Joint Account with Ex

missile

karenlyth25 wrote: »

Ok thanks for your help

Are you divorced or seperated?

I would want to sever all ties with the ex. Get the tenant out, sell the house and close any joint accounts.

I would see a GOOD solicitor asap.

karenlyth25

We brought the house in May 2007.....therefore the dreaded negative equity rears it's ugly head hence our reluctance to sell for a stupid price Houses really aren't selling in that area even the really cheaply priced ones, the market is flooded....sorry as much as I cant stand the guy I dont have the money to take the hit with this.

The tenant has been there for 2 years and is a good payer and never had any problems....touch wood. That's why I won't get rid and leave the house to fester on the market as every month its empty is a month we (I) have to pay.....houses in that area have been on for months, I just can't take the risk.

We are divorced and have been 18 months.

I don't want to split it as if something goes wrong, I know he wouldn't be able to afford to pay...so that money is a good buffer.

Thanks for all your responses. It's appreciated.

flea72

so if the rent covers the mortgage and then some, open an account in just your own name and have the rent paid straight into that

then get your ex to agree to closing your joint account. id give him the £400 quid in there, if thats the only way he'll agree

that way, the only tie you two have is the property, and as long as the mortgage is being paid you have no other financial commitment to each other - i would also get a password put on your mortgage account (pick something totally random that he couldnt guess) so that no changes can be made to the mortgage terms, without your authorisation

F

karenlyth25

Flea thats a great idea. Thank you

pqrdef

Still looks dodgy to me. Could a creditor have a charge put on the house? What if you get run over by a bus? I'm no lawyer, but I wouldn't assume that the law will protect what you regard as yours.

flea72

pqrdef wrote: »

Still looks dodgy to me. Could a creditor have a charge put on the house? What if you get run over by a bus? I'm no lawyer, but I wouldn't assume that the law will protect what you regard as yours.

yes a charge could be put on the house, but seeing as the OP says there is no equity in the property, its not something i would worry about too much at this stage.

however, you have brought up a good point about the OP dying. she really needs to get a will sorted, if she hasnt done so already

F

karenlyth25

Ok.....no I dont have a will but I thought if anything happened my life insurance would settle the outstanding mortgage and he would still be entitled to his half of the house......is that wrong.....goodness this has raised a few questions. Appears I am very naive when it comes to all this.

Thanks for you assistance so far.

Mr_Thrifty

I don't recommend that you do this... but.... if it's a joint account, then you could just empty the account. LOL. That way he can't withdraw it. But he could mess you around with the ongoing mortgage payments. So, uh, yeah, forget that actually. Durrr.

flea72

karenlyth25 wrote: »

Ok.....no I dont have a will but I thought if anything happened my life insurance would settle the outstanding mortgage and he would still be entitled to his half of the house......is that wrong.....goodness this has raised a few questions. Appears I am very naive when it comes to all this.

Thanks for you assistance so far.

yes, the mortgage would get paid off (im taking it you still have life insurance for this?)

however if you arent divorced, and have not made a will stipulating who you want your share of the house, and all other possessions/money to go, then your ex gets them all

F