Will I be made `homeless`

Oldernotwiser

sexymax wrote: »

thanks for your comment..however you obviously didn`t address my individual concerns ?
a, I`m currently receiving pension credit, eg, all interest on mortgage, council tax,
all other benefits
b, I`m in fact only entitled to 1/2 the property
(approx £250k - £72k =£178k cut in 1/2 =£89k lets say £90k
not many places around for £90k (with £90k I would not be entitled to any benefits
c,Im trying to avoid being homeless
d,main point `would mortgage co extend period indefinately ?

thanks anyway

There's lots of places where you can buy a one bed flat (at the very least) for £90K.

suburbanwifey

silvercar wrote: »

Totally agree. Remember also that it is the taxpayer that has been paying the mortgage not OP!

TRUE, so on that basis, why does the OP feel the equity in that house belongs to him and not the mother of his children also? she hasn't paid into that mortgage or its residual costs for 10 years, but there again, neither has he! Thank You for that point. I had overlooked that

What I would do in that (his) precise situation is this:

Sell the house, she gets her cut, he gets his.
Buy a static caravan and re-build his life.

Worry about the DWP once I had bought the caravan (they last around 20 yrs so he should have a home for last season of his life) they can't leave you penniless! and at least you have a secure home that is YOURS, no mortgage, no joint ownership, no rent etc. That is what I would do.

If he is well enough, try to find a part-time job in a garden centre for money to live on. Seems simplistic yes, but is perfectly possible and sometimes the simplest solutions are the best.

BoGoF

In all honesty the panic option is probably better than some of the replies given that clearly have not read all the thread. False hope springs to mind.

silvercar

You need to find under what conditions a sale is forced. The half owner may be expecting that the mortgage would be cleared in 2 years, but that doesn't force a sale.

Also check how the property is held, if it was expected that OP was paying the endowment and had agreed to clear the mortgage, OPs ex may be expecting half the property value, not just half the equity after the mortgage.

I still think the simplest thing to do is check the lenders opinion on extending the mortgage term given the benefit situation, then dealing with the co-owner.

sexymax

Thanks for all your comments..just for the record my ex partner is not interested in the equity for herself. She feels that if she signs it all to me I would be free to do with it as I wish. Both our end goals are the same however...namely that our 2 children 23, and 19, should get the benifit when my time has come..
Also in 2 years its possible both of them could buy the house for £72k and I could remain here ? God willing that they could get a mortgage for the £72k
So I will get info from the CAB. before I approach the B.S. I`m just nervous to do so before I need to
Its quite interesting though to get quite conflicting views on the matter !!

RenovationMan

sexymax wrote: »

So I will get info from the CAB. before I approach the B.S. I`m just nervous to do so before I need to
Its quite interesting though to get quite conflicting views on the matter !!

Probably the best course of action. If your OH really is just concerned about the kids inheritance then there isn't a problem and you don't need to sell the house. Problem solved.

You're already in receipt of Pension Credit, so your housing costs, mortgage interest and council tax are covered. No problem here.

The only outstanding issue is therefore your mortgage term, and the CAB will advise you about that. I doubt the mortgage lender will start eviction proceeding to throw a pensioner out of his house, especially while the mortgage is actually being paid. They wouldn't find a judge willing to do this and it wouldn't be good publicity either. They might insist on an element of repayment in the mortgage, but your pensions credit could cover that if you have a low enough mortgage rate.

Just get in touch with CAB and get them to contact your mortgage provider to sort this out. Do it as soon as possible and then come back here and let others in your peosition know how you've gotten on.

Good luck.

suburbanwifey

Good advice RenovationMan, especially as we have found out the ex doesn't want her cut.

sexymax

Thank you Renovation man, cant find the thank you button

Barny1979

Why would the OPs ex sign over half the equity to the OP for nothing?

Oldernotwiser

Why can't the OP sell the house when the term is up and buy something cheaper with the equity?