Breaking up....Who gets what?

getmore4less

Stuspillz wrote: »

Personally i want to sell and move on, but i know that without any financial backing im not going to get on the property ladder again for a while, hence sitting tight until the market sorts itself out.

Getmore4less

Do you know about putting someone on your mortgage to boost the amount the bank will lend me.

Thanks Stu

Same as when you bought the house you make the joint application, start with your current lender or see broker.

They still won't lend 100%+

silvercar

A current lender MAY allow a transfer of equity; no-one else will.

Stuspillz

After much disscussion...and arguing, my Ex has decided she wont be paying me anything, she said shes not legally obliged to take her half the debt, my argument is if it was in positive equity you want your share of the profit!

Does anyone know how this would stand with solicitors?

Also does anyone know if the mortgage company would let you sell for less and then owe them, or do you have to pay them all off in one go?

Thanks stu

tek-monkey

If she's on the mortgage, its her debt too?

Stuspillz

Yes, shes on the mortgage.
The way i put it too her was she pays me £7500 to come off the mortgage, i take it on with my dad. Or
We sell and she pays half of everything sol fees, early reypayment charges, if we sell for £120,000 (still high in my opinion) we would owe the mortgage company £17,500 plus the £600 sol selling fees, so say £18,0000, or £9000 each!

Cant understand why shes being sour, would it go to court if we couldnt agree?

Thanks Stu

tek-monkey

Ask her how she feels about her credit rating being destroyed by not paying her mortgage, as thats what will happen if no compromise is reached.

Stuspillz

Shes still paying towards her half of the mortgage but she wants to take her name off, i want her to pay her half of the debt(as we are in negative equity, we had 3 vaulations average is £120,000) which is going to be £9000.

The option i gave her is pay me £7000 and come off and then i keep the flat and add my dad so i can keep it.

Fire_Fox

Stuspillz wrote: »

Shes still paying towards her half of the mortgage but she wants to take her name off, i want her to pay her half of the debt(as we are in negative equity, we had 3 vaulations average is £120,000) which is going to be £9000.

The option i gave her is pay me £7000 and come off and then i keep the flat and add my dad so i can keep it.

Is she objecting to paying her half of the debt to the bank or is she actually objecting to giving you money? Think about how you are wording this. Also remember that if you are joint owners there is no such thing as half the debt, you would both owe the whole amount if you were to sell or be repossessed.

Stuspillz

She objects to paying me(although if she did i would put that towards the mortgage) if we were to sell she would have to pay anyway.

Shes saying let me off the mortgage without paying me, i keep the flat and the chance of benifiting if house prices climb. The truth is if she doesnt pay me then when it comes to remortgage in 3years, depending on house prices im going to be refused as the chances are i wont have enough equity in the property. Hence why i feel the need to chase her half of the negative equity.

mlz1413

Would you pay her £7k if she can take on flat with a parent?

Also have you asked your mortgage co if you can swap her name for your Dads? You maybe arguing over an invalid point!

With the arguements you are having it sounds best to work out if you can both get personal loans for £9k and then sell up and pay the debts off, if both of you can't raise the funds then your going to have to keep the flat and work out a plan c.