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  • FIRST POST
    • myotai
    • By myotai 17th Oct 16, 12:17 PM
    • 68Posts
    • 6Thanks
    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 3
    • cjdavies
    • By cjdavies 17th Oct 16, 4:49 PM
    • 1,736 Posts
    • 1,420 Thanks
    cjdavies
    Moral is this:-
    • Bag a bloke
    • Leave
    • Reap 50% of profit on property without lifting a finger!
    Originally posted by myotai
    Lesson is sort it out asap when one leaves
    • myotai
    • By myotai 17th Oct 16, 4:58 PM
    • 68 Posts
    • 6 Thanks
    myotai
    [/LIST]Lesson is sort it out asap when one leaves
    Originally posted by cjdavies
    Ha! Thanks....hoping for it not to happen again
    • Kynthia
    • By Kynthia 17th Oct 16, 5:29 PM
    • 4,703 Posts
    • 6,715 Thanks
    Kynthia
    As someone pointed out earlier if you own as joint tenants she gets the whole property in the event of your death. If you own as tenants in common she will get half the property in the event of your death (unless you legally own different percentages). I can't imagine your wife will be very happy to know this so don't leave it 6 more years to sort it.

    You didn't have to buy it with her, you could have bought a place in just your name, although it would possibly have needed to be somewhere cheaper. So you were part of this decision and signed all the legal paperwork for the property and paperwork for the loan (mortgate).
    Don't listen to me, I'm no expert!
    • myotai
    • By myotai 17th Oct 16, 5:33 PM
    • 68 Posts
    • 6 Thanks
    myotai
    Not entirely sure what I can do to go anyway sorting it out - now we've more than adequately established what I did wrong that is - I respectfully request we dont linger on this point?
    • mije1983
    • By mije1983 17th Oct 16, 5:38 PM
    • 2,158 Posts
    • 17,597 Thanks
    mije1983
    Not entirely sure what I can do to go anyway sorting it out
    Originally posted by myotai

    The answer was in the very first reply to your thread. I'm assuming you read it as you 'thanked' G_M for the post.


    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

    • hazyjo
    • By hazyjo 17th Oct 16, 5:39 PM
    • 8,234 Posts
    • 9,987 Thanks
    hazyjo
    Not entirely sure what I can do to go anyway sorting it out - now we've more than adequately established what I did wrong that is - I respectfully request we dont linger on this point?
    Originally posted by myotai
    Do you have any way of contacting her? Facebook (bearing in mind she may have blocked you so search from someone else's who she wouldn't have blocked)? Parents' home address? Friend?


    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
    • AdrianC
    • By AdrianC 17th Oct 16, 5:39 PM
    • 12,147 Posts
    • 10,520 Thanks
    AdrianC
    Not entirely sure what I can do to go anyway sorting it out
    Originally posted by myotai
    Simple.

    Track down the joint owner of the property.

    If you REALLY, REALLY can't (not just "Well, I haven't got a number for her...") then, as steampowered said on the last page...
    If you genuinely cannot locate her after conducting a proper search, you will be able to apply for a court order allowing the property to be sold. A District Judge has the power to sign the Land Registry forms for her if required.

    It would be worth speaking to a property solicitor about this, I think.
    Originally posted by steampowered
    Get your finger out and do some basic legwork. Ask any friends you may have in common. Try to find her or any of her friends or family on FB or other social media. Search 192.com or similar. Might she be or ever have been a company director? If so, try Companies House. Check the electoral roll (the full one, at a main library) for your area, and for adjoining areas, if you think she might still be in the same part of the country. This is the 21st century. People don't just disappear without trace.
    • getmore4less
    • By getmore4less 17th Oct 16, 5:45 PM
    • 26,313 Posts
    • 15,815 Thanks
    getmore4less
    You need to do 2 things.

    Find the ex.... If dead breathe easy joint tenants it yours.

    If alive serve the severance of the joint tenancy to protect any share you have from you dying.

    Negotiations begin.

    Remember worst case is she moves back into HER house.
    That will please the wife.
    • davidmcn
    • By davidmcn 17th Oct 16, 5:49 PM
    • 3,885 Posts
    • 3,452 Thanks
    davidmcn
    Get your finger out and do some basic legwork. Ask any friends you may have in common. Try to find her or any of her friends or family on FB or other social media. Search 192.com or similar. Might she be or ever have been a company director? If so, try Companies House. Check the electoral roll (the full one, at a main library) for your area, and for adjoining areas, if you think she might still be in the same part of the country.
    Originally posted by AdrianC
    Or, rather simpler and quicker, just employ a tracing agent to do the legwork for you.
    • AdrianC
    • By AdrianC 17th Oct 16, 5:51 PM
    • 12,147 Posts
    • 10,520 Thanks
    AdrianC
    Or, rather simpler and quicker, just employ a tracing agent to do the legwork for you.
    Originally posted by davidmcn
    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.
    • myotai
    • By myotai 17th Oct 16, 6:19 PM
    • 68 Posts
    • 6 Thanks
    myotai
    Thanks...I have tried. I think she made a completely clean break - I can appreciate that.
    • myotai
    • By myotai 17th Oct 16, 6:20 PM
    • 68 Posts
    • 6 Thanks
    myotai
    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.
    Originally posted by AdrianC
    But I thought it was a done deal...nothing I can do.
    • Pixie5740
    • By Pixie5740 17th Oct 16, 6:31 PM
    • 8,873 Posts
    • 11,889 Thanks
    Pixie5740
    But I thought it was a done deal...nothing I can do.
    Originally posted by myotai
    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?
    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, 6:52 PM
    • 68 Posts
    • 6 Thanks
    myotai
    No she wont be able to afford that for reasons rendering.

    Not sure I want to sell. More want to be able to sell ��
    • Pixie5740
    • By Pixie5740 17th Oct 16, 6:56 PM
    • 8,873 Posts
    • 11,889 Thanks
    Pixie5740
    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?
    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, 7:01 PM
    • 68 Posts
    • 6 Thanks
    myotai
    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
    • Davo_
    • By Davo_ 17th Oct 16, 7:06 PM
    • 18 Posts
    • 41 Thanks
    Davo_
    "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.
    • AdrianC
    • By AdrianC 17th Oct 16, 7:06 PM
    • 12,147 Posts
    • 10,520 Thanks
    AdrianC
    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
    Originally posted by myotai
    And then live where?

    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...
    • Pixie5740
    • By Pixie5740 17th Oct 16, 7:13 PM
    • 8,873 Posts
    • 11,889 Thanks
    Pixie5740
    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?
    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.
    • TBagpuss
    • By TBagpuss 17th Oct 16, 7:25 PM
    • 4,870 Posts
    • 6,385 Thanks
    TBagpuss
    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.
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