some advice please

ollieruk

me and my partner have split back in feb. we have had a joint mortgage together for 3years. i have left the house and moved back in with parents. my ex remains in the house and is refusing to move out so cant rent it. we have had the house valued and it has come in at £99.995. we have a mortgage for £109.000 currently. neither of us can afford to buy each other out and obviously with big loss and would end up taking on more debt do not want to sell it. the mortgage company will not sign the house to my ex as he has recently set up new business and they have asked for two years books before they consider it plus a deposit. i have been paying my half of the mortgage and am seeking solictors advice tomorrow. just wondering is there any way at all i can get my name off mortgage as i am never going to be able to get my own place if have to continue paying half a mortgage on a house i dont even live in. he has been to a solictor for some advice and one thing he said was he would pay the mortage if i agree to sign something to say i dont want any profit from the house if it sells however am i right in thinking if he didnt pay the mortgage then i would be liable to pay? if so this agreement is not in my best interest!!! would be grateful for any advice xx

hcb42

You are both jointly liable so if he doesnt pay, yes they will come after you in full.

You need to sell if neither of you can keep it on, and you will then need to find the shortfall e.g. £10K if it sells at £99K

See what the solicitor says re the agreement..

holly_hobby

Whether you effect a legal agreement declaring that you will not seek any equity realised on the disposal of the property is irrelevant to liability - as whilst you remain party to the mortgage - you remain party to the debt - simple as.

The only option I can suggest to release you from your mge commitment is to sadly push for sale of the property.

You may have to get a court order, if your ex partner does not initially agree to the sale - but as long as there are no children living at the property - it will usually be granted.

Of course any legal intervention will have a fee (solicitor & court), but I would wager if it gets you out of this mess you would gladly accept it.

Best of luck

Holly