Advice on my options :(

lettingyouwin

Hi there,

I was wondering if someone could give me some advice...

Here goes...

In 2001 my girlfriend and I bought our house together from Leeds nd Holbeck building society for 28k, few years later we remortgaged with leeds and took another 15k for home improvements etc.

just before we split we took another secured loan for a car with Welcome (doh!) for 7k

around 4 years ago we split up and i moved back to my mothers house.

My ex changed the mortgage to an interest only mortgage and has been paying the mortgage - I have been paying 200 per month for the welcome loan. as well as maintenance payments for my little boy (now 10 years old)

We get on ok and she has got a new byfriend and I have a new girlfriend.

I need to know what my options are regarding the house as I cant afford to pay the 200 pr mnth for the welcome loan if I want to save for a new place of my own. I am prepared to hand the house over to her completely should she want it, but I dont think she does, but she also doesnt want to sell the house either as far as I know.

Thank you for any help you can give

shonzyd

if your paying interest only (and by you i mean as both you and your ex are on the mortgage) what provisions have been made to pay off the capital given she doesn't want to sell up?

the £200 for the car loan - do you have the car or does she?

lettingyouwin

Hi there.

Actually neither of us have the car now as it was kmackered after 2 years. We didn't spend the full 7k on the car however. As 3 thousand was also used to pay off outstanding debts.

I asked the same question when moving to the interest only. And she pretty much just said sell the house :-/ (but that's in 15 years time)

Annisele

Does she have enough income to get a mortgage in her own name? (I don't mean 'can she afford to pay the mortgage now' - obviously she can - I mean does she earn enough to be able to persuade a lender she can afford it on her own).

If she doesn't, then signing the house over to her isn't an option.

You might be able to force a sale - but that would presumably mean your son had to leave his house, and I can't see you and your ex remaining amicable if that happens.

If she doesn't have enough income to take over the mortgage in her own name, then I think the only decent option you have is to try to persuade her to sell. But that's likely to be hard, as she also wouldn't have enough income to buy a similar house.

Is there any chance her new boyfriend would want to buy a house jointly with her?

lettingyouwin

She only works part time hours (by choice) Si I doubt she could get a mortgage. :-/

It's the £200 a month that's killing me. Someone said that even though I'm paying this money. Once she sells the house or the mortgage ends I won't get a penny anyway. Is this true?

squeeks

You'll only get some money out of the house if:
1) You are still on the house deeds (which it appears you are)
2) The house sells more than the mortgages and other loans secured on it.

Anything left over you are allowed to dived up between you as you see fit. Conversely any Debt left over you will both be liable to cover.

Either party can force through the sale of a jointly owned asset, unless you have some court imposed condition within the financial settlement of the divorce.

lettingyouwin

The house should make profit ( houses on same street are selling for 60-70k ) I don't want to sell the house (force it through I mean) as my son is there.

She said to me just now that I'm only entitled to half of the houses value when I left (which she doesn't know as it wasn't valued lol) anything else. She keeps. Is this true?

Sorry for all the questions. I'm really worried about this.

shonzyd

what are you hoping for? a lump from from the house sale to pay off the car loan?

and how much is left on the loan?

lettingyouwin

I just want shut of the £200 a month. So I can save for my own place. I'm not interested in making money from the house.

lettingyouwin

I did at one point offer her the house. Completely. But again. Nothing came from it.

shonzyd

well the only way you will get shot of the £200 per month is if you pay off the loan - noway around that. presumably that's a joint debt too.