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Ex Girlfriend flat problem! Advice needed!!
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hornet30
Posts: 8 Forumite
I am desperately in need of some advice!
I currently own a one bedroom flat with my ex girlfriend, who still lives in the property whilst I am paying half of the mortgage. This has been going on for almost a year now.
It has not been a viable option to sell the flat as it is more than likely in negative equity (around £25,000 of negative equity!). The last time I met her, I gave her a number of options including renting, her taking on the mortgage etc. I also told her that if it continued for much longer, I would default on the mortgage (as a threat more than anything!). I can't afford to take on the mortgage on my own.
This seemed to have a positve effect, as she came back to me saying that she sees the flat as her home, doesn't want to move out, isn't interested in renting, and would like to buy me out. However, she said that she would only do this if I paid a lump sum off the mortgage to pay half of the negative equity!!!!
I refused to do this, stating that I have already paid more than £12,000 off the mortgage, which she would eventually profit form, so this would more than cover any negative equity the flat might be in. I said I wouldn't pay a lump sum, but if she were to take on my half of the mortgage, I would let her have all the contents of the flat (sofa, flat screen tv, computer, bed, white goods etc) AND pay half of the legal fees etc (which apparently she would be responsible for as she is buying me out?!).
This week I got a text from her, saying that all matters to do with the flat would be dealt with on her behalf by her dad! He e mailed me and dismissed the £12,000 saying that this only covered interest on the mortgage (we have a repayment mortgage by the way!) and that the flat is still in negative equity. He suggested we ask a surveyor to give a 'fair market value' of the property to decide the amount of negative equity. He then said either I would send the mortgage company a cheque, or he would send them a cheque and I would take on the mortgage!!!!! This is despite the fact she has said she sees it as her home and doesn't want to move out!!
I have been told that I am entitled to ask for a non occupancy compensation as I don't live there but pay for it, and that legally I am not obliged to pay the negative equity. Does anyone know much about this??
I believe I gave a very fair offer, as she would be getting an asset in the flat, all its contents and wouldn't have the hassle of moving out and finding another place. I would be walking away with none of these things! Her and her dad obviously don't see it that way though, so we're at loggerheads! I don't really want to get petty and start turning up to the flat and demanding I stay there, but it's getting to that stage!! I also am currently kipping on my parents floor as I can't afford to rent elsewhere until this is sorted! My journey to work is over an hours drive each way, whereas it would be 15 mins if I still lived in the flat!!!
If anyone can help/ advise it would be much appreciated!!!!! Cheers
I currently own a one bedroom flat with my ex girlfriend, who still lives in the property whilst I am paying half of the mortgage. This has been going on for almost a year now.
It has not been a viable option to sell the flat as it is more than likely in negative equity (around £25,000 of negative equity!). The last time I met her, I gave her a number of options including renting, her taking on the mortgage etc. I also told her that if it continued for much longer, I would default on the mortgage (as a threat more than anything!). I can't afford to take on the mortgage on my own.
This seemed to have a positve effect, as she came back to me saying that she sees the flat as her home, doesn't want to move out, isn't interested in renting, and would like to buy me out. However, she said that she would only do this if I paid a lump sum off the mortgage to pay half of the negative equity!!!!
I refused to do this, stating that I have already paid more than £12,000 off the mortgage, which she would eventually profit form, so this would more than cover any negative equity the flat might be in. I said I wouldn't pay a lump sum, but if she were to take on my half of the mortgage, I would let her have all the contents of the flat (sofa, flat screen tv, computer, bed, white goods etc) AND pay half of the legal fees etc (which apparently she would be responsible for as she is buying me out?!).
This week I got a text from her, saying that all matters to do with the flat would be dealt with on her behalf by her dad! He e mailed me and dismissed the £12,000 saying that this only covered interest on the mortgage (we have a repayment mortgage by the way!) and that the flat is still in negative equity. He suggested we ask a surveyor to give a 'fair market value' of the property to decide the amount of negative equity. He then said either I would send the mortgage company a cheque, or he would send them a cheque and I would take on the mortgage!!!!! This is despite the fact she has said she sees it as her home and doesn't want to move out!!
I have been told that I am entitled to ask for a non occupancy compensation as I don't live there but pay for it, and that legally I am not obliged to pay the negative equity. Does anyone know much about this??
