Shared Mortgage - Legal advice?

candytwinkle

Where do I stand legally?

Since my wife and I split, I pay the full monthly mortgage and secured loan on our property. She has refused to pay a penny since March/April.
We now both live in seperate rented flats and the property has been on the market since we split. There is no equity in the house.

I have dropped the asking price to as low as possible just to clear the mortgage and selling fees, my girlfriend has taken a personal loan in her name to cover the £10,000 secured loan that was previously in joint names with my ex.

I can't financally afford to pay the full mortgage, rent for our flat and repayments for the loan. So my girlfriend and I have decided we will have to move into the house in January,until it's sold.

My questions are....what rights do I have? what rights does my ex have? Can I change the locks?

opinions4u

See a solicitor.

It would be impossible to provide any clear advice based in this sort of forum.

Too many variables in circumstances.

candytwinkle

Thanks, anyone know a good property solicitor in Coventry?

zzzLazyDaisy

If the house is in joint names, legally your wife can enter at any time, and you cannot change the locks.

Having said that, my sister's ex changed the locks on their house and wouldn't even let her in to get her personal possessions. Her solicitor said that was unlawful, but that it would cost too much to take him to court. So I guess it is up to you how far you are willing to go.

candytwinkle

Good point thanks. She won't pay the mortgage she's unlikely to pay a solicitor.

getmore4less

I think technicaly you(and new GF) rent the house of you(and ex) and you can use her part of the rent to offset her payments due.

So probably you still make a loss.


Why have someone take out a personal loan to pay your joint debt with someone else?

candytwinkle

I've emailed the solicitor and waiting to see what her reply is but thanks for advise.
I was refused the loan so my GF took one out to cover it. The burden of the mortgage is crippling us so we thought by taking the secured loan off the property we could reduce the house and it would sell. But it's still not selling. We don't want to move in but needs must.

My other worry is the mortgage is interest only but with a £3,000 lump sum repayment every August. I paid the £3,000 this year and if it's not sold by August I will need to pay it again. When the house sells is she entitled to half of the £6,000 profit from these payments?

zzzLazyDaisy

She is a joint owner. This means that when the house sells she is entitled to half the net proceeds of sale. The only exception is if you are married in which case on divorce the court has the power to adjust the shares on a just and equitable basis. The only other possibility is if she agrees voluntarily to give up any rights in the house.

On the other hand if the house is in negative equity, she is liable for half the shortfall - however this is academic, because if she refuses to pay her half, it leaves you unable to sell the house, or having to make up the shortfall yourself.

It is a bit 'lose/lose' I'm afraid. the only good thing is that in the meantime you and your gf are saving on rent by living at the house.

EDIT - although at the rate house prices are dropping, you probably won't see a 6k 'profit' anyway