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Negative Equity & Separation
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TMM_2
Posts: 2 Newbie
I wonder if anybody can give me some advice. I have a mortgage on a property with my ex partner and we split up in Dec 08 (we weren't married). I moved out in March 09 yet have continued to pay half the mortgage ever since. We have agreed I will do this until later this year when the fixed term is over and the repayments drop.
However, because I'm doing this I cannot afford to move on, I rent a room in a shared house and I'm getting into debt trying to make ends meet.
The flat is in negative equity so we cannot sell it.
Can he buy me out, and if so how does that work? Am I entitled to any money from it while it's in negative equity? Will I be entitled to any money from it when he sells it once it's in profit, if I stop paying in to it? My name will still remain on the mortgage as he cannot afford to remortgage on his own. Was I obliged to continue paying or can I ask for that money back at any point as I wasn't living there?
I feel I am getting nothing out of this deal, yet he gets everything - help!
However, because I'm doing this I cannot afford to move on, I rent a room in a shared house and I'm getting into debt trying to make ends meet.
The flat is in negative equity so we cannot sell it.
Can he buy me out, and if so how does that work? Am I entitled to any money from it while it's in negative equity? Will I be entitled to any money from it when he sells it once it's in profit, if I stop paying in to it? My name will still remain on the mortgage as he cannot afford to remortgage on his own. Was I obliged to continue paying or can I ask for that money back at any point as I wasn't living there?
I feel I am getting nothing out of this deal, yet he gets everything - help!
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Comments
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First of all, whatever you see posted in response to this, you really shoud take legal advice to get the right answers for your specific situation. For what they're worth, I've highlighted my own thoughts below.I wonder if anybody can give me some advice. I have a mortgage on a property with my ex partner and we split up in Dec 08 (we weren't married). I moved out in March 09 yet have continued to pay half the mortgage ever since. We have agreed I will do this until later this year when the fixed term is over and the repayments drop.However, because I'm doing this I cannot afford to move on, I rent a room in a shared house and I'm getting into debt trying to make ends meet. The flat is in negative equity so we cannot sell it.Can he buy me out, and if so how does that work?Am I entitled to any money from it while it's in negative equity?Will I be entitled to any money from it when he sells it once it's in profit, if I stop paying in to it? My name will still remain on the mortgage as he cannot afford to remortgage on his own. Was I obliged to continue paying or can I ask for that money back at any point as I wasn't living there?I feel I am getting nothing out of this deal, yet he gets everything - help!0
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Thanks opinions4u. I have no desire to just dump the negative equity on him, we are trying to keep things amicable, and I know at the moment we are jointly liable for any debt. However, I also want to make sure I am looking after my own future and dont want to be doing myself out of anything I may be entitled to in the future. So far I have paid nearly £9k since I haven't lived there, to ensure he can keep a roof over his head and not fall behind on the payments.
The property is rising in value, slowly. If I stop paying in July this year, but leave my name on the mortgage, am I entitled to anything when he sells in the future, assuming it is back in profit by then?
I realise all we have at the moment is a big debt, but he has the option to continue to live there as long as he wants and build up equity, whereas I have to start again with nothing. I just want to make sure I am being treated fairly.0 -
I realise all we have at the moment is a big debt, but he has the option to continue to live there as long as he wants and build up equity, whereas I have to start again with nothing. I just want to make sure I am being treated fairly.
At the moment, neither of you has any equity in the property so you would both be starting again with nothing (overall). For the rest of your questions, the other poster is right, you should definitely consult a lawyer.0
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