Forcing TOE (ex partner)??

sallan

Hi All,

I have an interest only consent to let mortgage with my ex partner for a flat which is currently let. There is no equity in the house and the mortgage is for slightly more than 100% of value of the house (the value has decreased over the past few years). I have and always have pay the mortgage, insurance and bills for general upkeep and tenants bills. I provide him half of any profit made from rental (which is not a lot / often none as there are lots of costs associated with renting and flat sometimes empty). Flat has been let out for past 2.5 years.

The mortgage lender approved the TOE to me only and all of the parerwork has been drawn up for the transfer.

I offered my ex partner 1.5K to transfer it to me as an incentive for a quick conclusion and potential compensation of rental income but he refuses to acknowledge forms or communicate with my solicitor in this regard. Is there any way the TOE can be forced? Its rather frustrating!!

Apologies if this is not the right forum to ask.

ACG

Nope, but you can force him to pay half of any costs (ie when the property is empty).

I would make him aware of his obligations should the property remain empty that might give him a bit of a kick up the backside?

holly_hobby

Yep, as ACG says, you may want to impress upon him, that as it stands he is jointly and severally liabile with you for the repayment of the mortgage, rental costs (inc paying the rent when you have no tenants), and pursuance (for upto 12 yrs) for any mortgage shortfall upon sale - and as you currently have a little neg equity this may be a good card to play.

Other than those little nuggets, if he still won't agree - then you are royally stuck with him - only solution to sell, which at the current time I can understand is not an attractive option.

Hope you can persude him to seek pastures new ..

Holly x