I believe I gave a very fair offer, as she would be getting an asset in the flat, all its contents and wouldn't have the hassle of moving out and finding another place. I would be walking away with none of these things! Her and her dad obviously don't see it that way though, so we're at loggerheads! I don't really want to get petty and start turning up to the flat and demanding I stay there, but it's getting to that stage!! I also am currently kipping on my parents floor as I can't afford to rent elsewhere until this is sorted! My journey to work is over an hours drive each way, whereas it would be 15 mins if I still lived in the flat!!!
If anyone can help/ advise it would be much appreciated!!!!! Cheers
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Comments
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The longer the delay the less the place is worth.
Stop paying the mortgage. It'll get her full and undivided attention and although it'll mess up your credit file, so will going bankrupt which will be a possible outcome if you don't sort it out.0 -
I think that you need to seek legal advice on this matter - you should be able to get a free half hour appointment.
If you own the flat and she won't buy you out and be sensible about it then arrange to have her evicted and rent it out to someone else.
Either way I think you need to seek legal advice.0 -
You do not want to buy the flat yourself.
You need someone to buy it.
Your Ex wants to buy it.
This would save the cost of an Estate Agent.
We do not know how long it would take to sell the flat to someone else.
You could escape the risk of further depreciation in the value.
I think it would be reasonable to pay about £12,000 with perhaps a modest reduction for the second hand goods................................I have put my clock back....... Kcolc ym0 -
I think that you need to seek legal advice on this matter - you should be able to get a free half hour appointment.
If you own the flat and she won't buy you out and be sensible about it then arrange to have her evicted and rent it out to someone else.
Either way I think you need to seek legal advice.
What advice would you give to the Ex?...............................I have put my clock back....... Kcolc ym0 -
This sounds a very complicated situation, with the negative equity. You say that you've paid £12,000 into the mortgage, and that the flat is an asset. But, if the flat is in £25,000 in negative equity, then it could be said to be a liability rather than an asset.
TBH: I think that paying your ex half the negative equity to extricate yourself from the situation does not sound unreasonable. It's true you've paid a lot into the mortgage, but that isn't money saved somewhere, or become equity in the flat, it's gone. And if house prices continue on down, which I believe they will, then even more money could vanish into the same hole. And since the £12,000 has effectively vanished, it can't be said to cover the negative equity. But then it could be that owning the flat is an advantage as perhaps neither you nor your ex might be able to raise a deposit to buy house/flat, and owning one therefore has some value.
If she wants to stay in the flat, then this could be to your advantage. As it may give you an out.
But it's a very complex situation, and the true value of the asset (including negative values making it a liability) depends on the likely future change in its value, and the difficulties of buying other accommodation, which nobody can really know.
There more I think about it, the more complex a situation it seems. I hope you find a good solution.0 -
Robert_Sterling wrote: »What advice would you give to the Ex?
Don't delay sale as price drops could be blamed on your delaying.
Move on. Don't stay with the memories.0 -
Actually, I think that her Dad's suggestion is reasonable. Although you need to clarify how much capital each of you put into the purchase, and to explain that 12,000 pound payment.
The second-hand value of the furniture will be minimal compared to that of the flat, and so should not figure in your thinking. It will lead to a minor adjustment of your eventual figure.0 -
You statement that "she is getting an asset" explains that you are not thinking clearly.
She is offering to take on a liability. Think yourself lucky and accept.0 -
I have been told that I am entitled to ask for a non occupancy compensation as I don't live there but pay for it
I think this is a reference to occupation rent. You would charge her rent as she is occupying your share of the property. The rent you charge her should be half the market rate for rent and would more than likely cancel out your share of the mortgage. (The Trusts of Land and Appointment of Trustees Act 1996)and that legally I am not obliged to pay the negative equity. Does anyone know much about this??
That's not the case - ownership of the equity is a completely different issue to the occupation rent. At the moment you are both jointly and severally liable for the whole outstanding mortgage. She is offering to take on that debt, which gets you completely free of it.
Ask yourself if it's worth paying £12k to be rid of a debt of £xxx,000 (you don't say how much it is).
There is no guarantee that she will be out of negative equity anytime soon. In the meantime, you would have the opportunity to put the amount you currently pay into a savings/investment account. How long would it then take you to get your £12k back?Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
She's unlikely to be able to get a mortgage to buy you out, even if she wanted to.poppy100
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