Repossession of house

Argyll_2 · 4 March 2006 at 12:29PM

I have two mortgages one for my house and one for my flat which I'm trying to sell. My partner and I are splitting up but she refuses to contribute any money towards these bills. I'm gradually getting in to more debt while she is using this money to pay off her debts (the cheek)!

Bottom line is how would it affect me in the future if I just stopped paying the house mortgage and I let it get repossessed? I'm told it would only affect me for a few years and then it would clear but I'm not so sure. Could anyone advise me please.

sparkle84 · 4 March 2006 at 12:36PM

Are any of the mortgages in joint names with your partner? if so she is liable for half the mortgage. Mortgage debt does not become statue barred for 12 years and that is only if you make no contact and the banks or DCA don't find you a very unlikely situation. If the house is repossessed and sold for less than you owe you have to pay back the difference, I recommend you sell your flat asap and speak to a solicitor about your OH paying her part of the mortgage

Argyll_2 · 4 March 2006 at 12:38PM

Could you elaborate on what you mean by statute barred please. Yes the house is in joint names but the flat is mine! Coincidentally she put 50 grand up front from the sale of her flat in to the house so even if it was repossessed and it sold for less than what we paid for it then it would still be more than what we owe.

I'm prepared to leave the house to her and walk away but the mortgage people won't sign it over to her sole name because she doesn't earn enough. What am I to do?

magentadreamer · 4 March 2006 at 12:57PM

Wouldn't it just be best to put both porperties up for sale? If you walked away from the house they could sell it for peanuts and you'd both be chased for money outstanding. Have you pointed out to your Ex that she stands to lose a fair chunk of her £50k equity in the house?

*Sparkle*_3 · 4 March 2006 at 1:08PM

I would strongly advise you not to stop paying your mortgage payments. You should definatley pay them.

Have you rang the mortgage company to discuss your situation?
Plus there are lots of buyers that will buy your property very quickly if you offer it below market value.

sparkle84 · 4 March 2006 at 1:15PM

seanmccabeuk wrote:

Could you elaborate on what you mean by statute barred please. Yes the house is in joint names but the flat is mine! Coincidentally she put 50 grand up front from the sale of her flat in to the house so even if it was repossessed and it sold for less than what we paid for it then it would still be more than what we owe.

I'm prepared to leave the house to her and walk away but the mortgage people won't sign it over to her sole name because she doesn't earn enough. What am I to do?

Well someone has misinformed you and said repossession would only effect you for "a few years" which is not true statue barred means unless they already have a court judgement against you they cannot get one after 12 years which is quite a long time also getting a mortgage after repossession will not be easy.

The obvious answer to your predicatment is too sell both properties as Magenta says. Even if your OH did put 50 grand up you will be liable for additional court costs, EA fees etc, also it will be sold possible at auction for whatever the bank gets for it.

I don't really understand your OH postion on this she put £50k in and is not bothered about what happens to the house??

Xbigman · 4 March 2006 at 3:39PM

Which property are you living in? Where is she living? Is the house owned 50/50?

From what you have said so far you should live in the flat and stop paying the mortgage on the house. It sounds like a repossession would cost her money as she paid 50k deposit (you don't say if you put anything in) and she has much more to lose than you. In these circumstances she is the one who should be panicking and trying to keep things going, whereas it looks like she is taking you for a ride.

If you provide a lot more background info advice could be more applicable but the above is how I see it so far.
Regards

X

Argyll_2 · 4 March 2006 at 4:20PM

I reckon I've put in about 5 grand over the past year with diy etc. The problem is the major work is done on the house but the decor isn't that great and I'm not prepared to spend any more money on it. Last year when our relationship was okay I advised that we borrow an additional 5 grand to finish the house off but she point blank refused. However she was quite happy for me to pay for things from my credit card etc. Anyway like a right mug I went along with this for so long but now I've woken up to this fact.

The thing is if I don't pay the mortgage it looks as if it'll severely affect my credit rating for many years to come and I don't want that but she won't pay anything even though she only makes about 600 per month, something would be nice. Apparently she wants to use her money to pay off her debts! I mean what a cheek. She wants to pay off her debts while I increase mine.

The thing is she's spoiled rotten and I don't think she's mature enough to realise the severity of whats actually happening. How can I get her to help out financially.

magentadreamer · 4 March 2006 at 4:59PM

I'd point out that she could lose £50K -that'd be enough for me to pay my share I can tell you! But if she won't then I honestly would talk to her about putting the house up for sale -surely £50K back would pay off her debts?

sparkle84 · 4 March 2006 at 5:37PM

seanmccabeuk wrote:

I reckon I've put in about 5 grand over the past year with diy etc. The problem is the major work is done on the house but the decor isn't that great and I'm not prepared to spend any more money on it. Last year when our relationship was okay I advised that we borrow an additional 5 grand to finish the house off but she point blank refused. However she was quite happy for me to pay for things from my credit card etc. Anyway like a right mug I went along with this for so long but now I've woken up to this fact.

The thing is if I don't pay the mortgage it looks as if it'll severely affect my credit rating for many years to come and I don't want that but she won't pay anything even though she only makes about 600 per month, something would be nice. Apparently she wants to use her money to pay off her debts! I mean what a cheek. She wants to pay off her debts while I increase mine.

The thing is she's spoiled rotten and I don't think she's mature enough to realise the severity of whats actually happening. How can I get her to help out financially.

How did she get at mortgage on £600 a month you said she put in £50k she must have had a reasonable mortgage to get this much equity- sell both properties and move on - end of story

roswell · 4 March 2006 at 9:40PM

Move in the flat, (may as well use it as your paying for it.

If the morgage on the house is in joint names talk about getting your name removed or sell the property, if the morgage is only in your name sell it.

Repossession of house

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