Awkward situation

Morgs

<H1 class=subject>Handing back the keys?

I split from my girlfriend 20 months ago with whom I bought a house with. She sold her property and used her money towards the mortgage, I had no money to put into it at the time. The mortgage is in my sole name because she could not get a mortgage at the time. We have since split and I moved out and have always paid the mortgage, but after 20 months apart I want to move on and get a rented place of my own as im living with parents at the moment, and cannot afford 2 properties. She refuses to sell at the current price but there is approx £20,000 equity in the property. Is it worth me taking the hit and just handing the keys back and hope that if there is a shortfall after auction, that it would not be too great a shortfall?
I can afford the mortgage but not to rent a place of my own as well,
she wants me to wait until house prices go back up so as she can getmore return, but that could take years and i dont want to do that.

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Rednoseranter

When you brought the house did you each write down who put in what? All that she has done is put the initial 20K in, the mortgage is in your name, you have been making the payments for the nest part of two years - are the deeds for the property in both your names?

Do not under any circumstances take the 'hit' and hand the keys back - people think that its the easy option, but the consequences can follow you for years afterwards.

At the end of the day you have to sell the property so that you can redeem the mortgage and move on.

Morgs

Rednoseranter wrote: »

When you brought the house did you each write down who put in what? All that she has done is put the initial 20K in, the mortgage is in your name, you have been making the payments for the nest part of two years - are the deeds for the property in both your names?

Do not under any circumstances take the 'hit' and hand the keys back - people think that its the easy option, but the consequences can follow you for years afterwards.

At the end of the day you have to sell the property so that you can redeem the mortgage and move on.

I would drop the priceeven further but she simply wouldnt let anyone thru the door and i live 150 miles away from the house now.

Rockporkchop

Are the deeds in your name only? If the deeds and the mortgage are in your name only then it is effectively your house. Tell her she is welcome to stay in the house at a rent of £X per month!! Just joking.

How much money did she put into the house from the sale of her last property? Was it more than the £20k equity there is now? If so, could you just sign over the house to her, let her get a mortgage out, take your name off deeds etc and take over the house. I know you won't get anything out of it but at least it's a clean break for you and you don't have to worry about what happens next re any shortfall etc.

Whatever happens, she should at least be paying you some sort of rent or half of the mortgage from now on.

ailuro2

Get a solicitor to write her a letter detailling her options -

she can get a mortgage and 'buy you out'

she can sell the house and move somewhere else using her lump sum to provide a deposit

she can dig her heels in, accumulate a large legal bill and end up worse off.

she can sell up and rent until the market reaches rock bottom

anytihng else you could think of.

Ge the legal guy to put a time limit on it for her, tell her you'll take proceedings further if she doesn't agree to a mutually agreeable way forward.

Rednoseranter

Rockporkchop - you may have been joking but its a decent shout - if the mortgage and deeds are in the OP sole name - there's nothing stopping him charging her rent and if she refuses evict her.

Take some legal advice - is probably the best way forward.