Mortgage, Shared ownership and Bankruptcy!!!

tyrone1980

Hi! everyone,

Sorry I have to admit this is my first post (erm... i think). I shall explain my problem. I split from my partner 3 years ago, and since that time she has been paying all the mortgage. We bought a flat in 2006 when prices where high via shared ownership with bloor homes the purchase price was £142,000 so had a mortgage of £106,500 with bloor owning 25% (no rental) after speaking with bloor they will only allow a mortgage with santander (whom the mortgage was taken out with) since they still own 25% and we can't afford to buy them out. We left it until the fixed rate was up because of fees to get out of the mortgage, however it seems that my ex is unable to take the mortgage on, she has paid the mortgage without fail since our split. So is clearly able to afford it. My current partner is very supportive but is wanting childeren, planning a future etc... and doesn't want the risk of losing a home that we might buy together. At the moment I am considering bankruptcy but not sure if this is the right choice.

Any help or advice would be appreciated!!!

rising_from_the_ashes

A few vital bits of info missing - why are you considering bankruptcy?

If you're in financial difficulties then it's unlikely that you'd be able to take on the house / get a mortgage.

Does your ex agree that the house needs to be sold (as she can't get a mortgage for it on her own)?

Thrugelmir

tyrone1980 wrote: »

At the moment I am considering bankruptcy but not sure if this is the right choice.

Why?

If your ex continues to pay the mortgage then there's no need to sell at the current time.

tyrone1980

Hi! rising from the ashes,

Ex hasn't said she wants to sell but has hinted at it. We both are with new partners and want to gain closure on our (mine and ex's) relationship.

Considering bankruptcy... mainly because of gaining closure, both current partners aren't happy with the situation as are me and the ex. We all want to separate ties and start a new life.

samtoby

Bankrupcy is surely the last last resort?

mildred1978

Why not just sell the place? I don't see where bankruptcy even comes into this situation :huh: