advice greatly appreciated

Ole20_2

due to unforseen personal and employment circumstances I am considering going BR...i own a home in joint names with my ex partner....

i am planning to take her name off before going BR as she left some time ago..

i am awaiting the transfer of equity application...ive not missed a payment in 12 months and am wondering what the likelihood is of them allowing me to do this?? my credit rating isnt great..do some lenders look into it more than others or would they be happy if im still paying?? the house is in negative equity by approx 8.5k..

help much appreciated

thanks

lisyloo

I don't know what they will do but I expect they might ask about your employment circumstances and that could certainly cause an issue.

If your ex stays on then they will still be liable, so I suggest you make them aware of this.

Did you have any formal agreement when they left?

Ole20_2

thanks ofr the response...no formal agreement..im still employed and will continue to be...i can afford my mortgage and priority bills when my other debt is sorted,, so am hoping to keep the house going forward...

ive made her fully aware..due to risk of her being liable i have applied for the transfer of equity..

thanks

happybroker

I would be surprised if they would allow it, especially if the house is in neg eq.

They apply normal underwriting which would include a credit search so any other issues would come to light at that time. I am assuming you have other issues to be considering going br. Speak to CAB

Ole20_2

thanks happybroker..i have spoke with cccs and have been advised to go bankrupt..they said i may well be allowed to keep my home as i have no secured debt on it and clearing my other personal debt would leave me able to make priority payments every month...i presumed it depended on the mortgage company but have just been told also that the OR may refuse this even if the mortgage comapny allow it..not much fun at all..:o(

happybroker

if the property is owned jointly then the OR wouldn't be able to force the other owner to sell to repay debt that didn't belong to that person. What they would do is obtain a charging order over the property so that the next time you looked to remortgage, sell etc they would be made aware and could then push for their money from the proceeds.

If the bank (who will rank first) take their share and nothing is left then they won't get anything.

Ole20_2

hi happybroker...understood ...thanks for that...