Please Help

battleweary

Hi All,

Firstly apologies for the long post but I feel it is required to furnish anyone who can help with the facts. Secondly thanks in advance to anyone that can offer some advice.

Three years ago my partner and I purchased a house in joint names for £157k we took out an interest only mortgage with Bir Mid the current amount owing is £148k the moving in costs including deposit were about 18k my partner put in 4k and I put in the rest.

We split and I moved out approx a year ago. She has been renting rooms and paying all of the mortgage with the rental income. During this time she has changed the locks refused me access to the property and withheld any info relating to the tennents / income.

She has now said she can no longer pay the mortgage although there are no arrears at the moment.

The house is worth approx 150k at the moment so at best we would break even if it were sold. I have offered her 8k to sign the house over to me with my parents standing as guarantor's / putting in some money to the property as I went bankrupt in July 08 but am now discharged.

I have a good wage now but cannot afford to pay rent on my own flat and half the mortgage.

She has flatly refused my offer of 8k and says that she wants 14k which is out of the queswtion. If the mortgage goes unpaid presumably bir mid will just start the repossession process and we will both incur the damage that will cause. Having just come out of bankruptcy I am trying to get my life back in order and am at my wits end with this.

Does anyone have any suggestions?

If any further info is required I will happily supply it.

Thanks in advance.

PasturesNew

Maybe she doesn't understand the numbers. A lot of people don't understand the maths.

My advice is to sit down with a pile of monopoly money at a table and draw some pictures to represent you, her, the bank, fees.

First, put a pile of money for you/her/bank, to show where the money came from.

Then add/deduct money from the mortgage and value of the house to see the situation now.

Then go through the reverse of putting the money back into people's pockets (bank, you, her).

By seeing where the money came from - and where it's going - it might solve some misunderstandings.

If she feels she is entitled to the extra JUST because she thinks you're a pr1ck and she wants new shoes ... then you'll have to cross that bridge after you've gone through what's actually fair.

Cannon_Fodder

She has no right to deny you access, assuming its a joint mortgage. Was there no mention of the house in going bankrupt - no charges put on the house for your creditors, or some such?

£8k was too generous, if she only put in £4k and you are borderline negative equity...

Sell quickly and hope to break even, seems the least painful for both parties.

Seems necessary for her to not get anything, let alone £8k, to realise her stupidity in not accepting your overly-generous offer.

lincroft1710

Talk to a solicitor, you're going to need one anyway. If Birmingham Midshires do repossess, by the time property sold, I doubt that the money they get would even equal the mortgage debt at that time, so your ex would not only have lost the £8K you offered, but would have BM chasing her (as well as yourself) for outstanding debt.

She is an idiot not to accept £8K, because IMHO that's more than she deserves. But that is only my opinion.

battleweary

Cannon_Fodder wrote: »

She has no right to deny you access, assuming its a joint mortgage. Was there no mention of the house in going bankrupt - no charges put on the house for your creditors, or some such?

£8k was too generous, if she only put in £4k and you are borderline negative equity...

Sell quickly and hope to break even, seems the least painful for both parties.

Seems necessary for her to not get anything, let alone £8k, to realise her stupidity in not accepting your overly-generous offer.

When I became bankrupt the official receiver took control of my right to the equity or 50% of it. Following the valuation the receiver accepted there was little or no equity worth pursuing so I was allowed to 'buy' back the entitlement to any future equity for a token amount of £1 the legal fees cost nearly £400 pounds though.

I cant beleive she wont accept my offer I am going to suggest she moves out and we rent the property and then make up any short-fall half each?

Although she refuses to let me have any access to the property what can I physically do about this?

Thanks guys

sunnysea83

A friend of mine and her partner split, the partner moved out, joint mortgage, she got an estate round, got the house valued, worked out the equity and how much they had each put in at the start and then remortgaged to buy her other half out and give him back his share.

In the current market i think your offer of £8k is very generous

battleweary

sunnysea83 wrote: »

A friend of mine and her partner split, the partner moved out, joint mortgage, she got an estate round, got the house valued, worked out the equity and how much they had each put in at the start and then remortgaged to buy her other half out and give him back his share.

In the current market i think your offer of £8k is very generous

I think it is a very generous offer as well. This afternoon she has said she will accept a minimum of14k which is out of the question I am at my wits end with this!