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

RACHIE77

Thrugelmir wrote: »

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.

I know its the best way, am just trying to keep from unsettling the kids if possible as they have been through a lot the last couple of years. Also need to have a lot of building work done to make the house sell-able. I do know its just a bit unfair that I end up paying his debts, considering the mess I have already cleared up (several thousand) but I just want a quiet life for me and the kids and know whilst the debts are there its working against me

One option I considered was taking out a loan to pay the debts off then reapplying for the mortgage later. (That was the original idea with the additional borrowing on the new mortgage).

The only other problem with selling is that he has to make a declaration to say he doesnt intend to go insolvent on his existing debts, which i doubt he will do, I will be paying all solicitor fees for him as it is and probably driving him to the offices, its wearing how much I have to do to start a fresh.... lessons learnt here :wall:

Thanks so much for helping Thrugelmir - I know it will sort itself out but its not gonna be easy.

Thrugelmir

RACHIE77 wrote: »

Thanks so much for helping Thrugelmir - I know it will sort itself out but its not gonna be easy.

The kids should be your priority. Remember they'll detect your stress. So as difficult as any decision may be. Once made its a hurdle less to jump.

Your tackling the issue the right way, stick with it. Wishing you well.

zzzLazyDaisy

Sorry to ask a personal question... but were you married to your ex, and if so, have you since divorced? It may make a difference to your situation.

RACHIE77

zzzLazyDaisy wrote: »

Sorry to ask a personal question... but were you married to your ex, and if so, have you since divorced? It may make a difference to your situation.

no we werent married... small mercys on that count

Frogling

Rachie, I had a similar problem when I got divorced a few years ago. My ex-husband and I agreed that, if possible, I should stay in the house with our children, who were only 3 and 4 at the time, but I couldn't afford to take over the mortgage on my own on paper because I only work part-time, so my salary doesn't cover what the mortgage company need it to be, and obviously they don't take maintenance payments, etc into account. There were other complications too, but I don't really want to go into them, plus this is your thread, you don't need to hear all my woes from way back when!

In the end, my solicitor applied to the court to instruct Halifax to have the deeds to the house transferred into my name only. The mortgage itself stayed in joint names, and my ex and I signed papers agreeing that he has no stake in any equity on the house, and no claim on anything to that end. For my part, I signed an indemnity form agreeing to take sole responsibility should the mortgage fall into arrears, so that the mortgage company can't chase my ex up should, God forbid, that happen.

I don't know how enforceable these things actually are when it comes to debts, etc - but I'm sure your solicitor will be able to give you a lot more information on whether doing something similar would perhaps help.

All of this stuff totally bamboozles me, and I wish that I could give you some awesome advice or words of wisdom to solve the problem. All I can say is that I know how you feel to some extent- you're trying to put everything right, and it's an uphill battle that seems to have no light at the end of the tunnel. You'll get there in the end, your children are lucky to have a mum who is protecting them and fighting so hard to keep things stable for them. Big hugs to you, and fingers crossed that you find the solution soon.

RACHIE77

Thanks frogling... it is a comfort to know i'm not alone, its all down to how things work on paper at the end of the day. I will keep fighting for things to work out okay, I have made such enormous steps so far I know it will all work out okay in the end.... its just how and when it will end thats the issue now

i've been through worse and have an amazing man by my side now so I know its all going to be okay.... I think another chat with the solicitor is in order once I get a better idea of whats happening with the mortgage. The only way is up! x

zzzLazyDaisy

RACHIE77 wrote: »

no we werent married... small mercys on that count

That's a shame - if you were married you could have asked the court to make a property adjustment order, which would have given you some protection.

Your problem is that in signing the house over to you, he is effectively 'giving away' money that could be used to pay off his debts. Which is why, if he goes bankrupt within 5 years, the OR could come after you for the money.

One other thing - you don't seem to be clear if these debts (or some of them) are secured on the property. You can easily find out by logging onto the Land registry site and obtaining a copy of your title deed (£4 fee) this will tell you what charges there are against the house. One will be the mortgage, but if there are others, you need to look at them as they will be debts, which you will need to clear in order to remortgage.

https://www.landregistry.gov.uk

hope this helps and good luck.

RACHIE77

zzzLazyDaisy wrote: »

One other thing - you don't seem to be clear if these debts (or some of them) are secured on the property. You can easily find out by logging onto the Land registry site and obtaining a copy of your title deed (£4 fee) this will tell you what charges there are against the house. One will be the mortgage, but if there are others, you need to look at them as they will be debts, which you will need to clear in order to remortgage.

https://www.landregistry.gov.uk

hope this helps and good luck.

Thanks!! I am going to do this right away!

RACHIE77

zzzLazyDaisy wrote: »

That's a shame - if you were married you could have asked the court to make a property adjustment order, which would have given you some protection.

It would have had far more "againsts" than it had "fors" thats for sure ! but yes its a shame for this instance!

zzzLazyDaisy wrote: »

Your problem is that in signing the house over to you, he is effectively 'giving away' money that could be used to pay off his debts. Which is why, if he goes bankrupt within 5 years, the OR could come after you for the money.

I agree, even tho the money is technically mine as I have been paying the mortgage, its not how its going to be seen.

zzzLazyDaisy wrote: »

One other thing - you don't seem to be clear if these debts (or some of them) are secured on the property. You can easily find out by logging onto the Land registry site and obtaining a copy of your title deed (£4 fee) this will tell you what charges there are against the house. One will be the mortgage, but if there are others, you need to look at them as they will be debts, which you will need to clear in order to remortgage.

https://www.landregistry.gov.uk

hope this helps and good luck.

I cant see this on their site (after saying I would go and look, I did, but cant find it! lol!) any ideas where I should go to find it?

Thanks for your help btw!

RACHIE77

RACHIE77 wrote: »

I cant see this on their site (after saying I would go and look, I did, but cant find it! lol!) any ideas where I should go to find it?

Thanks for your help btw!

I have found it now! Under "find a property"