Desperate

threeofus · 6 July 2017 at 3:43AM

Hi there,

I would really appreciate your advice.

My husband was declared bankrupt in January 2015 The time I tried to question what would happen to the house he said that he and his father had away or had planned to be with the property .

However now it seems that we might just do that and I'm in pieces. We've had a letter from the trustees solicitors giving me 21 days t decide if I want to buy his equity, £91k, agree to the sale, or vacate the property.

I'm in bits as I have two children at school and no money to buy him out I don't know what to do, our relationship has broken down and he now suffers a mental health problem so it's all very stressful as you can imagine.

The house prices here are high and I could never buy anywhere, the rental prices are £1,000 more a month than I'm now paying, I would be relying on benefits to make ends meet. What can I do, time is running on and I'm terrified.

He still lives in the property but has lied to me on so many occasions about this I can not forgive him and am desperate to keep my children's home.

threeofus · 6 July 2017 at 6:07AM

I'm wondering if I can get my husband taken off the mortgage and me keep the house until the children leave school if I get a guarantor or do I have to raise nearly 100k?? Our mortgage is 292k and the property value about 375/400. Our relationship is over but he still lives here, can a charging order be placed on property until 202023 when my daughter turns 16? We'd be homeless otherwise as I can't afford to buy anywhere else here, where my job is and the children go to school...any advice appreciated

TheGardener · 6 July 2017 at 6:58AM

Hi - sorry to hear life is tough at the moment.
You need professional advice - can you arrange to speak to StepChange or National Debtline? Both are free.
Can you raise any capital or get a mortgage on your own to buy your husbands interest?

threeofus · 6 July 2017 at 7:12AM

Thanks The Gardner, I'm in the process of doing that but don't think I will be able to extend the mortgage or get another as I only earn about 16k so not enough for much at all, I'm getting as much advice as I can and I'm hoping I can sort something out - he has left me to do it all, says a lot really doesn't it. It's just dreadful I wasn't told hardly anything about his debts or the bankruptcy so I'm really upset about being lied to

TheGardener · 6 July 2017 at 8:26AM

It might also be worth a visit to an independent mortgage advisor - if there is sufficient equity in the property - they may be able to work something out for you.

luvchocolate · 6 July 2017 at 9:11AM

What a terrible situation I feel for you.
All I can say is that to take over the mortgage yourself you would have to pass all the affordability checks, its not just a case of taking someone off the loan, plus you would still have to find your partners share of the equity.

You need proper advice, its rubbish that you are in that position, when I was I did move out and rent but that was my choice.

Mouse007 · 6 July 2017 at 10:31AM

Can I check the numbers?

You say the trustee wants £91k, but house equity is between £83k and £108k. (mortgage is 292k and the property value about 375/400).

That should mean the trustee can only claim between £41.5k and £54k being your husband's half share.

Would that make things easier?

peterkay369 · 6 July 2017 at 1:29PM

No disrespect intended, but if you are only earning £16,000 per year, can you afford a £292,000 mortgage?

The last thing we want you to do is end up in financial difficulty yourself if you are the only one providing an income to the household on a mortgage of that size.

threeofus · 6 July 2017 at 8:45PM

I know, the mortgage is 192k and the equity in question is 75 I need to find the latter which would obvs be impossible and not sure if it's impossible for me to get a mortgage of 265 grand I'd never afford it - would t want to, too stressful and after what I've been through I want a peaceful life, my husband has been diaognosed with bipolar this week and it has obviously influenced his decision making...and will continue too over the period we need to work out how to save our home !

FlowerGirl27 · 13 July 2017 at 11:42PM

Hi there. I see it's been a week since your least post so hopefully things are a lot clearer for you now.

Just wanted to say that there are a lot of positives to your decision not to take on a huge mortgage on your own. You don't want to end up in a similar position in a few years struggling if you've overstretched yourself.

A smaller place in a cheaper area will give you your peaceful life so I hope you find somewhere really lovely soon. A new chapter - try to see it as an exciting change.

Take care x

threeofus · 14 July 2017 at 7:46AM

Thanks lovely xx sadly the money I have has equity and my salary will only enable me a mortgage of £235k that's not enough to buy anything in Brighton, even in the rough areas I couldn't even buy a flat! It's just one thing after the other as when I asked about renting I was told by three agents because my credit score is bad I'd struggle to find somewhere....I'm trying to stay positive but it's hard xxx

Desperate

Comments

BBC WatchDog “if you are struggling with an unfair parking charge do get in touch”

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free