Partner left and wants off mortgage

Thrugelmir

davejones1983 wrote: »

where does this leave me? has she got to pay half the mortgage? if i pay the full amount this month im definately not going to get half back even if i go to a solicitor. if i go to see one, can they make her pay half the mortgage whilst her name is on it?

You are jointly and severally liable for the mortgage. Not a question of a 50/50 split. Seems as if your ex is forcing the issue to a head.

Rather than waste money on a solicitor consult your lender regarding voluntary repossession. As this option would save on fees and unneccessary costs.


Other alternative is to continue pay the mortgage in full until such time as is out of negative equity.

ALIBOBSY

First stop would be the lender. If they will let you take over the whole mortgage (if you have a high enough salary they may, but given that its probably in neg equity they may decide its better to keep 2 names they can chase for the loan).
If you can then she should be glad just to walk away (she should really pay YOU to get out of the neg equity-but you may just want rid of her).

I know its not nice to think of and I am sure you are still hurting, but could you offer the house to your ex and her new partner. If he will go on the mortgage with her you could then walk away free to start again.

BTW I don't take this option lightly I have been through a horrible divorce and walked away with almost nothing just to get rid of the ex (and there was a fair bit of equity I let him have, just so I could stop talking to and seeing him ever again).

A relative spoke with their lender when their marriage fell apart and agreed to pay just half the mortgage each and the bank agreed not to push for repo as long as at least the one half got paid. BUT the house had to be on sale, it was only for a limited 6 month period and they still ended up with a ruined credit file.

So I suppose your next move depends on what the lender says, how bothered you are about your credit rating and if you are able to step back and just treat the house as a buisness deal to be sorted and deal with the hurt and upset seperately.


I am now married to a lovely man with 4 fab kids and am very happy. A friend of mine was devastated when his wife who he had been with since 15 told him at his 30th birthday she couldn't carry on with the pretence and left him. He later found out she was seeing someone else as well. He lost the big fancy house the cars etc. But it was the best thing ever to happen to him as his ex was all about money and carreer and he just wanted to be a family. He ended up with new wife and lovely step daughter and 2 sons of his own. Ok in a small semi, and none of the trappings so many seem to value but he couldn't be happier.

Good Luck, it won't be forever and one day you will look back and be glad it happened.

Ali x

dimbo61

Can you afford to pay the mortgage yourself each month ?
Can you rent out a room to a lodger ?
Speak to your lender and ask can you have your EX removed from the mortgage.
Have a look on the lenders website RE affordability and see if your income will cover the mortgage ALONE
She would have to take you to court ( expensive) to force a sale and pay half the negative equity so in the mean time you have a home and would end up paying rent if you rented a flat/house eleswhere.
look at the lodger idea ( upto £4250 a year) as that way she does not have to pay her half of the mortgage and you dont end up in arrers
Try easyroommate or spareroom ( you might meet a nice lady)

Thrugelmir

dimbo61 wrote: »

as that way she does not have to pay her half of the mortgage

Mortgages are joint and several from the lenders point of view. That's what that counts.

star4876

The simple fact is, you agreed a monthly repayment amount with your lender and that amount has got to be paid in full - they don't care how, or who by. The bank aren't interested if its half your money and half hers, they want the full amount.

If you want to keep the house then you need to make sure the bank get the full amount however possible. If you go to Solicitors you won't achieve anything except putting money in their pockets, not unless you have enough money to take over the mortgage yourself and you need them to process a transfer of equity. As others have said, this isn't up to you, you would have to reapply for the mortgage on your own and then you're relying on the banks decision.

As far as I can tell you have 2 options really. The first is get a friend or a lodger in to rent a room and cover some of the mortgage so you can afford to stay there for the time being, the second is to sell up. You need to bear in mind that if you end up in negative equity then you will need to pay the bank the difference to clear the mortgage. Again, you and your ex are both responsible for this, so you need to make sure she understands that if shes trying to push you to sell.

ItMightBeUsefulOneDay

davejones1983 wrote: »

she was meant to give me half the mortgage amount friday but didnt. she is now ignoring me completely

WARNING, WARNING, WARNING!

davejones1983 wrote: »

so i dont know what her plan is or if she has seen a solicitor herself.

Her plans are to walk away and leave you to face the music. She may not realise she is also liable for the debt even though she's not living there anymore.

davejones1983 wrote: »

where does this leave me? has she got to pay half the mortgage? .

No, she doesn't. The bank will chase whomever is easiest for them to find for the FULL amount, not half. Plus interest. Plus charges. You're easiest to find because you live at the mortgaged property.

You are right in the firing for a serious financial fallout.

Your choices are:
1) Take on the whole house / mortgage yourself *
2) Dump the house and run **

* If you want to safeguard your investment and stop her 20 years later turning up to demand her "half" you need to get her off the deeds. To do this you will need to remortage in your name. The bank WILL NOT DO THIS while you're in negative equity. You MUST get to 90% LTV minimum. Until you get to this point, she must remain on the deeds / mortgage.

** This is ugly and will scunner your (and her) credit rating. But it does allow a clean break. The longer you leave this, the more the charges will rack up, missed payments, interest and so on. The difference between sale price and mortgage (plus the aforementioned additionals) will be the unsecured debt the bank will chase you BOTH for, but you're more likely to be hit because you're easy to find.

Froggitt

Maybe tell her you're stopping the payments to the bank as she's not making any, you don't see why you should give her a free ride, and that both of your credit will be shot for ten years. That might make her wake up to the !!!! that she would be in if it's not paid.

Whether you do stop or not is a different matter.

Inforapennyinforapound

I know this may not really help but i have a similar position.Wife gone to another man and she is WILLING to leave the house to me.
believe this or not but my income far exceeds the mortgage payments and i have abot £140.000 equity but Santander will NOT allow a transfer of equity into my name.I have posted about this.Its quite unbelievable isnt it?

I now have to remortgage or sell.

If i was in your position i would sell(she has to agree) and start again.Its very messy at present.You can frighten her with a repossession and that they will chase her for money(as long as she can be found).

marleyboy

Same thing happened to my brother about 10 Years ago. Left with a house he no longer wanted to look at his X offered him her share of the house. I reminded him that it was half the debt she was offering him and to turn it down. He gave up the house and allowed it to be repossessed, preferring to go through the courts for any shared repayments of the debt on a house he never wanted.

If there is a vested interest in any financial returns left over from the property, it would quickly be declared as a shared asset, the same should apply when only the debts remains.