Joint Mortgage With Ex

Dave9_2

Hoping desperately someone can give some advise please? Here's where I'm at.

Bought house with ex in 2002 for 155k. She left about 4 years ago. We still had joint bank account which she had wage paid in and I paid in half the mortgage. Mortgage was then paid by direct debit. Unfortunately, she was taking the money out that I put in and not paying the mortgage at all. House nearly got repossed but I found out in time and made an arrangement to pay. She made a few mortgage payments and then stopped again.

House has been up for sale since 2006 but has not sold. I then took it off the market last year as I arranged that once we been arrears free for 12 months me and my new partner would buy her out. We are now 12 months down the line and just about managed to get a mortgage with a lot of problems but have done it. But can only afford to raise £12k to buy her out. She isn't having any of this.

Estate agents says to sell house would go on market now at 180k to 190k and the outstanding mortgage is £150k. But she thinks house is worth £220k (even though it has been on the market at this and not sold).

I can't talk to her as she just goes mad. I also can't afford to get in a big solicitor discussion.

What can I do? Can she force me to sell? If I had to sell would the solicitor be able to recoup back the money I have had to pay to clear the arrears and make up the shortfall because she hasn't paid?

Any help much appreciated......

Voyager2002

Arrange for an estate agent to discuss the situation with her. Perhaps she could arrange her own valuation of the property. Certainly there is no reason why the value of her share of the equity should coincide with the amount of money you happen to have available. Your figures suggest that the equity in the house now is around 30 - 40 thousand, so her share would be closer to 20K than the twelve that you suggest.

Dave9_2

Thank you very much for your reply. We have already done this and she has had sight of 3 estate agents valuations - but she has said that they are wrong :-(

Unfortunately the 12k is all I can raise and I was thinking that she hasn't paid the mortgage and I have paid all the arrears (and she stole my money for the mortgage) that the amount would be about 10k she owed me anyway so she would be getting more than her share.

If I can't raise more will that mean i have to sell it?

Voyager2002

In order to get an accurate valuation, she could instruct (pay) a surveyor rather than just an estate agent.

Otherwise, the only way to know how much the house is worth is to put it on the market and see what offers are made. Perhaps at that stage you could match the best offer (that is, offer to buy her out so that she ends up with the same amount of money as if the sale went ahead).

What does your new partner think? Emotionally, it would be weird for her to live in your former marital home, and in lots of ways you would all be better off living somewhere new.

Dave9_2

thanks. Well the problem is we know it won't sell unless it is dropped right down. There are other house in the area just the same and they aren't even getting anyone to look at them - just the same as this was. So a bit stuck really.

If somehow she did agree to the 12k would be just be able to sort it then or would it still have to 20k because of the equity?