Mortgage & ex partner

xxSaffronxx

Hi im hoping you can advise me…………….

I bought a house with my ex, and we have since split. She now has a new partner living in the house with her and I have a new wife. We are trying to get the house sorted, but here are the problems we are facing

1) The house is owned 50% / rented 50%
2) We both have a bad credit history
3) The mortgage company will not allow me to take my name off
4) The mortgage company will not let my ex re-mortgage with her new partner because of bad credit
5) The house is in negative equity

Now we don’t want to fight & take this to court, we simply want to be amicable. My ex does not want to sell the house if possible.
We are worried about the cost of a solicitor & also if our only option is to go to court to force the sale of the house, then not only will we have to repay any negative equity, the solicitors fees might spiral out of control.

To add to this I am worried as my new wife has a house which she bought years ago and this house does have decent equity.
If my ex defaults on the mortgage & cannot afford it and then they come to me for the repayments and I too cant afford it, will they then turn to my new wife and try to take her asset being as we are married (my name is not on the deeds or the mortgage of my wifes house by the way)?

We seem to be hitting a brick wall and don’t know where to turn? Some solicitors say they cannot help us of the mortgage company wont budge! But there must be something we can do???!!

Is there any kind of financial deed that can be drawn up by a solicitor to say that I am not liable for any missed mortgage payments, or something of that nature?

Any other suggestions on where to start with this mess would be very helpful

silvercar

Save like mad to pay off the negative equity and sell.

xxSaffronxx

Not an option at the moment due to lack of disposable income.

Any other suggestions anyone?

betmunch

Just leave it as is?

Theres nothing that a solicitor can draw up to stop you being liable for the mortgage. You and the ex signed a (probably) 25 year contract so you are both liable until that contract ends

xxSaffronxx

betmunch wrote: »

Just leave it as is?

Theres nothing that a solicitor can draw up to stop you being liable for the mortgage. You and the ex signed a (probably) 25 year contract so you are both liable until that contract ends

But what happens if my ex defaults on the mortgage and the mortgage company come after me & I cant afford it? Im not living there.

Will my wifes house be at risk (we both live there)? I dont think its fair to my wife if thats the case?

betmunch

I cant be 100% sure about your new wifes situation, perhaps someone that is more knowledgeable than me on matrimonial law will be able to say for sure.

I can however say for sure that you will have to make the payments if your ex doesnt, I'm afraid its irrelivant that you've moved out now

System

Can't you charge your ex's new partner rent for your half?

xxSaffronxx

!!!!!! wrote: »

Can't you charge your ex's new partner rent for your half?

Thats a good point. However as im not paying towards the mortgage, it would seem a little unfair would it not?

xxSaffronxx

Could we draw up a Transfer of Equity?

betmunch

That wouldnt release you from your liability to the mortgage I'm afriad.

Thrugelmir

xxSaffronxx wrote: »

But what happens if my ex defaults on the mortgage and the mortgage company come after me & I cant afford it? Im not living there.

Will my wifes house be at risk (we both live there)? I dont think its fair to my wife if thats the case?

Your wife's property does not come into the equation.

No point going to court to force a sale as there's no equity to fund the expense.

Suggest you start saving in case the worst happens.