer seems to think I could wait it out, wait for him to make a major mistake and then pounce. But after all the dishonesty and thievery im all out of patience.
Im sure court cases cost alot of money, but Ive missed out on over $10k worth of rent already and not prepared to let it keep going that way.
Has anyone else had experience with something similar? How did you solve it?
Is there any hope enforcing a contract, besides from taking him to court? Seems like a contract means nothing unless its enforced.
Is there anyway I could force a sale, or force him out of the contract/buy him out without his consent?
Theres a whole bunch I left out, it just gets infinitely worse...but I guess those are the main points.
As the story goes - 1.5 years ago I purchased my first house with my best friend, with a shared-ownership agreement in place ofcourse. We also had to get a joint mortgage, as the banks wouldn't lend to us otherwise
About 8 months down the line, he starts smoking meth and has a meltdown, both emotionally and, inevitably, financially.
He stole from me on multiple occasions and accused me of some extremely paranoid stuff, so I felt compelled to move out.
His wife & child also moved out, so he was living there by himself in a 5 bedroom home...
I suggested we rent out the extra space, as we had a clause in our agreement which would see us split any rental income 50/50, and this would benefit us both.
Well hes now renting it out, but I don't know to who, nor have I seen a bond form/tenancy agreement, or any rent money. On top of that, hes been defaulting on the mortgage, which were both jointly liable for.
My lawyer seems to think I could wait it out, wait for him to make a major mistake and then pounce. But after all the dishonesty and thievery im all out of patience.
Im sure court cases cost alot of money, but Ive missed out on over $10k worth of rent already and not prepared to let it keep going that way.
Has anyone else had experience with something similar? How did you solve it?
Is there any hope enforcing a contract, besides from taking him to court? Seems like a contract means nothing unless its enforced.
Is there anyway I could force a sale, or force him out of the contract/buy him out without his consent?
Theres a whole bunch I left out, it just gets infinitely worse...but I guess those are the main points.
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