Friends Ex Refusing To Pay His Half - Repossession Fear

Conrad

She will not be able to put the mortgage in her own name for quite some time due to the arrears. She could look at remortgaging to a new lender, but the rates and fees are high were arrears have featured, and the maximum loan at best will be 80%.

Good luck to her - I just wanted to make sure she is being realistic as in these situations we often see unrealistic overtones along the lines of 'it's unfair, the arrears are down to the ex'.

Thrugelmir

Twinkly wrote: »

I know what you're saying but the reality is he is back to living rent free with doting parents and back to being a spoilt single boy again. He is very unlikely to want another mortgage and has more than enough debt elsewhere to be coping with/desperately avoiding hoping it will go away

No mortgage lender is going to touch him with a barge pole but in the event what you say does happen the forcing of a sale is not a done deal as there is a child to consider - irrespective of his biological relationship to her ex -so that would be for a court to decide. Basically, where there is the chance she will hold on to this house which is the home of her and her child then she is willing to take the risk. As a mother myself I can understand that need and fighting against the perceived odds just in case they are actually wrong and do fall in her favour.
Although...in that event...if it sells and clears the mortgage leaving some equity there is the possibility of her getting back what she puts in from now on.

Ultimately it is ALL ifs buts and maybes at this point. Nothing is certain.

You need to stay cool and help your friend face the reality of the situation. Relationships break down thats life.

If your friends partner has other debt issues then this could impact on the house as well, if there is equity left after paying the mortgage.

Trying to hold onto a house she cannot afford is not doing her any favours.

zzzLazyDaisy

irn_bru wrote: »

Correct me if I'm wrong but if she continues to pay the mortgage herself for several years, won't her ex still own half the house, therefore able to expect half the equity when she decides to put the mortgage into her name? I know she owns the deeds but the mortgage is in his name too.

I'm probably wrong but maybe something that needs consideration??

Yes. The house is in joint names, as is the mortgage. So when the house is sold, he will be entitled to half the equity, even if OP's friend has paid the mortgage on her own for years. At the moment it probably isn't an issue as they have only had the house 18 months, so depending on what deposit they put down, there may be little equity. But if she stays there until the next boom, she could well lose out when she comes to sell.

In fact that is exactly what happened when my ex and I split - I left and he refused to sell the house and could not afford to buy me out, so he just continued paying the mortgage on his own (there were no children). Fortunately this was at a time of less strict lending criteria and our lender gave me a mortgage in my own name which enabled me to start again and buy a tiny flat.

Three years later and ex decides he wants to sell and move in with his new gf. The value of the house had risen by a third, so I got my share of the equity including the rise. Which I thought was only fair, as I had been trapped in a tiny flat and prevented from buying a 'forever' home, because my money was been tied up in the joint house all that time.

Rikki

irn_bru wrote: »

Correct me if I'm wrong but if she continues to pay the mortgage herself for several years, won't her ex still own half the house, therefore able to expect half the equity when she decides to put the mortgage into her name? I know she owns the deeds but the mortgage is in his name too.

I'm probably wrong but maybe something that needs consideration??

Both the mortgage and the title deeds are in joint names.