Divorce: Mortgage transfer

smash7

I'm not sure if anyone can help me but just after a bit of advice...

My husband and I are getting a divorce which, so far, has been amicable. I am living in the house which is on the market for OIEO £210k with three weeks left on the Estate Agent Contract. We will need to sell for a minimum of £207k to cover the mortgage & fees.

My husband's solicitor has told him he must pay half of the mortgage to get half of any potential equity split. He has not lived in the house for 2 months and so far, I have received 1 payment (his half is about £300)

He has now informed me that he doesn't see the need for him to pay the mortgage anymore as it will effectively negate his equity share so, he may as well default. He doesn't care about his credit score, he just wants out.

I cannot re-mortgage the property under my name as there is not enough equity. Is there any way he can 'sign' the house over to me through our mortgage company? I can afford to stay (just) but I will still have to give him half of the equity when it sells, unless I get a solicitor involved which will cost even more.

Any help/advice would be appreciated... I hope I have given enough info.

Thanks
Smash

TrickyDicky101

The mortgage company won't allow your husband to relinquish his responsibilities to the mortgage if you won't pass their affordability criteria on your own. Assuming you don't want your credit rating trashed, you will need to stump up the cash for the mortgage on your own. It sucks, but that's what is meant by joint & several liability. Any payments on a joint liability made solely by you can and should be taken into account when you come to divorce. Are there any children involved?

smash7

TrickyDicky101 wrote: »

The mortgage company won't allow your husband to relinquish his responsibilities to the mortgage if you won't pass their affordability criteria on your own. Assuming you don't want your credit rating trashed, you will need to stump up the cash for the mortgage on your own. It sucks, but that's what is meant by joint & several liability. Any payments on a joint liability made solely by you can and should be taken into account when you come to divorce. Are there any children involved?

Hi, thanks for your reply.
It is what I expected, I have no choice but to pay until it sells. He knows I won't trash my credit rating (and therefore his) so, he's in a win/win situation. I was hoping there may be another option but didn't think it likely!

No children involved, thankfully.
Thanks again

Senior_Paper_Monitor

Take advice on ..... writing to him telling him he is repsonsible for his 50% and how it should be paid, should he not pay (as he won't) write and tell him it is in default on the agreement and invoice him for the payment you have made on his half for immediate settlement.

Send him monthly statements and subsequently warning letter demanding settlement in 14 days or court action, then claim through 'small claims track' - hopefully knackering his credit rating (without harming yours) in the process.

Don't get angry - get even !