Desperately seeking advice

jazzys

Recommendations: 0

Hi guys, not sure if this is the best board to post this on or not, i suppose i'll find out if i get replies, haha

My ex partner and i broke up 3 years ago and i now live in australia, she is still in the UK.
Our house is still in both our names and wondered if it was possible to just change it over to being in my name only.

The reason my ex wants to do this is because she has some debt and is frightened the house will be affected if she cannot pay her debt off as quckly as she would like.
She is really struggling at the moment

The house is currently now rented out after being unable to sell it for the last 3 years.

Regards
Jazzys

forgotmyname

No.

That will be seen as disposing of assets, You could buy her share of the property BUT it will have to be at full market value i think.

If you have not contributed to the mortgage recently then that may affect the figure.

jazzys

thanks for the reply, and how would "disposing of assets" affect things exactly, whats the rules as far as thats concerned?

And who decided what full market value is ?

Cheers
Jazzys

Tixy

Hi

Do you have a mortgage on the house? Is this in both names or in just her name? Whose is paying the mortgage?

Why would she want to gift her half of the house to you if you are an ex and if she is in debt? Is there equity in the house?

jazzys

Yes there is a mortgage on the house, in both of our names.

There will be some equity in the house but not sure how much as its 3 years since i left the UK and i'm not sure how the market is standing recently.

She has been paying the mortgage but the house is now rented out.

She just wants out of the house and doesn't want me to lose outthrough her having debt.

We really don't know which way to move forward. I'm not keen on selling the house to be honest but that seems unlikely anyway as its been for sale for three years upto january this year. At what was a fair price relative to what other homes in the area were up for.

J

[Deleted User]

I can't comment on the 'can u' part of the question.., but I would definitely be thinking there is something going drastically wrong with the presentation of the house, price or the agents for a house to not sell in three years.

Try posting on the house buying selling and renting forum. I know u don't particularly want to sell but its better to be prepared if it has to be.

jazzys

Thanks for the reply,

The house is immaculate and in a lovely area. I think its more to do with the state of the economy and the fact that a few big employers have pulled out the town and left a lot of people with not much income. As far as the competition goes, the house was very fairly priced. The competition hasn't sold either, and i realise that maybe because people are valuing their properties at what is now an unrealistic price.

But as i said, i'm quite happy to hang onto the house, as its not my debt.
But having said that, i'd like to find a way to help my ex out if i could

Regards
J

Tixy

Well house prices have dropped at least 15%, maybe 20%+ over the last 3years. So if you want to sell now you would need an asking price of at least that much less (an arguably more as it didn't sell before that and the housing market was still good 3years ago).

You may find there is a lot less equity in the house that you thought, if any.

Are you from the UK or Australia? Do you have any plans to return? Her debt problems will be having a negative impact on your UK credit rating whilst ever you have joint finances.

Are you certain you are fully aware of your ex's debt problems? have you checked there are no charging orders/restrictions against the property already?

Do you receive mortgage statements in australia?

I think you are in a difficult position and personally would always recommend breaking all financial ties with an ex. It often ends up really messy. I would consider either selling the house or you buying her out of the house & mortgage ( I think this will be difficult though as I'd imagine you will struggle to get a mortgage for the same amount in your name only as you are no longer UK resident and her credit rating will have affected yours).

Back to your original message - if you cannot get a mortgage on your own then no you cannot change it in to just your name.

I would look at getting more agents round to look at the property and try dropping the price to whatever valuation they say. If there is any equity you can split it which will help her pay off her debts and will give you a return on the property.