Hi,
I have a jointly owned property portfolio of 16 apartments with high LTVs and the interest rate rises mean that it will be very difficult to service the mortgages for much longer. It may be impossible within a few months. The 2008 crisis caused us to have abandon plans to continue building the portfolio and we entered into IVAs which were settled long ago. The relationship that I have with my business partner has totally broken down and I can’t even trust him to pay his share of the mortgages, which could ruin my credit file if he decides to be vindictive and pay late at any time. He is totally irresponsible and self-serving now. There is equity in the portfolio, which makes them worth keeping, but as my business partner has decided not to help to solve the problem of high LTVs and mortgage payments (he simply uses his money elsewhere), I need some clever advice on either selling some of the units in a tax efficient way, or some other clever portfolio management ideas that anyone could suggest, please? A business related CCJ will fall off my credit file in January, leaving me with a clear credit file. I have a ‘fair’ rating at the moment’. Any advice or guidance would be appreciated. Getting good financial advice and maybe even legal advice seems to be the need, before I am actually forced to hand the keys back. I’ve spent all my money on renovations, to bring most up to a standard for selling. Some are already vacant, some tenanted.
Thanks