Nram will not let me take sole name. What next???

AircraftHandler

Hi there i have applied to take the mortgage in my sole name after my ex & i split up but they have rejected me again saying i again don't fall under their criteria.

My ex wants nothing to do with the house & its in negative equity of £5000-£8000 & we have a secured loan on the property with about £36000 left to pay.

She has sent me a letter from her solicitor saying that if i cannot take it on well she will force the sale of the property through the courts

I'm thinking the only thing to do is hand in the keys to NRam & suffer the consequences with financial implications.

What would i be looking at worse case scenario?

Regards

Thrugelmir

Worst scenario. A poor credit record for some considerable time.

On the upside. You can start life again and not make the same mistakes. Relieving yourself of the stress will be priceless.

Is the mortgage and loan interest only?

AircraftHandler

Hi there the mortgage is a repayment one. As i can afford to pay for this property but my ex will not take responsibility for half the debt i wouldnt have to declare bankrupt or have a IVA? Im thinking at worst a CCJ?

Cheers

somethingcorporate

Handing the keys back is rarely a good idea, they will sell for a knock-down price and pursue you for the value of the loan and any shortfall on the mortgage. It could easily end up with you being bankrupt.

AircraftHandler

I understand that but would my ex be liable for half the shortfall also as she is jointly named?

Thrugelmir

How does your ex propose to clear her shortfall of the debt? When the property is sold.

If you can afford the mortgage / loan repayments then there's an opportunity for the debt to reduce.

Court action is very expensive. Normally not advised unless there's equity in the property to pay the legal costs of the action.

Do you have a solicitor representing you?

Thrugelmir

AircraftHandler wrote: »

I understand that but would my ex be liable for half the shortfall also as she is jointly named?

Joint and several. Actually means that those with the assets will pay the shortfall. So not necessarily a 50/50 split.

AircraftHandler

There is another option, im speaking to my solicitor on monday & i'm asking her for £15-£20 grand & then fingers crossed i can take the mortgage in my name. Obviously if she doesnt agree well the only option is to then go down the route of reposession.

AircraftHandler

Thrugelmir wrote: »

Joint and several. Actually means that those with the assets will pay the shortfall. So not necessarily a 50/50 split.

The only asset i have is a Car which is worth £2500. what else could happen?

Thrugelmir

AircraftHandler wrote: »

There is another option, im speaking to my solicitor on monday & i'm asking her for £15-£20 grand & then fingers crossed i can take the mortgage in my name. Obviously if she doesnt agree well the only option is to then go down the route of reposession.

Without being nosey. What's the source of the funds? Is this cash.

AircraftHandler

Thrugelmir wrote: »

Without being nosey. What's the source of the funds? Is this cash.

God knows as i havnt spoken to my solicitor or posed the question to my ex