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Help! What do I do? Partner and I are splitting
worldwide3rider
Posts: 119 Forumite
Me and partner have a mortgage together, on a apartment that we are most likley in negatvie equity on because we borrowed 100% of the value before prices came down a bit.
We are now splititng up? what options do we have? he is suggesting that he just walks and I can the place on which will be a massive struggle - at the moment I would be -£100 on outgoings prepared to my income and I will need to rent a room or get a 2nd job to keep the place going.
We are now splititng up? what options do we have? he is suggesting that he just walks and I can the place on which will be a massive struggle - at the moment I would be -£100 on outgoings prepared to my income and I will need to rent a room or get a 2nd job to keep the place going.
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He cannot simply walk away if the property (mortgage) is in joint names and a default occurs then both of you will be pursued for the debt.
The simplest solution.....If neither of you want to be in hock to the banks for a long time then kiss and make up...Life is too short to fall out over trivial matters.0 -
Your mortgage lender would have to agree for you to take the mortgage over on your own and judging by what you say about being unable to afford it, they are unlikely to agree.
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Paract is right. He remains liable for the debt until the mortgage lender releases him from it. For that to happen, you would need to provide evidence of enough income to service the mortgage by yourself.0
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Your mortgage lender would have to agree for you to take the mortgage over on your own and judging by what you say about being unable to afford it, they are unlikely to agree.
That is what I thought I only earn £19k and the mortage is for £125K -?!?!0 -
At the moment I have been looking and you are lucky to get 4 times salary with a decent deposit.
I have heard that the divorce falls in these times as people can't afford to split up. If there are kids involved as well then you can look at factoring in maintenance as well.
You are still liable even if you walk away and let the bank repossess and they sell for a shortfall so probably best to get advice from someone like the National Debthelpline or a specialist.Nothing to see here :beer:0 -
Why dont you rent out the property to cover the mortgage and then once the market has receovered then you can sell?
That way you wont lose any money and you dont have to live with your ex?0 -
If you are in negative equity why should he be able to walk away? Even if you can take over the mortgage, he should pay you to "walk Away".
If there was equity in the house he would expect a share I'm sure. He should also cover half of any fees.
Best bet may be to rent out as the other poster said, or if you can manage it both stay in the house as housemates only (are there separate bedrooms?)
good luck
ali x"Overthinking every little thing
Acknowledge the bell you cant unring"0
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