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    • myotai
    • By myotai 17th Oct 16, 12:17 PM
    • 68Posts
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    myotai
    Mortgage in both names
    • #1
    • 17th Oct 16, 12:17 PM
    Mortgage in both names 17th Oct 16 at 12:17 PM
    Hello everyone,

    Quick summary:

    Bought house in 2007 - mortgage and deeds oin both names of me and partner at the time

    We separated in 2010

    No idea where she is and no contact since.

    I married again and still live in property with wif and son

    From the inception of mortgage I have made ALL payments

    Now I am told I cannot sell, take a payment break or even re-mortgage without a signature from my ex partner. BUT she despite having walked away and never contributed anything is entitled to half of the property's worth.

    Two questions...
    1. Please tell me this cannot be true. To walk away and still make a profit?
    2. What are my options?

    Thanks in advance!

    M...
Page 1
    • G_M
    • By G_M 17th Oct 16, 12:23 PM
    • 37,032 Posts
    • 40,953 Thanks
    G_M
    • #2
    • 17th Oct 16, 12:23 PM
    • #2
    • 17th Oct 16, 12:23 PM
    Two questions...
    1. Please tell me this cannot be true. To walk away and still make a profit?
    2. What are my options?

    ...
    Originally posted by myotai
    1) Forget whose name is on the mortgage. Whose name(s) is on the Title? (check here for £3).

    Assuming you jointly own, do you own as 'joint tenants' or 'Tenants in Common'? If TIC, is there a Deed specifying who owns what percentage?

    If Joint Tenants, then you own 50% each.

    I'm assuming you were not married. if married, the property would be dealt with as part of the divorce settlement. This is one reason why buying a property together is more of a commitment than marriage - why people do this without marrying is very strange.

    2) Apply for a court order forcing the sale. You'll need a solicitor and I assume you'll have to convince a judge you've made all reasonable eforts to find her.
    Last edited by G_M; 17-10-2016 at 12:26 PM.
    • myotai
    • By myotai 17th Oct 16, 12:32 PM
    • 68 Posts
    • 6 Thanks
    myotai
    • #3
    • 17th Oct 16, 12:32 PM
    • #3
    • 17th Oct 16, 12:32 PM
    1) Forget whose name is on the mortgage. Whose name(s) is on the Title? (check here for £3).

    Assuming you jointly own, do you own as 'joint tenants' or 'Tenants in Common'? If TIC, is there a Deed specifying who owns what percentage?

    If Joint Tenants, then you own 50% each.

    I'm assuming you were not married. if married, the property would be dealt with as part of the divorce settlement. This is one reason why buying a property together is more of a commitment than marriage - why people do this without marrying is very strange.

    2) Apply for a court order forcing the sale. You'll need a solicitor and I assume you'll have to convince a judge you've made all reasonable eforts to find her.
    Originally posted by G_M
    No not married at the time

    It is Joint Tenants

    ...well, I have to say if this is the case its the best screw I have heard of in years!

    Get bloke. Buy house. Move out. Get 50% when he sells.

    Absolute BARGAIN! ! ! !

    Good grief!
    • hazyjo
    • By hazyjo 17th Oct 16, 1:06 PM
    • 8,230 Posts
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    hazyjo
    • #4
    • 17th Oct 16, 1:06 PM
    • #4
    • 17th Oct 16, 1:06 PM
    No not married at the time

    It is Joint Tenants

    ...well, I have to say if this is the case its the best screw I have heard of in years!

    Get bloke. Buy house. Move out. Get 50% when he sells.

    Absolute BARGAIN! ! ! !

    Good grief!
    Originally posted by myotai


    tbh, it's not something we hear a lot of. Did you both really think that one of you could just walk away from a property you owned in joint names and that was the end of it? One name doesn't automatically 'drop off' after X number of years.


    More naivety on both your parts really. If anything, she could actually have been claiming rent from you for her half!


    When/if you find her, you could just see if she's willing to sign something to say she's not going to make a claim on the house. You can't just take her name off.


    Is there a mortgage? Not sure what you meant in your first post.


