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

kingstreet

I suggest you contact NRAM and tell them you intend to put the property on the market. Ask them their procedure should you need to sell at a loss, without enough to cover the mortgage. It will be their decision. Without their agreement, they will not lift the charge over the property to enable someone to buy it.

Ask them if they'd like to re-think their attitude to a transfer of equity, as they appear to be driving you towards a shortfall on sale if your partner obtains an order of sale, or even a voluntary repossession as you can see no alternative.

Point out to your former partner that an order of sale may give you no alternative but to stop paying the mortgage and to seek voluntary repossession. This will result in both your credit histories being trashed for the next six years or more and the shortfall to NRAM being larger than it otherwise would have been, had she exercised a little restraint. Tell her that NRAM does not have to accept an offer which will not see the mortgage repaid, if it does not wish to...

I started typing this before the 4.31 and later posts appeared.

Thrugelmir

AircraftHandler wrote: »

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

Without the property being in positive equity. There's no gain for NRAM to allow the mortgage in your name alone. Two names for the shortfall is better than one.

So £20k isn't enough.

ValHaller

AircraftHandler wrote: »

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

You are looking at your assets now. In previous Negative Equity repo epidemics, people were left alone to rebuild their financial lives and then collared for the losses after about 8 years.

AircraftHandler

ValHaller wrote: »

You are looking at your assets now. In previous Negative Equity repo epidemics, people were left alone to rebuild their financial lives and then collared for the losses after about 8 years.

Yes but at the moment if she doesnt pay her half & end up taking the debt on to avoid financial implications i will end up owing alot more over the course of the mortgage & thats not taking into account interest rate rises as these debts are variable & not fixed rates?