In desperate need of help with 20k charge

Mullins_2

My house has been on the market since febuary at the asking price of 185k from the valuation of 3 agents. The 1st agent in my eyes didnt actively try to sell the house and after the 10 weeks i changed to a new agent.

To cut a long story short i have dropped the price from 185k to 175k and still have not even had an offer, all this is after the agents saying they will have no problems selling it at the 185k. The ones that were allegedly interested at 185k were informed of the 10k drop but still no interest.

Now i have a charge of 20k on this house to my X wife, i have just had a letter saying that she has rung the agent and they said 165k should be the price, they are saying if i dont drop it to this then she can take a court order to sell it herself and also claim some charges up to 5k!! Now im presuming she could sell the house for whatever she wanted and i could end up paying for a mortgage for years and not even have a house to live in if she sells below the equity value?

I have a mortgage for 128k and will need 20k equtiy for myself too to be able to buy again with my new partner.

She is black listed but now has a regular full time job and no debt, i have no other debt and am very good for credit.

Should i clear her name so she can take a loan for 20k?

Should i see if i can get a loan for 20K bearing in mind that loan will affect my next mortgage allowance?

Can i get a loan company to take on the 20k charge?

Im a carpenter and have struggled through the recession, another year or so untill i can get the asking price and my work prices increase will help us no end.

Sorry for the very long winded message, but i tried to include most details without going over the top:D

Fatenbread

Mullins wrote: »

My house has been on the market since febuary at the asking price of 185k from the valuation of 3 agents. The 1st agent in my eyes didnt actively try to sell the house and after the 10 weeks i changed to a new agent.

To cut a long story short i have dropped the price from 185k to 175k and still have not even had an offer, all this is after the agents saying they will have no problems selling it at the 185k. The ones that were allegedly interested at 185k were informed of the 10k drop but still no interest.

Now i have a charge of 20k on this house to my X wife, i have just had a letter saying that she has rung the agent and they said 165k should be the price, they are saying if i dont drop it to this then she can take a court order to sell it herself and also claim some charges up to 5k!! Now im presuming she could sell the house for whatever she wanted and i could end up paying for a mortgage for years and not even have a house to live in if she sells below the equity value?

I have a mortgage for 128k and will need 20k equtiy for myself too to be able to buy again with my new partner.

She is black listed but now has a regular full time job and no debt, i have no other debt and am very good for credit.

Should i clear her name so she can take a loan for 20k?

Should i see if i can get a loan for 20K bearing in mind that loan will affect my next mortgage allowance?

Can i get a loan company to take on the 20k charge?

Im a carpenter and have struggled through the recession, another year or so untill i can get the asking price and my work prices increase will help us no end.

Sorry for the very long winded message, but i tried to include most details without going over the top:D

Your mortgage company presumably have the primary charge over the house, so if she sold it for less than £148k she wouldn't get her £20k, as the mortgage company will take the £128k you owe them before she gets anything. That said, there's no reason why she cares if she gets anything above £148k.

I assume from you post that your wife is owed £20k in the divorce settlement. If this is true then it doesn't matter where this cash comes from. If you want to keep the house, or hold onto it until it sells for what you have it on for, you should look into getting a second mortgage or other loan for the £20k and pay her in cash. Then your house would be yours to do what you want with, even though you would owe an extra £20k on it.

I've made a couple of assumptions in the above answer, so check the facts first - your divorce solicitor should tell you the exact nature of what your ex is due.