splitting a secured loan on a property with my ex

netwon81

I have a property that I bought with my ex partner (we were never married). She paid nothing in to the property and we took a second mortgage on the property to cover joint debts. We have since split and i am now married and own a property with my wife. The first property is coming up to be sold but I need to split the secured loan as the sale of the property will not cover this. The second loan company is stating that they wont split the loan it will remain a joint loan with my ex partner. They have also said that i can sign a short fall document but that means the deficit will be added to my new mortgage which although is in my name my wife put down the money.

Any help would be useful.

Beast

netwon81 wrote: »

I have a property that I bought with my ex partner (we were never married). She paid nothing in to the property and we took a second mortgage on the property to cover joint debts. We have since split and i am now married and own a property with my wife. The first property is coming up to be sold but I need to split the secured loan as the sale of the property will not cover this. The second loan company is stating that they wont split the loan it will remain a joint loan with my ex partner. They have also said that i can sign a short fall document but that means the deficit will be added to my new mortgage which although is in my name my wife put down the money.

Any help would be useful.

No lender will 'split' an agreement as you're both equally liable for the loan.

The only way forward would be for you and your ex-partner to both take seperate loans to the value of the defecit and pay them off individually.

netwon81

Is there any other option as she has refused to make payments on the mortgage or loan and I have tried my best to keep up but havent always made the payments on time thus affecting my credit rating. Also my ex is saying that as she doesnt live in the property anymore she is not responsible for the debt even though it is both of our names.

Beast

I'm not aware of any other options but someone else may be along to help shortly.

As for her not being responsible for the loan as she doesn't live in the property, this is rubbish. If her name is on the agreement, they will come after you both until it is repaid.

immoral_angeluk

Contact a solicitor.

netwon81

My ex is not bothered and has a tendancy to bury her head inthe sand. As im still trying to make the payments, shes not bothered. She also says that any judge if we went to court would look at her circumstances and as she is a single mother of several children and in rented accomadation they will take pity on her due to her mental state.

Im hoping that if we go to court they will just split it and i am willing ot pay for my half

KingElvis

^^ that won't happen, you're both liable for the debt. If they can't get her "half" form your ex, they will pursue you for it.

How much is it?

netwon81

about £80K im quite happy to pay for my half but am not willing to pay for hers. we are both in new relationships and i have a child with my wife.

I just want to cut all ties with her

jonesMUFCforever

netwon81 wrote: »

about £80K im quite happy to pay for my half but am not willing to pay for hers. we are both in new relationships and i have a child with my wife.

I just want to cut all ties with her

The only way to do this is to pay off the £80k debt - there is no such thing as your half and her half.