Reply To: Friend not paying his share of the mortgage – help!

Spanish Property Insight Forums Spanish Property Forums Spanish Mortgage Questions Friend not paying his share of the mortgage – help! Reply To: Friend not paying his share of the mortgage – help!

#95826
Inez
Participant

Hi there, more info is needed before any advice could be given. As it was an off plan, I assume a spanish mortgage was taken and it sounds like you have the mortgage but have an informal agreement with yourf friend as posibly he put half the deposit down?

If the mortgage is in your sole name, then you are responsible for it – if two of you were buying then it is more usual for the mortgage to be in both names!

If the mortgage doesnt get paid, then the bank will ultimately apply to the court to settle debt – you both will end up with nothing as any equity (if indeed there is any) would be swallowed up in costs. You get placed onto a debt register here and thats it. If there is a debt outstanding after the proeprty is sold, then you can both equally be chased for it placing any UK assets at risk.

You cant force him to sell to you but if they arent keeping their end of the bargain, then you have a case to register the debt he then owes you against his half of the proeprty.

It is complex and without full info almost impossible to give any pointers but crtainly you need legal advice.