Help Needed - Property Related

B2B-2008

Hi,

I posted this on the house thread, they pointed me this way and said that you guys might be able to help. I have a problem at the moment that is causing me lots of stress and I wonder if anyone could give me advice.

In October 2004 I purchased a property with my ex parter. He moved out in February 2005. Since then I have been paying the mortgage/service charge and ground rent myself. We couldn't re-mortgage at the time as we were in a fixed rate and couldn't afford the fines due to debt. Also we never put down the deposit my mum took out a loan for us for this. We were supposed to pay this but when he left I couldn't afford it and she has been paying it.

All along he has said he would sign the property over to me. It is now time do this but I think he isn't going to sign and I think he wants money.

Is he entitled to his share of any profit even though he hasn't paid any money in for nearly two years? Would this have to go to court?

I don't have two penny's to rub together and I can't get a bigger mortgage because of the amount of debt we got in together, I am also paying this debt on my own.

Any reassurance or suggestions would be a great help.

Thanks

Rachie_B

sorry i cant help

but didnt want to read and run

try contacting the CAB or have a free consultation with a solicitor to see exactly what rights you / he has over the house

Alan50

Hi,

I would instruct a chartered serveyor to prepare a written valuation on the property, normally in this situation (relationship breakdown) the value will be based on a realistic selling price as to the full marketing price....pity you did not do this when he left.

Property value......x
Less motgage/mums loan

= Equity/profit..50% each

You could deduct his part of the mortgage/loan payments he should have paid from the equity/profit, but that is down to the both of you to do a deal?
I have assummed you are not married, and the deposit that mum paid is documented in some way that it was intended as a loan.

Good Luck

Alan

november

I didn't want to read and run either but am probably only going to say what the OP has.

You need to see CAB or a debt advisor regarding the debt. I am assuming it is in both names so you are both liable?

Re. the house - sorry I think you need a solicitor. I did as it involved deeds, mortgages etc. and yes I had to pay them. On the bright side your ex will also need one and have to pay his also so that may affect his decision. Even if he does 'sign it over' it will still involve you needing a solicitor and getting another mortgage in your own name to 'buy out' the old mortgage. Its sort of like you buying the house from you and him even if no money changes hands. Yes he may be entitled to some equity from when the house was jointly owned but I suppose it depends on how much on whether it is worth his while.

Would it have to go to court? Not if you can agree between you or (if not) between your solicitors.

I would firstly go to CAB. Then talk to the ex and point out a few facts e.g. solicitors will cost BOTH of you money and see if you can both reach agreement. Set a deadline for what is going to be done and then start the process.

Then I do think you need a solicitor. Plus I would do it a.s.a.p. just in case he is entitled to any equity and the equity increases.

Another tip from my multiple dealings with solicitors. Don't necessarily take the first one. If one says something you totally don't like try another. I was once told that I had 'no chance' with something and tried another 2 solicitors before I got one who said 'everyone is entitled to try'. I won. Not saying carry on infinately because legislation is legislation but sometimes its a matter of getting a solicitor willing to fight on your behalf e.g. "yes you paid this so lets offer him that/point out its not worth his while" rather than one who may say "yes he's entitled to 50%". But it also depends on the cost to you (otherwise as well as financial) in how much and how hard you decide to fight e.g. don't let someone walk over you if you are right versus don't drive yourself to a breakdown over a few quid.

Good luck