Help Me Please!

Craig660

Good Morning,

I am after some help desperately please. I will try and make this as short and to the point as possibly, but would really appreciate some help.

Just before the recession I bought a new build 2 bedroom flat with my ex girlfriend. Due to me going to university and my ex paying out two months rent whilst it was unoccupied I gave her the flat.

So for 5 years the flat has been hers and she has been looking after it and I have had no involvement in it. The only bad thing is that I kept my name on the mortgage.

She has now called me to tell me the house is in 4k arrears and that the flat is also in roughly 5-7k negative equity.

The mortgage is also on a variable rate and is not fixed and the tenant has just left yesterday without paying a months rent.

She has now informed me that I have to give her some money or provide a solution.

This is really unfair as she was happy when I gave her the flat and was due to sell it and make money. Now it has gone wrong she wants me to cough up or find a solution.

The sad thing is I have an appointment with the mortgage advisor booked for next Thursday, the plan was to get myself removed from the mortgage.

So what are my options:

>Take sole ownership of the flat and take on the debt ?

>Pay the 4k arrears and then fix the mortgage in both our names and take half the flat back (I don't think she will have a lot to put towards the arrears)

> Any other options ?

I have an evaluation booked in today with Quirks and also still have the appointment with the mortgage advisor next week.

Any help would be greatly appreciated as I really don't know what to do.

Thank you in advance

ACG

Forget getting a new mortgage. That will be a non starter.
See if the lender will put it solely in your name? In which case you can live in the property.

Other than that its a case of selling up and taking on any shortfall as a loan and paying that back.

Craig660

ACG wrote: »

Forget getting a new mortgage. That will be a non starter.
See if the lender will put it solely in your name? In which case you can live in the property.

Other than that its a case of selling up and taking on any shortfall as a loan and paying that back.

Thank you very much for your post.

Will the lender refuse me straight out to fix a new mortgage, even if we clear the arrears and then also pay on time for say 6 months ?

Craig660

Or would it be possible to clear the arrears and sign over sole owenership to her ?

Many thanks