Repossession Advice

LockedOut

I'm tearing my hair out with a situation with a joint repayment mortgage and separation fallout and could do with some views and experiences from other moneysavers.

Following a relationship breakdown I moved out of a jointly owned and mortgaged property about 7 months ago. Since then I have paid the mortgage every month while trying to agree with my ex how to sort things out. After a couple of months she started to contribute about 30% of the monthly cost of the mortgage but this has now stopped. She won't consent to the mortgage being transferred to interest only, won't co-operate to get the house on the market and has also changed the locks.

I have some big legal bills (£1200 from March alone) but am not getting anywhere, and now need to take some action as I am using savings to pay rent, mortgage and solicitor. The next legal step would be to go to court for an order to sell but this would cost a lot and the process could go on for a lot longer if she continues to be obstructive.

I am having to think about letting the mortgage go into arrears while this goes on and possibly all the way to repossession. Hopefully just going into arrears would be a wake up call that something has to be done but I am not sure that she would see it that way. The mortgage is around £100k and house is worth around £250k.

How far in arrears would the mortgage have to be for the lender to step in, and what do they do at first? I know that my credit rating would suffer but how long would that last, and also if I did have some of the equity at the end of it woud that help me trying to get another mortgage in the future?

Any advice from anyone who has been in this sort of problem or any views would be great. Sometimes it just seems that there is no end to it and I am just throwing cash away every month.

getmore4less

Any kids involved?

Could move back in it is your house after all

LockedOut

No kids involved thankfully.

I think that going back would add more difficulties in that she has an alcohol problem and has made all sorts of allegations in the past.

Dan_1976

Well I am sorry to hear your in this situation!

Repo will really mess about with your credit rating, so will arrears. LEgal route would be best but I imagine you can only go so far!

If you stop paying and left it I think you would be surprised at how long it took to get to repo. I bet 6-12 months.

Good luck, sorry I cant be any more help, but I think its legal or let it go.

LockedOut

Thanks Dan

I'm thinking I will have to keep the faith with the legal route and hope she sees sense. I don't really want to let it go because of the equity involved.