BR/OR/joint mortgage!

tiggerbodhi

Can see the theory, but the sticking point will be after this is all done, you are paying the mortgage, have bought the BI, renting out nicely, your ex's name is still on the land registry for the property and is still on the joint mortgage, you cant sell without her say so, and if the housing market improves ( :rotfl::rotfl:) she will be due half the equity on sale, you can get her to sign saying she doesn't want it, or argue the toss in court that you have been paying all the mortgage, but the only winner in that argument will be a lawyer.

IMHO, draw a line, if she will sell, sell, if you are neg equity you cant complete without the neg equity amount to pay back to the mortgage company and call it quits to move on, or go the re-posession route, you will be landed with half the costs, or all if your ex goes BR, your choice is then to either try to pay it or go BR yourself.

I went through all the decisions and options you have, the get out owing little or nowt options relied on the full trust and co-operation of the ex, not an option for me.

Locohoco84

It does seem a lot of effort and quite complicated. I do think I can get her permission for the sale, and could also get her to sign a declaration saying she will not pursue money from the sale.

My thinking was to avoid bankruptcy, given I am part way (not very far mind) through an accountancy course. I can sack that idea off though if its going to be easier in the long run. My other concern would what will be taken off me income wise from the bankruptcy, or whether I'd even qualify for a bankruptcy (got 6.5k debt at present, on a wage of 18k). So if mouse's idea works out better financially over the 3 year period then I'd at least like to try it.

Head's in a spin again :rotfl:

Mouse1812

Sorry, very long hour turned into something else ... I will be back tomorrow, have to go out now