Divorced and mortgage in negative equity

Katherineanton

Hello,

I would really appreciate some advice please.

I have a mortgage with my ex-husband of approx £220k and the property is now worth about £185k.

We went our separate ways in February 2009 and he then met a new partner who now lives with him in the property. His salary covers the mortgage and his partner also owns another property from which she receives rental income.

The joint mortgage is through Santander and I have approached them to take me off of the mortgage as my ex's partner wishes to go on instead (she is fully aware there is negative equity). Santander have said that this is not possible (they also said that had it have been a mortgage through another lender then they would have taken me off).

My concern is that the house is in a terrible state of repair (my ex has a serious hoarding problem and loads of animals and the house is filthy) and my children will not go and see their father because of this.

I live with my two children (from my ex) with my partner and wish to go onto his mortgage as we have a joint account and I pay half of everything.

We are divorced now (finalised about 18 months ago) and this is the only financial "remnant" from the marriage, so would like to see it sorted. Is there anything that can be done? He does not wish to move/sell the house and I feel very frustrated that I am legally liable for a house that his new girlfriend lives in (although I have no issues with either of them!)

Can anyone suggest a way in which this can be sorted.

CH27

Hi
You may be better posting this in the Mortgage section.

DUTR

Why can't you buy your half of the negative equity? If it were in positive equity I'm sure you would want him to buy you out?

BitterAndTwisted

You can't "be taken off the mortgage". Your ex's only option is to remortgage in his and his new partner's names. This will be be difficult to impossible without the two of them putting in an amount in cash to cover the negative equity.

Katherineanton

Hello,

Thanks for the reply.

I am not interested in money - I wouldn't want half even if there were positive equity. I left the house with nothing - took no furniture etc, just want to come off of the mortgage so we can both put this behind us.

My half of the equity would be approx £20k, but he is not willing to do his half, so can't think of a way out. He definitely wants to stay in the house.

BitterAndTwisted

I suspect that your only recourse would be to force a sale. You should only do that if you and your new partner plus your ex and partner have enough savings to cover the negative equity between you.

Katherineanton

Yes, I had thought of that but I don't want to see him and his girlfriend being forced to sell a house that they like living in.

He is paying the mortgage fine and has never (and probably will never) gotten into arrears which makes it all the more frustrating that Santander won't take me off.

DUTR

Katherineanton wrote: »

Hello,

Thanks for the reply.

I am not interested in money - I wouldn't want half even if there were positive equity. I left the house with nothing - took no furniture etc, just want to come off of the mortgage so we can both put this behind us.

My half of the equity would be approx £20k, but he is not willing to do his half, so can't think of a way out. He definitely wants to stay in the house.

What I mean is if you give him £20k to come off the mortgage , he and his partner can find the other £20k to cover the negative equity and re-assign the charge order in his or their names.

Katherineanton

Yes, I had thought of this but I don't have a way of paying back such a large loan (I don't earn enough).

The only other thing I can do is sit and wait (and wait and wait) :rotfl:

pinkshoes

This is quite simple (ish!).

The house is in £35k negative equity, so that's £17.5k each for you and your ex. To get the mortgage out of your name (and in his and his girlfriend's), then you would have to give him £175000, then he and his g/f would need to find £175000 for his half of the negative equity, and then on top of that a 10% deposit, so another £18500.

Basically, your ex can only have a mortgage without you if the property has at least 10% equity, otherwise no one will lend to him again without a deposit!

So the question is, do you have a spare £17500, and does your ex and his g/f have £36000 cash? If not, then there is NO WAY that you can be off the mortgage.

The next step would be selling, then both taking a loan for £17500 each to pay off the outstanding mortgage.

If he won't do that, then as you own half of the home, and are one the deeds, then MOVE BACK IN and force him to clean up, and make his life hell until he agrees to either find some cash, or sell!

claretmatt

Is the valuation a santander computer valuation or surveyor's value?