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If they're cheap, then they're just doing what you can do yourself easily - probably more easily, as you have a head-start in terms of knowing the names and locations of friends and relatives.
If you draw a dead-end, then it's probably cheaper just to go straight to the court paperwork.
But I thought it was a done deal...nothing I can do.0 -
But I thought it was a done deal...nothing I can do.
Well it's not a done dead there are still things you can do. After making all reasonable attempts to track down your ex you can apply to court to force the sale of the property. Can you and your wife afford to buy the property if the sale is forced?0 -
No she wont be able to afford that for reasons rendering.
Not sure I want to sell. More want to be able to sell ��0 -
Eh? So if you go to court to force the sale you and your current wife couldn't afford to buy it, or could you buy it in your name only?
I think I can guess the answer to this but do you have any repayment vehicle for when the mortgage comes to an end?0 -
Hello Pixie, Im not sure I understand sorry. The idea was merely to buy as an investment tather than rent. Possibly for us to sell at a profit nearer the end of the mortgage term0
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"bag a bloke"
It has nothing to do with gender. This could have happened either way and I am sure does happen plenty of times other other way round.0 -
And then live where?Hello Pixie, Im not sure I understand sorry. The idea was merely to buy as an investment tather than rent. Possibly for us to sell at a profit nearer the end of the mortgage term
Right now (assuming a 25yr mortgage), you and your ex will still owe £180,000 in 2032. All you'll have done for 25yrs is pay the interest on the £180,000 you borrowed. If the house is then worth £300,000, you'll walk away with £120,000 between the two of you. How you then decide to split the spoils of your joint "investment" is down to you and your ex, of course.
Interest-only mortgages used to be partnered up with a particular investment - kinda like a savings account - called an endowment. People decided they were a bad idea, because they didn't always work out, and sometimes left people 10 or 20% short of repaying the mortgage, and facing having to sell their home. Somehow, a lot of people decided it was a better idea to do NOTHING about repaying the mortgage, leaving them - you - 100% short instead...0 -
I asked if you and your wife could afford to buy the property to which you replied, "no she won't be able to do that for reasons rendering." Who is the "she" in that statement, your ex or your wife?
If the plan is to sell when you come to the end of the mortgage term then you'll need your ex's cooperation. If property prices continue to rise then your ex will be entitled to even more than the current £25k she could potentially get. If there's another crash you could wind up in negative equity unable to sell and unable to clear the mortgage which would result in the mortgage lender repossessing.
Interest rates are at an all-time low but I think you're stuck on NRAM's SVR. When interest rates rise will you be able to afford the higher repayments?0 -
AS others have said, you will need to locate your ex in order to resolve issues. If you have already tried, and faield, then contacting a tracing agent is your net step.
You also need to to work out what you actually wanat to do to resolve things.
If you want to keep the house, but get it into your sole name, then you will eed to look at what you'll need to do to buy her out. The starting point is that you are each entitled to 50% of the net equity, so look into whether you (or you and your current wife) would be able to get a mortgage for the amount of the current mortgage + 50% of the equity.
If you can't, then unless your ex is willing to accept less than 50% of the equity, then you will probably have to agree to sell the property, to pay off the mortgage and split the proceeds.
THe court does now have discretion to look at the whole course conduct of joint owners, not just their intentions at the time they buy a property, so if you have (say) made any lump sum payments off the mortgage, or built an extension which adds value to the property, then you might have an argument for saying that the division should be unequal. Equally, if the mortgage were a repayment one, then a court could take into account the fact that you have made the repayments, and have considered whether that should affect the adjustment between you and your ex.
However, if the mortgage is interest only then you have simply been paying interest - you haven't done anything to increase the value of the property or the net equity - you've simply been paying interest, in effect, rent for the property.
And very likely, you've been paying less, and have had greater stability, than would have been the case had you and your partner sold the house when you separated, and been living in rented accommodation since.
So right now, you can try to trace your ex, then open discussions with her. I'd recommend that you get some legal advice first, particularly if you were never married, as the rules relating to proceedings under TOLATA (which is the bit of legislation any claim would be made under) are strict and you want to avoid shooting yourself in the foot.
If you were married to her at any time then then you need advice from a matrimonial lawyer, and they will need to see a copy of your divorce petition to work out whether you can still make an application to the court, bearing in mind your remarriage.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
Frankly, given this is an NRAM legacy mortgage, it'd probably be a big saving to get the house in just the OP's name and on a sensible market-rate mortgage. Even if it isn't going to be sold. And that doesn't even take into account starting to pay the mortgage off.
Of course, if the OP can't raise the mortgage amount...0
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