Please Help. Joint Mortgage and Splitting up

liz1981

Hi

I really need some advise on the following. Myself and my ex boyfriend bought a flat together in 2007. Unfortunately in April 2009 we split up. He moved out of the flat which was his desicion and for the first 6 months I paid the mortgage and all charges by myself. In September of 2009 he forced me to move out of the property so that he could move back in and sell the flat. We had a verbal agreement that he would cover all the costs of the mortgage etc and we would split all charges associated with selling the flat. I moved out and started renting on my own.

I received an email from him tonight demanding that I start paying half the mortgage and charges. He has a job in America so is moving over there in the next month. The flat should be on the market next week.

I cant afford to pay half the mortgage and live on my own. I dont want to take over the mortgage on my own and he can't afford to.

I am going to speak to a solicitor tomorrow but I am so worried about this.

Can he change his mind like this? What if I refuse to pay?

Thanks for any help and advise you can give me!

Lance

It is very unlikely he will find a buyer and complete the sale of the flat in the next month unless big price discount. You are jointly liable so if you do not pay then he will have to or both your credit ratings will suffer. I should state the value of the property and the outstanding mortgage. If it has not been valued yet then he may have a shock as flats have suffered badly in the recession. If you are in negative equity and fall behind on the mortgage then a sale will be probmatic with the bank wanting the mortgage plus costs paid off by the sale regardless of what you sell it for. Can he afford credit problems / pursuit by a bank when going to a new job?

Lance

If you are having payment problems jointly contact the bank asap and they will advise.

Thrugelmir

Let your solicitor be your buffer. Do not communicate direct with your ex.

As Lance says contact your lender and keep them informed.

As it appears your ex is planning to do a runner!

ItMightBeUsefulOneDay

You are both liable for the debt (mortgage). The full amount. The bank doesn't "play fair" and split it 50/50 even if that is how you bought the place.

The bank doesn't care which one of you pays, so they will go after whomever is easiest to contact. From what you've said so far, that person is going to be you. Any missed payments will be registered as a default against your name. Miss enough and they will repo the flat, sell it cheaply and come after you for the shortfall. If you bought at peak (2007) this is likely to be a substantial amount.

As Thrugelmir says, it looks like your ex is about to do a runner and drop you right in it. Have you thought of copying your ex's idea and running to some other non-extradition country? You need proper advice here (not just people on a web forum) because this could become a life-changing financial disaster if you're not careful.