Can I get Ex-Partner to Pay his half for Mortgage/Loan

snowchick1985

Hi

Would really apprecitate any advice anyone could give me!

I brought a house with my ex-partner in 2007 with Northern Rock and opted for the dreaded "together plan" which means 100% Mortgage and Unsecured loan. Unfortunately my ex-partner decided to leave me and moved in with new partner who has child and moved away.

To start with he was paying towards Mortgage and then decided that I should move of property and we should rent out until we are able to sell. Its currently in £21000 negative equity! Northern Rock agreed and I pay a £100 fee per year for permission.

Once I moved out of property he stopped paying and I am left paying the difference between what the tenants pay me and mortgage/loan amount, which is approx £300 which I stuggle to pay. I met someone new myself and moved into his house which he owns mortgage wise but still struggle to pay on my own every month.

I want to get the house signed over to me but Northern Rock will not do this without moving the whole of the £17000 loan with it. I want my ex partner to pay his half or except liability for it but he wont.

I am thinking of taking him to court to proceed with either him paying for half mortgage/loan or pay his half of his loan off. So my questions is would it be worth it, does anyone no what legal rights I have or whether it is possible?

Thanks

Snowchick1985

holly_hobby

Well you are both jointly and severally liable for the whole mortgage debt - so in my opinion there would be little to be gained in pursuing throught court, apart from the incurring of legal fees.

My honest advice ? Sell it, the neg equity element may not be as much as anticipated, of course it may be more, either way the maintenance of this loan is negatively effecting your own personal standard of living - so in my opinion, the only sensible thing to do is sell it and take it from there.

You say you had a together mortgage how much of your existing borrowings are on the unsecured element ?

I ask this as any monies in excess of the 95% original secured loan were written as an unsecured loan, albeit running along side the morgage and at the same rate. The important thing to note, is that if the unsecured element of the mortgage borrowings are unable to be redeemed upon property sale, this element of borrowing is transferred to normal loan rates (achieved by a loading on rate), and thereafter treated as a personal loan - not negative equity with its accompanying issues.

Give NR a call and chat your situation through with them, askig them for formal confirmation of how the redemption of the mge and unseucred loan will be affected by any loss upon sale .... then plan your route of action from there.

Hope this helps

Holly

Thrugelmir

snowchick1985 wrote: »

I want to get the house signed over to me but Northern Rock will not do this without moving the whole of the £17000 loan with it. I want my ex partner to pay his half or except liability for it but he wont.

If you are struggling to meet the £300 shortfall every month. Then its most unlikely that you'll be granted a mortgage in your own name.

Is the mortgage and loan on a repayment or interest only basis?

As maybe better to crystallise your losses and agree a settlement on the debt owed. You ex partner will obviously be pursued for a share of the debt as well.