Help to get Rid!!

Tamazapan

Well hes in the property now but doest want to be as he has a new gf and wants to rent a house with her!! Y they cant just live there i dont know!! Im not sure if i would feel comfortable livng back there after 6 months of me not being there and also i feel he is just trying to get out of this situation and start a new life which he cant while he has a morgage with me the ex!! LOL

Mrs_Bumble

If you and he speak to an independent adviser and have the picture explained to both of you then maybe he would live in the property for the foreseeable future. If he does though I would make it clear to Northern Rock that you are not there and make sure they do send you any letters etc and keep an eye on your credit file.

If not could you move in with a friend and just have a whale of a time, redecorate and pretend he had never been there! At least if you are in there and maintaining the mortgage you know it is getting paid and your credit file isn't being ruined?

His options are as limited as yours!

Tamazapan

Ok thought so he sseems to think it will be easy to sort but since we have been trying to find a solution since our split in January it is only getting worse between us and very bitter!! He is living there at the moment with a friend and is paying the morgage and seemed quite happy running the house together. Until this morning he sends me a message saying he wants to see ohr i take on the house my choice!!! This is due to him wantng to move in with her!!

Im just hitting a brick wall with him and this bloody house!! And Northern Rock are not botherd either way and wont do out to help they just want there payment!!

poppy10_2

Tamazapan wrote: »

And Northern Rock are not botherd either way and wont do out to help they just want there payment!!

What would you like them to do?

Caz3121

There is currently approx £10k negative equity - has Michael suggested making his contribution towards this or does he just want to walk away and leave you with the debt.
The way the market even if you had sufficient income you would probably obly be able to get a 90% LTV mortgage so £85k but then there is still £20k to pay to NR and the fees.
Your options may be to agree to rent it out (if NR agree) and wait to see if the market recovers or sell and each take a loan to pay the remaining debts.

Tamazapan

No he just wants to walk away and thinks he is going to leave me with it!!!!!! Northern rock are not interested in helping at all ive tried.

Mrs_Bumble

Lets be fair it isn't Northern Rocks problem if you and your partner have gone your separate ways, yes their only concern is that they get their monthly mortgage payment but that is the agreement that you and your partner entered into with them. You both have options but I don't think you like them but that is something you both are going to have to sort through, whether he likes it or not:

He rents with new girlfriend - ensures the mortgage is paid and hopefully doesn't impair your credit rating in the mean time.

You move back into the property - ensure the mortgage is paid until there is a suitable time to put the house on the market

Put house on market, but property is in negative equity and so the money for this will have to be found by you and Michael, plus the additional costs of estate agents and legal fees.

Get permission to rent the property out, this can be unpredictable though as if the tenant doesn't pay the rent you and your ex will still have to maintain the mortgage, also know telling if they will look after the property and you will want to sell as soon as the market picks up?

For me it would be moving back in myself and waiting out the market a bit longer, probably get a friend to join me and split costs etc, that way I have control, I know the mortgage is getting paid etc and I know that my credit profile is staying in tact.

But you are going to both have to talk about it, as it is a joint committment and if the mortgage isn't maintained then it will impact on both credit files and neither or you will be able to obtain credit.

Tamazapan

Yeah i know the implications more then he does. I am concidering moving back in y self perhaps with my current partner as i do love the house. But say 2 years down the line when we come to sell would he be entitled to half of the profit if there is any??

DVardysShadow

Tamazapan wrote: »

Yeah i know the implications more then he does. I am concidering moving back in y self perhaps with my current partner as i do love the house. But say 2 years down the line when we come to sell would he be entitled to half of the profit if there is any??

He should right now be responsible for half the negative equity, so if there is a profit in 2 years, he should be entitled to half the profit, but he is also responsible for half the mortgage until it is sold. This is not a legal opinion, its half legal and half moral.

Unfortunately, firstly many people who get in this situation don't or won't understand their responsibilities, so the parties don't or won't resolve it fairly - and secondly, the lenders won't help either, so that there are still 2 people responsible for the house, so they have more options to follow to recover their money when it all goes wrong,

Tamazapan

I see Thanks. well ill have to talk to him and see what he thinks we should do and go about it also. I dont want to pay morgage with current bf for say 2 years then to sell it and him get some doest seem far as he is happy to leave me with the negitive equity now!! Can i draw up a legal document with a solicitor to get him to sign to say he wont want anything if you get me??