? joint mortgage responsibility for losses

sarahpar

i have a real problem and not sure where i stand,
i made the mistake of trusting someone enough to talke a joint mortgage,
i did have the sense to draw up a declaration of trust with solicitor and witnesses
the relationship ended 8 months ago
he pays nothing to the mortagage now, but still in joint name.
the declaration of trust was: i put up 75,000 and paid all costs, he put up 50,000. if sold 10,000 plus 60% mine and 40% his.

the problem is he never put his 50,000 in as his house didint sell and he's just moved back there and left me to sort out the house. its been up for sale at reduced price and not yet sold,
so far it will be a loss of 50,000 pounds (bought for 250,000 now on at 200,000)
all of this loss is mine as he's walked away
surely the declaration of trust should mean he has to share the equity losses, as he would have gained from any profit
he won't even contribute to estate agent or solicitors costs.

please can anyone offer advice help, i've lost so much money and hes lost nothing!

CloudCuckooLand

How did you complete the purchase, if there was £50k missing from the deposits? More mortgage or more cash from yourself?

Something doesn't add up.

[STRIKE]
Move back in. Make life hell, so he moves out.
[/STRIKE] Re-reading, he's move back "there" - the place he didn't sell...

silvercar

Where did the 50,000 that he didn't contribute come from?

Just because he is not living there, he would still jointly own and so be responsible for the bills. He would also have to sign the contract agreeing to sell. Will he do this?

sarahpar

the 50,000 he was ment to put in was in equity in his house (we both had our own properties) his house didnt sell so we got the 50k on interest only mortgage, until it did sell, which never happened.

and yes he will sign contact and agrees to sell house

CloudCuckooLand

You should have changed the declaration of trust when taking on the mortgage, then. Its not an overnight event, getting a mortgage; you have to apply, wait for approval, wait for completion...all time during which you should have stopped to think about the change in circumstances from those planned, and modify the documentation.

He remains liable for the £50k mortgage, jointly with you (assuming he didn't completely suck you in and say you need to do it on your own name because his income was still supporting his other house..?!)...and any other mortgage, if there is one.

Don't suppose you used a solicitor with a personal relationship to you, who you might be able to blame for not protecting your interests by noticing the change from cash to mortgage..? Perhaps you even used his choice of solicitor..?

If you can afford to, just stay there. Its only a £50k IO mortgage, can't be back-breaking. Ride out until equity rebuilt by prices rising?

sarahpar

its actually a 170,000 mortage im left with !! on a nurses salery!

it was an indepedent solicitor and witness by two of his oldest friends.....and no i didnt get sucked in quite that much , its all in joint name joint payments until he left

CloudCuckooLand

You need to speak to that solicitor, to check the force and effect of the declaration...