Help to get Rid!!

Tamazapan

Hello

I would appreciate any help and advice on the following.

I currently own a house with my ex partner we have been seperated 6 months now and have both moved on. He currently lives in the house with a mate as i couldt afford it on my own and couldt get a lodger to help me etc. I currently live back at home.

Well Michael has approached me wanting to move out of the house into a house with his girlfriend and would rather i took on the house instead of looking at selling it etc etc.

Only problem with this is the morgage how can I get the secruity of knowing he wouldt want half if we sell if his name is still on the morgage. You see we have tried a change of parties requeast and Northern Rock said i couldt take it on alone!! Which i can quite easily afford other wise wouldt be looking at this as an option.

So long storey short how can i remove him legally as that is what he wants?? And in my situation would you do this??

Any help greatly appreciated

Marie

:rotfl:

opinions4u

You can't.

You need the lender to agree or you need to sell the house and clear the full mortgage (or pay the mortgage off with savings from elsewhere !!).

Mrs_Bumble

Marie when you say you have asked for a change of parties do you mean that you have asked Northern Rock for a transfer of equity to your sole name and they have turned you down? If they have turned you down then I suspect that they feel it isn't affordable in your sole name.

If northern rock won't put the mortgage in your sole name then that is tricky.

What is the outstanding mortgage balance, value of your propertyyour income and do you have any other loans or credit cards etc

What does your ex partner want out of the property?

Tamazapan

I havent done it in my name!! Change of parties was done in Michaels name then Michaels with his lodger and both declined. Outstanding balance is £104,000 and house has been valued at £94,500 in current market!! I have no outstanding debt apart from a £300 over draft and come out with about £1,400 a month. The morgage amount has just been lowerd to £430 a month from £650 a month as the fixed term ends in August. Im just stuck with what to do etc

Tamazapan

So what are my options anyone???

Soot2006

Sell house, pay back the neg eq, buy new house ...

If you don't feel you can trust your ex & the change isn't legally possible, then you don't have many choices I'm afraid. As long as he's in the picture, he owns (but is also liable for!) half the house/debt.

Mrs_Bumble

I am a bit confused? The mortgage is in who's name at present? Joint I am assuming from the first post?

Since you moved out your partner Michael has tried to get your name off of the mortgage into first his sole name and then his and his lodgers? Both of these moves would have cut you out as an owner?

The house is in negative equity and so the only option would be if Northern Rock allowed you to take the mortgage in your sole name and I doubt that they will given the income you have quoted.

It would also be a very large credit committment to take on your own.

Do you see yourself there in the long term?

Why not just move in and maintain the mortgage until the property can be sold and the mortgage paid off?

The only way you are going to be able to take the mortgage on is to have another party on the mortgage, perhaps a parent.

Is your ex going to want some financial payment out of the house at some point, as he has paid into the property?

If you sell the property now you are still going to both have to repay Northern Rock the balance owed because of the negative equity.

Your options are very limited.

Tamazapan

Ok so how would that work say we sell for £94,500 which is top what will happen to remaining morgage etc??

Mrs_Bumble

You and Michael owe Northern Rock and would have to have the monies when the sale completed.

Tamazapan

What if you dont have any capital which we both dont being 23 years old

Mrs_Bumble

Then you can't sell, you would have to get the difference owed.

Remember as well you will also incur estate agents fees and solicitors costs so you will actually have to have other monies available as well.

ARe you in a position to remain in the property for a while to see if the house price's come up then sell?