Jointly owned home with ex-partner in negative equity

BitterAndTwisted

OP: I think you really need to extricate practical matters from emotional ones. Worrying about what's "fair" when the other person has proven themselves to be completely unfair will only result in resentment and getting yourself tied up in knots.

There are risks to you in remaining financially-tied to her, touched on by the person who mentioned bankruptcy. If she's a financial numpty or vindictive with suicidal tendencies you could risk her taking out secured loans and perhaps defaulting on them. Which would put at risk the roof over your own head, or could even take you down with her.

Try to think with your dispassionate head on and not your emotional one.

homeowneruk

GDB2222 wrote: »

Really, one way to deal with this is for you to pay an amount equal to the rent for the use of the house into a joint account. The mortgage payments come out of that, and any excess gets shared between you.

You haven't mentioned how much deposit you each put down.

I'm not entirely sure what you mean by the first paragraph? I pay the entire monthly payment, she no longer contributes anything towards it.

It was a 100% mortgage, so no deposit was put down.

Beckyy

What is the remaining mortgage, original purchase price and current valuation please?

homeowneruk

BitterAndTwisted wrote: »

OP: I think you really need to extricate practical matters from emotional ones. Worrying about what's "fair" when the other person has proven themselves to be completely unfair will only result in resentment and getting yourself tied up in knots.

There are risks to you in remaining financially-tied to her, touched on by the person who mentioned bankruptcy. If she's a financial numpty or vindictive with suicidal tendencies you could risk her taking out secured loans and perhaps defaulting on them. Which would put at risk the roof over your own head, or could even take you down with her.

Try to think with your dispassionate head on and not your emotional one.

I suppose some of my responses have come across in an emotional sense, that wasn't the intention though.

The only outcome I am wanting is to be able to stay in the house and stay on the property ladder. I know it's not the end of the world to rent, and the intention of my original post was to get some advice on where I would stand in terms of what I can propose to her without digging myself into a big hole.

homeowneruk

Strapped wrote: »

And are you happy to be financially linked to her for several more years? For her to own half the property you reside in (which means she can legally enter it)? And you will always have the threat of a forced sale if, eg she goes bankrupt? I'd say £6k was worth it for a "clean break" personally.

In that sense, you are right, finances are an issue. I meant along the lines of my affordability.

homeowneruk

Beckyy wrote: »

What is the remaining mortgage, original purchase price and current valuation please?

108k, 120k, 96k (in that order)

GDB2222

homeowneruk wrote: »

I'm not entirely sure what you mean by the first paragraph? I pay the entire monthly payment, she no longer contributes anything towards it.

It was a 100% mortgage, so no deposit was put down.

If you were renting this house, would the rent be more than the mortgage interest?

carslet

sorry to hear the position you are in , i have friends who have been in the same position, and to be honest there was only one solution, and it was to sell the house and split the debt, ubless you only can come up with the LTV at 80%

i know you said her staying on it until market picks up, but you bought it at the peak, and could seriously be 10 or more years before it gets back to the 2007 price.

i hope you can find another solution to this wishing you luck

BitterAndTwisted

homeowneruk wrote: »

I'm not entirely sure what you mean by the first paragraph? I pay the entire monthly payment, she no longer contributes anything towards it.

It was a 100% mortgage, so no deposit was put down.

100% MORTGAGE!

What the person you are responding meant (I think) is that you are solely occupying a house that you only own half of. So if your ex was paying her share of the mortgage you should be paying her rent for it.

Not terribly relevant at the moment as you're paying all of the mortgage yourself right now. That could all change if we ever see rampant house-price inflation again (as if!) as she could come back and rightfully demand half of the equity on sale. Her not having paid her half of the mortgage could keep a couple of solicitors busy, and the fees stacking up nicely for a bit.

girleight@

If there was positive equity she would want half of that. So she should pay half the negative equity and that is 6k.

As someone already said, the other 8k is going towards paying off what would be your mortgage.