Ex wants me to pay him for mortgage in negative equity

zzzLazyDaisy

Thrugelmir wrote: »

I made the suggestion to "wake him up". He may think he's got the cards. But he hasn't. As the downside to him is considerably worse.

I agree - the downside to him, is worse. But my point - perhaps badly made - is IF he refuses to co-operate unless she hands over £5k (which is what OP is saying) then her options are limited.

Better to take action now. Than have the matter drag on. When ideally both parties wish yo move on with their lives.

I agree. In fact I think that in OP's shoes (and assuming she can raise some money) I'd make him a counter offer, to be paid at the same time as the house is transferred to her - and if he refuses I'd let him sweat, the smell of money would probably make him come round eventually, and I would feel it was worth it to get him off my back - assuming the lender would agree to this.

steve-L

If you were married and getting divorced then 5k would be peanuts!
Perhaps the way to look at it is 5k (or something negotiated downwards) is actually cheap to get him out of your life and move on?

From one side why should he benefit if the price does rise when he isn't paying the mortgage? On the other he is presumably paying rent or his own mortgage?

Thrugelmir

zzzLazyDaisy wrote: »

assuming the lender would agree to this.

Hence why my observations took the route they did.

As this may be a major stumbling block unless equity can be injected.

johnsomers10

Thanks soo much guys for all your advice, so far its been very stressful with the ex but ive tried my best to make him very aware im not handing over any cash ( ive now discovered the whole 5k thing has come from his new gf ,that would be the one he was cheating on me with for the last year) Ive called his bluff told him the property is going on the market and i hope he has enough money to pay his share of the shortfall, or he can let me take over the mortgage and he soent have to pay anything and just walkaway , fortunately hes agreed to this.
However now my problem will be removing him,over the last few years he hasnt worked full time ( i know he sounds like such a keeper lol) which has meant both our credit ratings have suffered. my orginal plan was to have one of my parent be my guarantor how ever they are both in their late 50's and mortgage company has told me they are told old. I have spent the last year (from getting a promotion to a better paid job) trying to work on my credit , im worried that despite being able to afford the mortgage alone (2.8 x my salary) and having been paying the mortgage alone that they will possible turn down the change of parties , does anyone know if they look at and take into consideration more than just credit rating ????????????

sorry for the long post

johnsomers10

Does anyone know what NRAM will do in terms of change of parties i.e credit check me again, or do they only really look at affordabilty ( taking on mortgage myself would be 2.5 x my salary) ????????????

kingstreet

You really need to ask them.

It hasn't come up here before, that I can remember.

You'll also need to ask them if they will consider a transfer of equity in negative equity.

Let us know the outcome, so we can answer similar questions in the future.

johnsomers10

I did ask when i spoke to them but they were really unclear about it all, just kept getting told to fill out the forms they sent out. But as ive mentioned before my credit isnt good, but in terms of affordability taking on the mortgage myself is not a problem. Although she did say the negative equity wasnt an issue as i am attempting to do a change of parties which she told me simply is making sure i can meet the requirements of actually paying the mortgage every month, and if that was the case my ex's name would simply be removed with is consent.

kingstreet

Interesting.

The technical name for this process is transfer of equity. This is because you can't simply change the mortgage, you'll also need a solicitor to alter the title to the property, with the written agreement of your former partner.

Think of the implications of removing him from the mortgage and leaving him joint owner!

The typical cost is between £400 and £600 and the solicitor takes up the matter at the point the lender agrees to remove your former partner from the mortgage.

TBH NRAM is simply running down the old Northern Rock book. The staff aren't particularly well motivated and chances are, unless you know the exact question you need to ask, you may not get the full picture. It may be preferable to send written requests for information, rather than making telephone calls, which may not provide the kind of audit trail you wish to later rely on.

johnsomers10

In that respect NRAM did inform me it would cost 270 if i was approved, plus they did say i would need to get a solicitor also.

I think my main goal was to get him off the mortgage because im paying it myself now (I have to admit i dont expect him to pay half if he isnt living here)

My main concern is i end up paying the mortgage on my own for years then eventually sell the property and potentially he then gets a cut of any profit when he hasnt been contributing.

Do you think it would be smarter to just leave him on it for the time being ?

kingstreet

Do you think it would be smarter to just leave him on it for the time being ?

Absolutely not.

If you can get him off now, do it.

There could be "open can, worms everywhere" if you leave it and end up out of negeq at some point.

NRAM seem to have covered everything. I quote the general costs of an average TofE, including a fee to the lender and the solicitor's costs, then I don't under-estimate for anyone.