    Jx
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
    • Pixie5740
    • By Pixie5740 17th Oct 16, 1:17 PM
    • 8,849 Posts
    • 11,856 Thanks
    Pixie5740
    • #5
    • 17th Oct 16, 1:17 PM
    • #5
    • 17th Oct 16, 1:17 PM
    You could have had a Deed of Trust drawn up when you were purchasing the property and owned it as tenants in common but you didn't so you are where you are now. Presumably you were happy to make all the mortgage payments from the off as you did so for the 3 years you lived together.

    If you bought the place in 2007 is the actually any equity in the property?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Sambella
    • By Sambella 17th Oct 16, 1:37 PM
    • 146 Posts
    • 159 Thanks
    Sambella
    • #6
    • 17th Oct 16, 1:37 PM
    • #6
    • 17th Oct 16, 1:37 PM
    No not married at the time

    It is Joint Tenants

    ...well, I have to say if this is the case its the best screw I have heard of in years!

    Get bloke. Buy house. Move out. Get 50% when he sells.

    Absolute BARGAIN! ! ! !

    Good grief!
    Originally posted by myotai
    Isn't it an even better bargain if the bloke doesn't stand in your way of doing this? You could have sorted all this out in 2010.

    Your best bet is to find her, make her an offer (NOT 50%) and sort it out once and for all.

    It may actually be in her interests to have her name removed. She can't claim housing benefit for rent if she ojointly owns a property elsewhere for example or wants another mortgage.
    • myotai
    • By myotai 17th Oct 16, 2:03 PM
    • 68 Posts
    • 6 Thanks
    myotai
    • #7
    • 17th Oct 16, 2:03 PM
    • #7
    • 17th Oct 16, 2:03 PM
    tbh, it's not something we hear a lot of. Did you both really think that one of you could just walk away from a property you owned in joint names and that was the end of it?

    Jx
    Originally posted by hazyjo
    Hi,

    Not sure if you understood my initial post. That is EXACTLY what she has done. Walked away and apart from getting her 50% if I sell, has had nothing to do with the house (and the mortgage) nor has she EVER made any payments towards the mortgage, insurance etc...

    So yes, clearly she CAN walk away and that is the end of that! Apart from her getting her 50% that is!

    Nice.
    • Pixie5740
    • By Pixie5740 17th Oct 16, 2:07 PM
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    Pixie5740
    • #8
    • 17th Oct 16, 2:07 PM
    • #8
    • 17th Oct 16, 2:07 PM
    Whilst your ex remains on the mortgage she has joint and several liability for the whole mortgage. If you stopped making repayments the mortgage lender can still come after both of you. The arrears would be reported on both your credit files.

    Is this a repayment or an interest only mortgage? How much equity is in the property?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Kynthia
    • By Kynthia 17th Oct 16, 2:08 PM
    • 4,695 Posts
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    Kynthia
    • #9
    • 17th Oct 16, 2:08 PM
    • #9
    • 17th Oct 16, 2:08 PM
    Who said she's going to get 50% of the value, you both negotiate or take it to court and get a judge to decide based on the evidence? You bought something in joint names and seem suprised that she partly owns it? This would have been apparent during the purchase with your solicitor. You should have sorted this when she left and you are jointly responsible for not doing so.
    Don't listen to me, I'm no expert!
    • boliston
    • By boliston 17th Oct 16, 2:12 PM
    • 1,735 Posts
    • 1,277 Thanks
    boliston
    you could say that you have had the usage of the property but the ex has had little usage - this would need to be considered as i expect the rental vale of the property could be as much as the mortgage payments
    • myotai
    • By myotai 17th Oct 16, 2:16 PM
    • 68 Posts
    • 6 Thanks
    myotai
    Who said she's going to get 50% of the value, you both negotiate or take it to court and get a judge to decide based on the evidence? You bought something in joint names and seem suprised that she partly owns it? This would have been apparent during the purchase with your solicitor. You should have sorted this when she left and you are jointly responsible for not doing so.
    Originally posted by Kynthia
    Hi,

    I/we didn't 'buy' it...'we' still owe over £180k. Thats not bought!


    I agree with your last point though.
    • Pixie5740
    • By Pixie5740 17th Oct 16, 2:18 PM
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    Pixie5740
    Looking at one of the OP's previous threads this appears to be a NRAM interest only mortgage so no capital is being paid off. If it was a 100% LTV mortgage and was purchased in 2007 then there is probably very little equity for the OP to be getting his knickers in a twist about.

