Transfer of equity? - Advice please.

dr0g0

Here's my situation.

I've moved in with my partner, and we are due to be married in 4 months time, however my partner and her ex boyfriend bought the house nearly two years ago, only my partner put down all of the deposit and has made all mortgage payments her self. My partner and her ex split around 19 months ago, now the problem is my partner is trying to get her ex to agree to a transfer of equity, having all the legal work done through the firm I work for. She has also offfered him £4,300 which upon checking the details is what he is entitled to, all this is being done in-house and whilst the money is sat in the client account ready to be paid out once he returns the paperwork (Transfer of equity), he still refuses to answer or do anything. And yet only a month ago the solicitor here dealing with this, spoke to the ex and the ex happily accepted over the phone. Yet a month or more on, nothing.

We dont want to go to court to force a sale, as one the current deal we are on is very good, and what with the wedding costs, it would make sense to stay on the current rate. Meanwhile, you have me and my partner always do things above board, trying to build a future together, whilst the ex has a 25% on the house, not paying a penny, nothing down towards the deposit, no mortgage payments ... and until he signs this transfer of equity I cant even go on the mortgage, so we are in a catch 22 position. I have let my house out, and would if I had to sell my home, I'm really hoping that somebody may be able to advise on what to do next. As whilst me and my partner are paying the bills and the mortgage, this guy the ex has a claim, and any improvements we do, he has a claim against those also .. for doing nothing and he was the one that did the dirty on my partner. The way I see it is 1:) We apply to the court to force a sale.

2:) We do nothing and the ex will have a claim against the house at all times and should he ever go bankrupt - this could spell trouble for us.

3:) We increase our offer, and hope he signs. (Although) he is the type of person which doesn't even open his post.

We really dont want to sell the house, like I said my partner has worked hard for what she has, and we have tried to do everything legal, and have spent out on legal costs, and still the ex can get away with doing nothing. In the meantime my partner has to live with the fact knowing that at anytime her ex could apply to the court to force the sale, or indeed move back in. And all we are trying to do, is to build a new life together, and start a family.....

Any thoughts and suggestions???

I personally feel that the best option would be to sell my partners home, and my home and start a fresh, although now isn't the right time, with the wedding around the corner, but really should it come down to the fact that to get this problem sorted, my partner has to leave her home and force the sale, all because her ex does nothing. Just doesn't seem right to me.

Sorry for the ramble, i'm just trying to seek a solution.

Thanks for listening and great forum by the way.

getmore4less

While prices are dropping the share goes down.

Why do you need to sell to force the issue through the courts?

Avoid adding value or increasing equity till this is resolved.

He may need a reminder, perhaps taking the paperwork round his place might help.

Is there not a risk of conflict of interest using your compnay to do the legals will he need independant legal advise to avoid any future claims.


If he has never put anything in how is there a claim on equity in the place?

happybroker

I have recently been through this with a client (him and his wife that is not me and mine if you follow). He ended going to court to force a sale, she would never turn up or open mail so the judgement was passed that the court could sign the papers on her behalf etc but all in all took nearly 3 years!!

As poor as it sounds there isn't a massive amount you can do, not quickly at any rate.

dr0g0

Thanks guys, for your thoughts and advice on this. I thought this was the case. As a last resort we are going to hand deliver another set of documents to his parents at their address in person, with the hope that this may stir up a reaction, as to his mum and dad telling him to get it sorted. I doubt it will, but you never know. Its a shame as both my partner and I just want to move on with our lives, as the wedding is about 4 months away, and I know that my partner really wants to close that chapter once and for all. Thanks again for all your help. At the moment I feel we just need to leave things as they are, sort out and enjoy our forthcoming wedding and tackle it at a later date.

k0r54

Hi,

I have a very similar question. My friend and his ex have broken up. There is not much/any equity in the house so I have suggested a transfer of equity which in principle they are both happy with as it will remove her from the mortgage. My friend has a slight problem in that although his wage are "technicly" enough for the mortgage he cannot afford the entire mortgage for long due to other financial commitments.

This is were I would like to step in. I myself hadsome bad debt (previously) that is now clear but only recently. I am in a decent job now and can easily afford to help my friend with his mortgage. The problem being that I will not (especially in this climate) be able to get a remortgage with him and on top of that he is on a very good rate AND on top of that is fixed for five year (4 remaining).

I suppose my main question is that once the transfer of equity is complete between my friend and his x. Can he then do a transfer of equity between him and me of whatever % we decide on?

Any options/ideas would be great.