Our SOA

XXSCOTSLASSXX

Mortgage................................ 293 (this is my ex-wife and I's house, which has been on the market for 2 years, I want to rent it out, she refuses so far).

Do your ex wife and children still live in this house?? am assuming its not been sitting empty for the last 2 years if it has it would be a much cheaper option for you to be living there?? Sorry but I can see your ex wifes point in a way re renting out if this is the childrens home. is £293 the full mortgage payment or is your ex wife paying half?

ChefBungle

XXSCOTSLASSXX wrote: »

Mortgage................................ 293 (this is my ex-wife and I's house, which has been on the market for 2 years, I want to rent it out, she refuses so far).

Do your ex wife and children still live in this house?? am assuming its not been sitting empty for the last 2 years if it has it would be a much cheaper option for you to be living there?? Sorry but I can see your ex wifes point in a way re renting out if this is the childrens home. is £293 the full mortgage payment or is your ex wife paying half?

Hey, the house has indeed been empty for the last 2 years and the property is deteriorating as a result. It needs to be rented out in order to get some amount of heat back into it!

I now live in a different part of the country and would be unable to live there anymore.

£293 is my half of the mortgage payment, she pays the other half.

XXSCOTSLASSXX

defies logic really as she is currently paying £293 also and has been for the last 2 years ... £7032... in a house that if sells at £120,000 will give a £2500 (her share) return if lucky!! has she given any sound reasons as to why not willing to rent it out..does she still live in the area the house is in and maybe she feels she'll be left having to sort anything out with tennants etc seeing as youve moved away...

silly_moo

Can't your ex-wife move into that house? Is she renting elsewhere just now? You could say to her you don't want any ownership in the house and she has to pay the mortgage herself but if she sells it then all profit is hers.

XXSCOTSLASSXX

silly_moo wrote: »

Can't your ex-wife move into that house? Is she renting elsewhere just now? You could say to her you don't want any ownership in the house and she has to pay the mortgage herself but if she sells it then all profit is hers.

I was gonna say exactly the same thing if ex wife had still been living there, at present theres no equity in the house so makes no sense for either party to be paying rent to live in + a mortgage on an empty property for the past 2 years!! even defaulting and handing back to mortgage company would be better option than forking out £3.5k each a year for an empty space.. that was an observation rather than advice by the way lol

ChefBungle

XXSCOTSLASSXX wrote: »

defies logic really as she is currently paying £293 also and has been for the last 2 years ... £7032... in a house that if sells at £120,000 will give a £2500 (her share) return if lucky!! has she given any sound reasons as to why not willing to rent it out..does she still live in the area the house is in and maybe she feels she'll be left having to sort anything out with tennants etc seeing as youve moved away...

Yup, tell me about it! She's not given any sound reason, other than it means she will be tied to me for longer. The relationship breakdown was far from amicable, she wants absolutely nothing to do with me and she's just determined to get rid of the house asap.

It makes zero sense, the house just isn't going to sell anytime soon and she doesn't want to entertain alternatives even though it would make her financially better off!

ChefBungle

silly_moo wrote: »

Can't your ex-wife move into that house? Is she renting elsewhere just now? You could say to her you don't want any ownership in the house and she has to pay the mortgage herself but if she sells it then all profit is hers.

Ex-wife has moved away to be back near her parents and general support network. Kids have moved to new schools, etc so moving back for her would not be an option.

ChefBungle

XXSCOTSLASSXX wrote: »

I was gonna say exactly the same thing if ex wife had still been living there, at present theres no equity in the house so makes no sense for either party to be paying rent to live in + a mortgage on an empty property for the past 2 years!! even defaulting and handing back to mortgage company would be better option than forking out £3.5k each a year for an empty space.. that was an observation rather than advice by the way lol

I know, but that would mean a shortfall as I guess they would just sell it at auction and would probably leave a shortfall of 20k? I'm unable to finance that kinda chunk of money unfortunately, and there's no way my ex-wife would agree to that as a course of action.

XXSCOTSLASSXX

another year paying the mortgage youll have paid between you over 21k!! if she unwilling to budge re the renting maybe just sign it over to her anyway no way at this stage your gonna get the 7.5k back that uv already paid out in the last 2 years let alone what was paid in previous years... cut your loses and start afresh, house and mortgage are then her sole responsibility if she wants to continue paying full mortgage on an empty space to await house sale then thats up to her.

Mikazaru

ChefBungle wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2177
Partners monthly income after tax....... 550 Anyway to increase?
Benefits................................ 80
Other income............................ 150 What is this from?
Total monthly income.................... 2957

Monthly Expense Details
Mortgage................................ 293 (this is my ex-wife and I's house, which has been on the market for 2 years, I want to rent it out, she refuses so far).
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 50
Gas..................................... 150 (we have a gas-fired rayburn in our house which is only on just now because of the cold weather, but the heating is only on for 2 hours per day).
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35 This is high even if it includes internet.
Mobile phone............................ 70 (2 x mobiles, still in contract) Can you drop a tariff once a month?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 Have a look at the Old Style board for tips on how to reduce a bit.
Clothing................................ 50 Only buy essentials for now
Petrol/diesel........................... 260 (I have a 90-mile round trip each day to work just now, although get a travel allowance from work which is included in the income figures above).
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 374 (maintenance payment to my ex-wife)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 24
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2478

Assets
Cash.................................... 0
House value (Gross)..................... 120000 (estimated value of house in current market conditions)
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 123500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(293)......5
Total secured & HP debts...... 115000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Mastercard..............11000.....240.......16.9
RBS Credit Card................5200......110.......15
Car Loan.......................3500......130.......0
Loan...........................5000......150.......20
Catalogue......................550.......40........20
Total unsecured debts..........25250.....670.......-

Some comments above...
Can you pay the loan off early? If so pay off the loan and the catalogue, then you will break even, and put the rest of the £8000 towards the Mastercard