Ex going BR, still named on joint mortgage, implications for me in property?

BlueIsTheColour

Hi everyone,

Haven't posted on here in a long while as everything seemed to be going well but today feel like have had the rug pulled from under me, potentially and am hoping someone can maybe help me?

I split from my partner just over a year ago, but for reasons of arrears and being unable to officially take over the mortgage on my salary alone, we remained named on the mortgage together. I have remained in residence at the property and have been paying the mortgage and a token amount towards the arrears by myself for that time, which the company are aware of.

However I have found out today that my ex is on the verge of going BR and I am now panicking as to what will happen with the property? There is no equity in it at all, and several are empty around the vicinity, unsold for over a year. I have had no contact with my ex about this, I heard from a mutual friend.

Does anyone have any clue as to what may possibly happen? Can his BR force me out of the property? Or would it be where I would have to somehow buy out his interest in it or something? I vaguely remember something about this, or presumably someone else he nominated could do this if he was offered the opportunity?

Any help would be most gratefully received.

Thanks in advance. Hope I've given enough info here?

immoral_angeluk

Is there any equity?

BlueIsTheColour

None at all, negative if anything...

BlueIsTheColour

Called the mortgage company who had no idea how him going BR would affect me..... suggested legal advice... but I have potentially arranged to capitalize the arrears if I can get his signature which would then mean I could see about getting the mortgage in my own name, but obviously this all takes time... and am also wondering if I was to get them to let me have the mortgage solely and he signed to take himself off, would the OR then see it as him disposing of an asset, even though it isn't one as there is no equity, now could I rely on the ex's ignorance in not knowing this or would it cause problems later on?

Thanks in advance if anyone has any advice to give.

immoral_angeluk

I believe if there's no equity then the trustee will give you the option of buying his share of the property. If you are both still on the mortgage this could be as much as 50%. I would suggest seeking legal advice about how much his interest in the property could amount to, and you should be aware that if you are unable to buy of the share, then the OR could either place a charge on the property or force a sale and would give you your share back after the sale.

Again, I would get legal advice ASAP and before his BR.

BlueIsTheColour

Thanks ever so, would the OR contact me about this or would I be expected to 'guess' he had done it? We are no longer in contact and haven't been for over a year and I only found out on the grapevine that he thinking of BR. Obviously if it came to this I would rather buy his share of nothing currently than be forced to sell. I will seek legal advice as soon as I can, I have absolutely no way of knowing if or when he goes BR so let's hope he's his usual lazy self....

immoral_angeluk

BlueIsTheColour wrote: »

Thanks ever so, would the OR contact me about this or would I be expected to 'guess' he had done it? We are no longer in contact and haven't been for over a year and I only found out on the grapevine that he thinking of BR. Obviously if it came to this I would rather buy his share of nothing currently than be forced to sell. I will seek legal advice as soon as I can, I have absolutely no way of knowing if or when he goes BR so let's hope he's his usual lazy self....

No your ex would need to declare than he was on your mortgage, and even if they didn't they would easily find out. The OR would then contact you as your details will be on the land registry for starters..

BlueIsTheColour

Thanks again, good to know they would get in touch with me, would hate to think of all this happening behind my back with the first thing I knew about it being asked to move out ;-) I imagine he will tell them he is on it, but he knows no details about it whatsoever, so they will have to do the digging but as you say, it's on the land registry.

Thanks for replying :-)

immoral_angeluk

BlueIsTheColour wrote: »

Thanks again, good to know they would get in touch with me, would hate to think of all this happening behind my back with the first thing I knew about it being asked to move out ;-) I imagine he will tell them he is on it, but he knows no details about it whatsoever, so they will have to do the digging but as you say, it's on the land registry.

Thanks for replying :-)

If he doesn't declare it he could get himself in trouble for not declaring an asset, so if he's smart and has taken advice, he will

BlueIsTheColour

Smart and him, no, not exactly.... lol

That was my concern for him, if I started to arrange to get him off the mortgage, they may ask him questions about it, but he has no concern for me, so why should I have it for him, so will do all I can to get myself sorted I think...

Thanks, have a good weekend :-)