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    • brightonbelle
    • By brightonbelle 6th Jul 17, 3:43 AM
    • 43Posts
    • 11Thanks
    brightonbelle
    Desperate
    • #1
    • 6th Jul 17, 3:43 AM
    Desperate 6th Jul 17 at 3:43 AM
    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.
Page 1
    • brightonbelle
    • By brightonbelle 6th Jul 17, 6:07 AM
    • 43 Posts
    • 11 Thanks
    brightonbelle
    • #2
    • 6th Jul 17, 6:07 AM
    Sorry the ramblings of a desperate women
    • #2
    • 6th Jul 17, 6:07 AM
    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
    • By TheGardener 6th Jul 17, 6:58 AM
    • 2,098 Posts
    • 1,998 Thanks
    TheGardener
    • #3
    • 6th Jul 17, 6:58 AM
    • #3
    • 6th Jul 17, 6:58 AM
    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?
    • brightonbelle
    • By brightonbelle 6th Jul 17, 7:12 AM
    • 43 Posts
    • 11 Thanks
    brightonbelle
    • #4
    • 6th Jul 17, 7:12 AM
    • #4
    • 6th Jul 17, 7:12 AM
    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
    • By TheGardener 6th Jul 17, 8:26 AM
    • 2,098 Posts
    • 1,998 Thanks
    TheGardener
    • #5
    • 6th Jul 17, 8:26 AM
    • #5
    • 6th Jul 17, 8:26 AM
    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
    • By luvchocolate 6th Jul 17, 9:11 AM
    • 1,414 Posts
    • 1,254 Thanks
    luvchocolate
    • #6
    • 6th Jul 17, 9:11 AM
    • #6
    • 6th Jul 17, 9:11 AM
    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
    • By Mouse007 6th Jul 17, 10:31 AM
    • 62 Posts
    • 37 Thanks
    Mouse007
    • #7
    • 6th Jul 17, 10:31 AM
    • #7
    • 6th Jul 17, 10:31 AM
    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
    • By peterkay369 6th Jul 17, 1:29 PM
    • 139 Posts
    • 60 Thanks
    peterkay369
    • #8
    • 6th Jul 17, 1:29 PM
    • #8
    • 6th Jul 17, 1:29 PM
    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.
    • brightonbelle
    • By brightonbelle 6th Jul 17, 8:45 PM
    • 43 Posts
    • 11 Thanks
    brightonbelle
    • #9
    • 6th Jul 17, 8:45 PM
    • #9
    • 6th Jul 17, 8:45 PM
    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
    • By FlowerGirl27 13th Jul 17, 11:42 PM
    • 47 Posts
    • 29 Thanks
    FlowerGirl27
    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
    • brightonbelle
    • By brightonbelle 14th Jul 17, 7:46 AM
    • 43 Posts
    • 11 Thanks
    brightonbelle
    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
    • FlowerGirl27
    • By FlowerGirl27 14th Jul 17, 8:48 AM
    • 47 Posts
    • 29 Thanks
    FlowerGirl27
    You can offer the equity lump you receive to a landlord as a security deposit so you can rent a place.

    There's always a way.
    • silvercar
    • By silvercar 14th Jul 17, 9:18 AM
    • 35,690 Posts
    • 150,394 Thanks
    silvercar
    Slightly different slant in this thread.

    You don't have to remove your husband from the mortgage or buy him out. What you need to do to keep the house is find a way of paying back the equity. Easiest would be if the trustee accepts a charging order so you can stay put until the children leave school.

    do I have to raise nearly 100k?? Our mortgage is 292k and the property value about 375/400.
    If you both own the home, irrespective of who has paid the mortgage, you have half share of the equity. Argue this point firmly with the trustee. Their share should be 41-50k. Get an estate agent to value, emphasising you would be aiming for a quick sale in current condition.

    Can your father in law help? If you could find a very supportive family member who would remortgage their own home to release enough to pay the trustee, the family member could then put a charge on your place to be repaid on sale.

    If you are looking to remortgage, you could both remortgage keeping the ownership and property and mortgage as joint and take into account both incomes. I accept that him being a discharged bankrupt won't help, but a mortgage broker may know of a friendly lender.
    • brightonbelle
    • By brightonbelle 14th Jul 17, 10:43 AM
    • 43 Posts
    • 11 Thanks
    brightonbelle
    Thanks for your help, sorry if I sound angry there is a or more to it and it has been brought about by his reckless spending - not sure what on but he has had money, runs a business works every day his parents have pumped money to save that, thousands of pounds and he has never owned up to what he spent it on - it's not just a case of unfortunate circumstances.

    I've phoned about somewhere to rent and am hoping they will accept me the children and cats, they've said not to mention benefits, but all the equality I have will have to be spent on rent and that breaks my heart I've been paying into a mortgage for 17 years it's just making me ore angry with him.

    I've just got to get on with it, sort out a home for me and the children, that's daunting to say the least and I'm sorry if I sound selfish/spoilt:angry but it's just a shock and I'm grieving the end of what should have been a much happier life.
    • haras_nosirrah
    • By haras_nosirrah 14th Jul 17, 11:34 AM
    • 1,211 Posts
    • 2,245 Thanks
    haras_nosirrah
    with your share of the equity would shared ownership be an option? with the amount of equity you have as a deposit you may be able to buy for cash for your share and then have a much lower rent to pay than on the open market or even be elligible for housing benefit on the rent. if you rent you will have more than 16k in savings so no housing benefit until the money has gone. Just a thought - I know there is a lot of shared ownership in brighton as I am a local mortgage broker who deals with it a lot
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • FlowerGirl27
    • By FlowerGirl27 15th Jul 17, 3:27 PM
    • 47 Posts
    • 29 Thanks
    FlowerGirl27
    There are a few options so no need to worry now
    • brightonbelle
    • By brightonbelle 20th Jul 17, 1:30 PM
    • 43 Posts
    • 11 Thanks
    brightonbelle
    I'm still worried though, I've had a lot of abusibe behaviour which has hampered my ability to sort things out, it's taken up a lot of my energy and clouded my judgement. I'm just going to speak to the trustee to see what he will accept
    • brightonbelle
    • By brightonbelle 20th Jul 17, 1:56 PM
    • 43 Posts
    • 11 Thanks
    brightonbelle
    I'm still worried going to be honest with the trustee and hope that my reasons for a charging order are enough
    • FlowerGirl27
    • By FlowerGirl27 20th Jul 17, 10:04 PM
    • 47 Posts
    • 29 Thanks
    FlowerGirl27
    Hmmmm. Ok.
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