Ex still on mortgage & not paying, new mortgage app declined cos of his debts. HELP.

RACHIE77

Trollfever wrote: »

From the guidance notes for the completion of form 6.28 debtors bankruptcy petition statement of affairs:



Guide to Section 9 – Property disposed of in the last five years



[FONT=Arial, sans-serif]1. If you have sold, given away or transferred, in the five years prior to presenting your bankruptcy petition, any properties, owned jointly or solely, you must provide the full details of the transaction. [/FONT]


[FONT=Arial, sans-serif]2. The official receiver has a duty to the creditors to report on any and all assets. If you have disposed of any assets (sold, given away, scrapped etc) the official receiver needs to establish that this was not done to the disadvantage of the creditors.[/FONT]

ah yes this is the bit i mean... i cant guarantee he wont go bankrupt within 5 years so i need to clear the debt for my own sanity.

He will be giving away the equity but i believe he legally should pay his debts first, its irrelevant that he doesnt really deserve any of the equity as he hardly paid in to the mortgage as technically the equity is his.

RACHIE77

getmore4less wrote: »

Technicaly I don't think you can insist on him paying his unsecured debts when you buy him out you would have to give the money to him.

If you bought him out for a fair amount(fast sale after expences amount) then I don't think they can come after you.

i was going to offer the companies the money to settle them directly, i wouldnt give the cash directly to him.... and i wont be giving him anything to buy him out, we have an agreement that he will transfer his equity to me and not have anything out of it. the idea of paying off the 15k was mine for my own sanity as i dont want him going bankrupt in the future and claiming against the property

Thrugelmir

RACHIE77 wrote: »

How am i supposed to sort out the joint mortgage when they wont let me take his name off?

no they are in his name, but since he has no intention of paying them, and technically he has equity in the property since it was in joint names, the debts can be claimed against my equity.

I understand your frustration. However it is not a question of just taking his name off the mortgage.

You have a mortgage in joint names so are still financially linked.

Part of the equity in the property is his, something which needs to be addressed.

If he was to default on "his" debts then you could find a charging notice placed on the property.

Your best option is to sell and break the link. Splitting the equity on a 50/50 basis would appear reasonable. Providing their are no circumstances to change this view.

Are the debts in some way related to the property? Is the point of contention?

RACHIE77

Thrugelmir wrote: »

I understand your frustration. However it is not a question of just taking his name off the mortgage.

You have a mortgage in joint names so are still financially linked.

Part of the equity in the property is his, something which needs to be addressed.

If he was to default on "his" debts then you could find a charging notice placed on the property.

Your best option is to sell and break the link. Splitting the equity on a 50/50 basis would appear reasonable. Providing their are no circumstances to change this view.

Are the debts in some way related to the property? Is the point of contention?

I am keeping 100% of the equity, it has been agreed, and already addressed.

I do believe that maybe one of the debts is secured against the property, its the worry that he may go bankrupt within 5 years and then claim the money for the debts he has

its so silly that I am paying the mortgage alone yet they dont recognise that....

i'm hoping not to sell as its my family home and not in a state for selling anyway but it may be an option... its been a long time so far so i cant wait longer, its just not fair on me and my current partner who are starting a new life together

beecher2

RACHIE77 wrote: »

I do believe that maybe one of the debts is secured against the property, its the worry that he may go bankrupt within 5 years and then claim the money for the debts he has

You said earlier that the debts weren't secured against the property so I'm finding this all very confusing.

RACHIE77

beecher2 wrote: »

You said earlier that the debts weren't secured against the property so I'm finding this all very confusing.

sorry its me being confused i know he has one loan, and that at one point he got a letter that said they were claiming the amount of the loan from the final value of the property once sold, thats as much as i know and am confusing myself i think!

Thrugelmir

RACHIE77 wrote: »

I am keeping 100% of the equity, it has been agreed, and already addressed.

I do believe that maybe one of the debts is secured against the property, its the worry that he may go bankrupt within 5 years and then claim the money for the debts he has

You are not keeping 100% equity if there is a charge.

The fact that you are concerned about him declaring bankruptcy suggests that there is more to this. As if the asset was split equitably. Then there would be no come back on you.

The fact you can have come to an arrangement. Would suggest to to an unsecured creditor (in the event of bankruptcy) a high degree of collusion. Something which would prove difficult for you to refute.

The simple fact is, if you are unable to obtain a mortgage. Then sell and move forward with your life.

RACHIE77

Thrugelmir wrote: »

You are not keeping 100% equity if there is a charge.

The fact that you are concerned about him declaring bankruptcy suggests that there is more to this. As if the asset was split equitably. Then there would be no come back on you.

The fact you can have come to an arrangement. Would suggest to to an unsecured creditor (in the event of bankruptcy) a high degree of collusion. Something which would prove difficult for you to refute.

The simple fact is, if you are unable to obtain a mortgage. Then sell and move forward with your life.

i understand how it may appear on the surface, and ok if there is a charge then i will be paying this. I have tried not to bring the details of the arrangement in too much but its an arrangement made as he pays nothing towards our children who live in the family home, nor did he contribute towards the mortgage for the majority of time we lived together. I would get no financial payment from him to help me with the upbringing of my kids, and instead of fighting a losing battle for the rest of their childhood I asked if he would leave me the equity in exchange for regular maintenance. The equity is only about 50k so once the debt was paid it wont leave me with an enormous sum but to be honest its not about the money its about having a secure future for the children.

I know I dont have to sell until they are 18 which is a long way off so was just trying to do what I have been doing all along and pay for them myself, all I wanted to do was take his name from the paperwork that says he pays the mortgage as he doesnt and transfer the equity in to my name. It isnt me who cant get the mortgage, as without his debts on the property it would be fine as both mine and my partners credit is good.

It just seems ludicrous that the only thing getting in my way of paying off his debts and moving forward is his debts, and that the mortgage company dont take in to account that its his debts stopping the new application not mine and my partners.

dont worry tho guys, thanks for your help, I will do everything I can to see this one thru, last resort is selling, at the moment I think I need to just wait....

RACHIE77

Thrugelmir wrote: »

The fact that you are concerned about him declaring bankruptcy suggests that there is more to this. As if the asset was split equitably. Then there would be no come back on you.

Sorry i didnt address this bit, yes he has mentioned that he cant afford to pay of the loans he has outstanding and may consider bankruptcy if he cant find a solution to paying them. I think its unlikely to happen but its a risk I dont want attached to my property. Paying off his debts was the only way I could see to address the issue and making it not an issue in the future, that done and there will be no potential bankrupcy and he will get on with his life and be able to start a fresh also.

Thrugelmir

RACHIE77 wrote: »

dont worry tho guys, thanks for your help, I will do everything I can to see this one thru, last resort is selling, at the moment I think I need to just wait....

Thanks for the clarification. Explains the situation.

Sellng may be the best solution though. Then everyone can move forward. The overhang of your ex's debt isn't going to go away. In fact the debt will continue to grow.