mortgage advice after separation

tess1981

hi can anyone advise please - i got a mortgage with my ex 3 years ago, he cheated, we split, i live there alone paying it all, he's hassling me to give him a large payment to buy his share but the property is in negative equity. what can i do? i can't afford to take the mortgage on on my own, cause i fall short by few grand, been looking at rent to buy but scared to invest into property and have him change mind after i start making profit? please any advice grateful.

Thrugelmir

Sell the property and seperate your finances.

tess1981

unfortunately with property market etc it's valued at 30 grand loss, i know money isn't everything but that's big loss

dimbo61

Its not a £30K loss its £15K each so tell him that and put the house on the market and move on with your life.

blueberrypie

tess1981 wrote: »

hi can anyone advise please - i got a mortgage with my ex 3 years ago, he cheated, we split, i live there alone paying it all, he's hassling me to give him a large payment to buy his share but the property is in negative equity. what can i do? i can't afford to take the mortgage on on my own, cause i fall short by few grand, been looking at rent to buy but scared to invest into property and have him change mind after i start making profit? please any advice grateful.

There is no equity in the property right now so there is nothing for you to "buy" from him. Indeed, if you're in £30 of negative equity, "his share" is half of that - so he would be giving *you* £15k. It sounds like he doesn't realise this. Point it out to him.

As thrugelmir says, selling and getting out of the financial association is probably the best thing to do - but it does mean that the two of you will have to come up with a way to pay the £30k shortfall. (Note that legally you are jointly responsible for the debt - it's not "half each", even if that seems the "fair" way to do it.)

tess1981

tried explaining that to him, his answer is not selling he''ll refuse, then when market restored he won't sell to hinder me. are there no stipulations that i can put in place to protect myself? he's refusing to pay but i'll still end up in debt if i don't cover bills won't i? don't want to pay for him to have an interest. i am willing to take loss if needed to end it but i need to make sure i'm not jumping into frying pan

Meeper

He cannot stop you putting the property on the market. You can force a sale if you want to.

AnnaV

tess1981 wrote: »

then when market restored

This is likely to take years and years, even by the optimistic estimates.

Wh05apk

He effectively curently owns half the property and half the mortgage, the value at the moment is £30k (on your figures) so add on solictors estate agents etc you could be looking at say a £35k shortfall? or £17,500 each

Options are:

Sell and take 1/2 the debt
one of you take the mortgage and property over, paying the other person their share of the shortfall
carry on struggling and being hostile till you can resolve

The important thing if you want to buy again at some point will be to ensure that you keep any credit you have up to date and do not miss any payments.

tess1981

so that means he can force me to sell as well i take it? i know will take years for market to improve, that's why was going to rent but don't want to invest while his name is still on papers. guessing i don't have much option??? just to sell up.

tess1981

thanks for your message - few options. can you tell me he's agreed to sign off if i can prove i can get mortgage, and give him cash - forgetting the cash, i'd have to change flat to renting standards but that means investing - what protection can i get to stop him changing mind