Some advice pls

gibbers

Hi

I Bought a house with my girlfriend Beginning of August 08, we have a joint interest only mortgage and she moved out at the end of October back to her mums.

I put down the deposit of 20k, the house cost 195,000 i have it written in so that in the event of selling i get my 20k back. Originally the plan was to get my grandad to take over her half of the mortgage but when we looked into this he was too old to do so.

Renting the room out isnt really an option, as i will be down alot of money. Plus she is being difficult and we can hardly speak at the moment so i just want shot of the whole situation and so does she.

At the moment she is paying the mortgage £900 out of her account and im giving her half each month, we are going to put the house up for sale and see if there is any interest. My main question is what if there is no interest and she gets fed up of paying the mortgage, and also i dont want to lose all my money so cant drop the price by loads.

I worked out if it sold for around 185k then we would owe about 7/10k each. but lets say we have to drop it to a silly price and im not willing to do that, what are my options. Surely i cant just stay there and make her pay... or can i ?

Its a really terrible situation im annoyed shes put me in to be honest.

Any help would be grateful

david29dpo

Until the loan is repaid, you are both liable for the monthly payments and any shortfall when it is. She could force a sale (so could you) but you dont want to go down that road, expensive too. She would have to get a court order to force a sale, again, not recommended.

Entertainer

Gibbers, do you want straight advice or politically correct advice?

gibbers

Entertainer wrote: »

Gibbers, do you want straight advice or politically correct advice?

errr both lol

poppysarah

Is she def paying the 900 to the mortgage company? Are you getting a receipt for the money you give her?

drbeat

gibbers wrote: »

Its a really terrible situation im annoyed shes put me in to be honest.

Err...you both put yourselves in this position! I'd quit the blame game and start taking action soon...very soon!

Get the damn thing up for sale! Pronto! Work out the MAXIMUM you can both afford to lose...stick on the market for 10k shy of the minimum you can afford to let it go for! If the estate agents say it can go for more...well...tell them to f*ck off!

If your ex-missus doesn't want to talk then speak to her parents or talk to her via proxy i.e. a friend. Explain that she needs to come up with as much wonga as possible in order to ditch the house! Explain as clear as day the consequences - to you both - of respossession!

Next time, don't buy an overpriced asset at the beginning of a bust and don't listen to the missus! My ex NEARLY got me involved in this sh1te in 2007...I'm glad I told her bollox! Now she's stuck in her overpriced asset! It just ain't worth it...


Now open a dialogue with the ex and get this sorted pronto! Good luck!

silvercar

What is the property worth now? Probably your deposit has disappeared.

First task is to sell and find a way to come up with any shortfall if the price doesn't give you both enough to clear the mortgage. Second task is then to agree how much of that deposit she is going to return to you, how and when.

You are both jointly liable for the mortgage, but if she has moved out, she could expect some money from you for renting her half of the home! (Which she would then use to pay her share of the mortgage.)

LoopsYorkshire

You could (but no guarantees) poss liaise with your mortgage co and explain the situation and try to negotiate regarding the mortgage amounts to be paid, you may not want to do this now but poss if she starts to refuse to pay the money.

Its right what others have said, you are both jointly and severely liable for the mortgage payments so if she doesn't pay would fall down to you.

gibbers

silvercar wrote: »

What is the property worth now? Probably your deposit has disappeared.

First task is to sell and find a way to come up with any shortfall if the price doesn't give you both enough to clear the mortgage. Second task is then to agree how much of that deposit she is going to return to you, how and when.

You are both jointly liable for the mortgage, but if she has moved out, she could expect some money from you for renting her half of the home! (Which she would then use to pay her share of the mortgage.)

Not sure what its worth but there are 2 exactly the same down the road up for 200 and 195.

I have told her to go to the bank to work out the max loan she can get to pay her half but she keeps putting it all off, its hard because i cant force her to go.

She is def paying the mortgage but i have no receipts the only proof i have is the standing order into her account, should i maybe start getting receipts etc

jm28cardiff

OK, im being nosy, but you posted on a public forum so here goes! After making one of the biggest financial commitments anyone makes in their lives, how does it all go wrong in 2 months!!!???

gibbers

jm28cardiff wrote: »

OK, im being nosy, but you posted on a public forum so here goes! After making one of the biggest financial commitments anyone makes in their lives, how does it all go wrong in 2 months!!!???

God knows mate, shes told me everyone has said to her what is she thinking but that just makes her more adamant. I have tried to save the situation but its not going to happen.