Joint mortgage problem- relationship breakdown

Emsabobs

I bought a house with my partner in Feb 2008, 102 % mortgage with Scottish Widows on a 5 year fixed rate.

We split last year and have taken it in turns living in the house, I now HAVE to find somewhere else to live but I can't as I'm still paying half of the £700 mortgage each month.

We are in neg equity by at least 10k so can't sell or re- mortgage into his name ( the ex is quite happy to take the whole house on).

Could I get a letter drawn up or something saying that I'm not interested in any profit from the house in the future? This way he would pay the wholemortgage every month and get any profit in the future. Iknow I would be liable for any defaults......

Or any other options so I don't have to pay half? Im desperate!

Thanks

Emma

Emsabobs

Sorry forgot to mention it's him that's living there at the moment, I'm staying with parents who are emigrating in few months......

VIGILANT22

The mortgage means you are both jointly responsible...unless the lender relieves you fom this

CLAPTON

You can obviously come to an arrangement with your ex if he is agreeable so he pays the mortgage until such time as he can remortgage in his sole name and you renounce any future interest.

Legally however, you will still be part owner and fully liable to pay the mortgage if he defaults.
I'm sure a legal document could be drawn up to say he has full beneficial interest in the property

Emsabobs

I know that, I'm only asking as someone said that they had a letter drawn up by a solicitor stating that their ex was paying all payments and they had no interest in any future profit from the property, is that not a viable option? I trust my ex partner to make the monthly payments.

Emsabobs

Had written that before seeing the second response, thanks Clapton, was just seeing if anyone else thought that was a viable option.

VIGILANT22

It's ok signing something to say you have no future interest in the property but that does not relieve you from your legal obligation...which surely is the main concern....

Emsabobs

It is, but I can't see another way to solve this at present. My main concern is that I need to find somewhere to live and I can't afford to, as a lot of my income is going on the mortgage, I figured this could be a short term solution until he can re mortgage in just his name.....??I do appreciate any advice, so thanks.

bryanb

How would it work if there was no future profit but instead some more negative equity?

VIGILANT22

Emsabobs wrote: »

It is, but I can't see another way to solve this at present. My main concern is that I need to find somewhere to live and I can't afford to, as a lot of my income is going on the mortgage, I figured this could be a short term solution until he can re mortgage in just his name.....??I do appreciate any advice, so thanks.

As much as I appreciate it is a desperate situation, I really dont think you understand the implications of everything...Clapton's suggestion in no way suggests you will be free from responsibility...all it means is no claim on profit...which is something entirely different.........

surreybased

Hi,

How likely is it that he can re-mortgage? Could he raise the money now? My concern is that you are taking a path due to your immediate situation (i.e parents emigrating). Just think it would be best if you could sever all links now so you're not tied to the liability in the future. In a year you might want to get another mortgage or the negative equity might increase. It could mean mounting losses for you whilst your ex has had the benefit. Have you tried to sell the property?