Advice Required

Manumad

Hi, I am a widowed parent (Male) and have been bringing up my son since he was 3 years old. Time has moved on and my son is nearly Nine. I have met a new partner and we have been together for nearly three years.
She is divorced and has children and we both want to all live in her former marital home. The issue we have is that her ex husband is bankrupt and a nasty piece of work and although he says we does not want anything to do with the house his name remains on the mortgage and deeds.
Can we take on a new mortgage together and pay off the old one and remove him from our lives? - there is no equity in the property and he says he wants 10k to remove himself from our lives he has already taken thousands out of the house already. We said he would not see any money as this would go directly to his creditors which didnt go down to well... how can we get on with our lives and sort this mess out?

Jojo_the_Tightfisted

Solicitor?

BitterAndTwisted

She could apply to the court to force a sale but that won't be cheap.

Manumad

Can never find a good one or a cheap one!! ... was looking for a cheap tight fisted option first

marisco_2

I would recommend having an ammicable talk with your partners ex. Reach an agreement you are all happy with. This may seem the least appealing way forward but it will be the cheapest option in the long run. Whatever you all eventually agree on get this drawn up legally.

You would need to speak with the mortgage provider in regard to getting the ex name off the mortgage and taking on a new one in your joint names.

Pitlanepiglet

I suspect the cheap option is to offer him money to release him from the mortgage and ownership so that your partner can move on.

What were the terms of her divorce settlement, wasn't this dealt with at the time?

missimaxo

If he's bankrupt has the house not been sorted out as part of the bankruptcy? You may be able to deal with the official receiver/ trustee instead of the ex and get his name off yhat way.

pinkshoes

OK, assuming that your partner had a JOINT mortgage with this man, her credit rating will also be ruined if he's gone bankrupt, so taking on a joint mortgage with her would be a crazy idea, as you will ALSO potentially end up with bad credit.

I think you need to sell the family home. If it sells for less than the mortgage, then the two of them will need to take out some sort of loan to pay off the debt. (not sure how he can do that being bankrupt...).

If there's no equity, have you got 10% cash to pay the deposit?

Could you pay the mortgage on your own and buy the house as yours?

meece

It depends when he went B/R. The official receiver will be taking care of his share of any equity.

http://webarchive.nationalarchives.gov.uk/+/http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/home.pdf

This leaflet explains it well.