    There are benefits other than a slice of any equity for the ex. For example, not being subject to the additional SDLT should she buy again. Access to government schemes such as HTB and shared equity. Benefits that she might not be entitled to as a home owner. So it's quite possible the ex would be willing to forgo whatever equity might be in the property just to sever financial ties with the OP.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • myotai
    • By myotai 17th Oct 16, 2:18 PM
    • 68 Posts
    • 6 Thanks
    myotai
    you could say that you have had the usage of the property but the ex has had little usage - this would need to be considered as i expect the rental vale of the property could be as much as the mortgage payments
    Originally posted by boliston
    Hi,

    Not sure I understand your point re the rental price - but yes you're right re the cost to rent in this area. Mortgage is £750 per month...would be that to rent it!
    • AdrianC
    • By AdrianC 17th Oct 16, 2:19 PM
    • 12,043 Posts
    • 10,444 Thanks
    AdrianC
    She would never be entitled to 50% of the sale price of the property.
    She may be entitled to 50% of the equity in the property. You bought in 2007, before the crash, when 100%+ mortgages were given away in cornflakes. Depending on where the property is and how the value has changed in that time, that may be zero - or less - or it may be a very large amount of money.

    At the end of the day, it's all about how two mature grown adults negotiate with each other, and what agreement they come to between themselves. Go wading in with a bad attitude, and you're more likely to get her back up.
    • AdrianC
    • By AdrianC 17th Oct 16, 2:20 PM
    • 12,043 Posts
    • 10,444 Thanks
    AdrianC
    I/we didn't 'buy' it...'we' still owe over £180k. Thats not bought!
    Originally posted by myotai
    You bought it. You borrowed money to buy it, but you definitely bought it.
    • myotai
    • By myotai 17th Oct 16, 2:28 PM
    • 68 Posts
    • 6 Thanks
    myotai
    You bought it. You borrowed money to buy it, but you definitely bought it.
    Originally posted by AdrianC
    Interesting...but I can't sell it now!

    • myotai
    • By myotai 17th Oct 16, 2:30 PM
    • 68 Posts
    • 6 Thanks
    myotai
    She would never be entitled to 50% of the sale price of the property.
    She may be entitled to 50% of the equity in the property. You bought in 2007, before the crash, when 100%+ mortgages were given away in cornflakes. Depending on where the property is and how the value has changed in that time, that may be zero - or less - or it may be a very large amount of money.

    At the end of the day, it's all about how two mature grown adults negotiate with each other, and what agreement they come to between themselves. Go wading in with a bad attitude, and you're more likely to get her back up.
    Originally posted by AdrianC
    No bad attitude here I assure you. Just an abject disbelief thats all. I am aghast to be honest.

    Moral is this:-
    • Bag a bloke
    • Leave
    • Reap 50% of profit on property without lifting a finger!

    like I said....nice!
    • Pixie5740
    • By Pixie5740 17th Oct 16, 2:34 PM
    • 8,849 Posts
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    Pixie5740
    Are you being deliberately obtuse?

    I'm going to ask one last time, how much equity is in the property?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • AdrianC
    • By AdrianC 17th Oct 16, 2:36 PM
    • 12,043 Posts
    • 10,444 Thanks
    AdrianC
    Interesting...but I can't sell it now!

    Originally posted by myotai
    The joint owners certainly can sell it.

    The joint owners are you and your ex, just the same as they were when you bought it.
    • marliepanda
    • By marliepanda 17th Oct 16, 2:44 PM
    • 3,594 Posts
    • 7,071 Thanks
    marliepanda
    No bad attitude here I assure you. Just an abject disbelief thats all. I am aghast to be honest.

    Moral is this:-
    • Bag a bloke
    • Leave
    • Reap 50% of profit on property without lifting a finger!

    like I said....nice!
    Originally posted by myotai

    Bag a bloke who is daft enough to let you own half a property despite according to him, having no income, causing him to pay all the mortgage.

    Not many out there! She got lucky.

    Why do you think she SHOULDNT be entitled to half of the equity in a property she owns? She owns it as well as you. Its not yours alone, its BOTH of yours. You did that, she didn't do it by herself.

    YOU can't sell it, as it doesn't belong to you, you BOTH could sell it as it belongs to you BOTH.
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