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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 4
    • AdrianC
    • By AdrianC 17th Oct 16, 7:29 PM
    • 12,094 Posts
    • 10,476 Thanks
    AdrianC
    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...
    • myotai
    • By myotai 17th Oct 16, 7:36 PM
    • 68 Posts
    • 6 Thanks
    myotai
    Thanks for replies. The fallout from the split dictated I got into debt trying to manage the mortgage. One CCJ and a low rating now...not hopeful re remortgaging.
    • Pixie5740
    • By Pixie5740 17th Oct 16, 7:44 PM
    • 8,861 Posts
    • 11,881 Thanks
    Pixie5740
    Theres no such thing as a universal credit rating and people with checkered credit histories do manage to get mortgages. Get copies of all 3 of your credit reports (Experian, Equifax and Call Credit) and take them to an independent mortgage broker.

    You need to get this nipped in the bud. If you're this upset at your ex being entitled to half of £50k imagine what it could be like another 6 years down the line if she was entitled to half of £100k.
    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.
    • tlc678910
    • By tlc678910 17th Oct 16, 7:59 PM
    • 387 Posts
    • 757 Thanks
    tlc678910
    Hi OP,
    Sorry to hear of your difficult position. It is not likely you would get an interest only mortgage now as banks rarely give them out anymore.

    If you don't want to sell your house and can't afford a repayment mortgage I wouldn't rush into finding your ex at the moment. It could end up being her that pushes the sale, forcing you to leave your home if you can't afford to buy it now.

    Wait until you know you will be able to afford the home you want (whether it is this one or another). I think you mentioned that the rent for your house would be about the same as your mortgage so if you can't afford to buy your ex out and she does eventually get half the equity perhaps remember that your other option would be renting and you wouldn't build up any equity at all that way.

    Tlc
    • hazyjo
    • By hazyjo 17th Oct 16, 8:32 PM
    • 8,231 Posts
    • 9,984 Thanks
    hazyjo
    Does your current missus know your ex is still half owner and still on the mortgage?

    As above, I'd be in no rush to find her if you can't get the mortgage in your name only or with your wife or you'll have to sell.

    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
    • cjdavies
    • By cjdavies 17th Oct 16, 8:48 PM
    • 1,727 Posts
    • 1,409 Thanks
    cjdavies
    Ha! Thanks....hoping for it not to happen again
    Originally posted by myotai
    Hopefully you get it sorted soon.
    • getmore4less
    • By getmore4less 17th Oct 16, 9:38 PM
    • 26,267 Posts
    • 15,800 Thanks
    getmore4less
    You need to find her even if you don't make contact until ready to take further action.
    • myotai
    • By myotai 17th Oct 16, 10:11 PM
    • 68 Posts
    • 6 Thanks
    myotai
    Does your current missus know your ex is still half owner and still on the mortgage?

    As above, I'd be in no rush to find her if you can't get the mortgage in your name only or with your wife or you'll have to sell.

    Jx
    Originally posted by hazyjo
    Yeah she knows. Always has done. Shes an estate agent herself.
    • Kynthia
    • By Kynthia 17th Oct 16, 11:16 PM
    • 4,701 Posts
    • 6,715 Thanks
    Kynthia
    If you have a CCJ and poor credit then this will affect your ex too. As you have a joint mortgage she will be linked to your credit record and vice versa. Separating this link might be an incentive you can use when negotiating.
    Don't listen to me, I'm no expert!
    • FBaby
    • By FBaby 18th Oct 16, 7:26 AM
    • 14,334 Posts
    • 36,490 Thanks
    FBaby
    Now I am told I cannot sell, take a payment break or even re-mortgage without a signature from my ex partner.
    What is it you want to achieve? You’ve already acknowledge that you can afford to remortgage so are you looking at selling and rent? Despite the fact that you have a CCJ and therefore even renting might be an issue?

    What it sounds like to me is that you should be massively grateful to your ex that her decision to remain on the deeds/mortgage which means that you are able to stay in the property with your son and wife. It sounds like you are angry because you are still fully dependent on her and somehow think that she should still enable you to remain in your house, but without gaining any of the benefits.

    You can’t have it both ways. Either you take the steps to sell the house and face whichever difficulty you might encounter to re-house yourself with your family, or you accept that to stay where you are until you can move, she keeps some control and her investment up to 50% if she so wish to fight for.
    • BlueIsTheColour
    • By BlueIsTheColour 18th Oct 16, 9:20 AM
    • 643 Posts
    • 401 Thanks
    BlueIsTheColour
    I was in this position, but shock horror, I'm a woman and he left our flat and it took me 6 years to sell due to massive negative equity. So happens both ways...

    In the end, I found him, he signed and we sold, cost me about £3k, did he pay half? Did he hell... But yes he did ask about his share of any equity, funny enough he signed when I told him we owed money but I'd paid it if he just signed...
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