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Issues with buying a home

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  • 22-05-2012 3:36pm
    #1
    clones1980
    Registered Users Posts: 312 ✭✭


    Hi everyone.

    I would like some advice please from anyone who might know / be in a similar situation.

    6 years ago i bought house with my sister. The verbal agreement was to do house up, rent out bigger room and her stay in smaller room or to sell house on. I was working and renting 2 hours away so for me this was just to be an investment property.

    Anyhow couple weeks later i came home and she had moved all her stuff into the bigger room. The other room is far too small to rent out in a small town. Anyhow i let it go and for a while i paid towards the mortgage but soon realised she had no intention of even trying to get someone else in to rent so i told her she would have to pay for the full mortgage if that was the case.

    Fast forward to now. I have just had a baby 6 months ago and went looking for a mortgage. I am been told not when i have this mortgage. I then got her to go in to bank to get re-assessed and have mortgage in her own name but she was told she couldn't afford it, even though she has been paying mortgage herself for past number of years.

    We cant sell house as it is now in negative equity. I dont know what to do. I have spent years saving for deposit for my own home and now am been told no. Is there anyway around this????

    I still work 2 hours from my home town which is where the house is so it wont be feasible to travel when i have a new baby.

    Any advice would be much appreciated.


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    #2
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    You simply can't buy another house.
    She has to buy you out at the current value and you pay off the difference before you buy. This will effectively mean you will lose your savings.

    She has to get the money and it sounds like she can't. You made a bad investment with terms that make it less liquid than a normal property. You also lost ftb allowance.

    You just have to wait


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