Husband left, shared ownership property and I have to start again :(

Mumolulu

Hi all,

My Husband has walked out on me and my children. We had only 17 years left on our mortgage. He has agreed to sign the house over to me.

However, it was on a shared ownership scheme, we bought 50% and rented the other 50%. I am currently applying to remove his name from the housing tennancy bit, then I am buying the other 50% share. In order for me to do this, the house has to be revalued and I have to start again a new mortgage which I am very sad about considering how long was left to pay.

Is there absolutely anything I can do to avoid starting again? There is no equity in it as far as I'm aware, I'm waiting for the valuation to come back. I have very limited knowledge about mortgages, I just like to pay it every month and not worry about the ins and outs so to speak but the whole 8 years now has been completely wasted and if there is anything at all I can do with regards to this, I will....or is this normal in the world of buying a home?!

Please be nice and pardon my naivety (and use simple words....)

Building_Surveyor

only 17years left? thats more left than you've paid.

You refer to starting again? Starting again with what? Then you refer to purchasing another 50%, are you talking about buying the 50% the HA own - or yo referring to your ex-husbands half of the share you already own?

why has 8 years been wasted? you've been paying your mortgage haven't you? Your mortgages payments do not reset back to zero if you take out a new mortgage so i dont really understand what you are saying??????

kingstreet

Are you putting in some savings?

If not, this is not going to happen as there are no 100% mortgages available if you have no equity.

Chris72

Weren't you going to "start again" anyway whenever you decided to buy the other 50% share ?

Why do you say there's no equity ? In 8 years of paying you should have covered at least 20% of the original purchase price of your share, have prices in your area gone down by that much since 2005 ?

suburbanwifey

I think you are all being a bit harsh with her with your replies. I think what she means is that she has to 'start again' as in take a '25 year mortgage out' rather than just having 17 years to pay on the 50% share they both own.

suburbanwifey

Mumolulu wrote: »

Hi all,

My Husband has walked out on me and my children. We had only 17 years left on our mortgage. He has agreed to sign the house over to me.

However, it was on a shared ownership scheme, we bought 50% and rented the other 50%. I am currently applying to remove his name from the housing tennancy bit, then I am buying the other 50% share. In order for me to do this, the house has to be revalued and I have to start again a new mortgage which I am very sad about considering how long was left to pay.

Is there absolutely anything I can do to avoid starting again? There is no equity in it as far as I'm aware, I'm waiting for the valuation to come back. I have very limited knowledge about mortgages, I just like to pay it every month and not worry about the ins and outs so to speak but the whole 8 years now has been completely wasted and if there is anything at all I can do with regards to this, I will....or is this normal in the world of buying a home?!

Please be nice and pardon my naivety (and use simple words....)

Before anyone can help you need to find out the value of your home today and then how much you actually owe on your mortgage. Also, what is the full monthly rent figure and then look at your income to see if you would be able to get a new mortgage on your own to cover either the 50% share or 100% if you were able to buy it outright and get rid of the HA.

Chris72

suburbanwifey wrote: »

I think you are all being a bit harsh with her with your replies. I think what she means is that she has to 'start again' as in take a '25 year mortgage out' rather than just having 17 years to pay on the 50% share they both own.

I'm just trying to understand why the other 50% share has to be bought at this point in time, does that not make things even more difficult ?

cattie

Providing your finances allow it, there is nothing stopping you taking out a new mortgage over 17 yrs rather than the more standard 25 yrs if this is what you'd prefer.

Sorry to read that your husband has walked out on you & the children. It's not a nice situation to be in I do know from experience, but I at least hope yours is going to be contributing financially towards helping support his children to help lessen your burden.

Building_Surveyor

what part of saying 'i don't understand what you mean by starting again' is harsh???????????????????????

Goldiegirl

If you want to keep the same mortgage, you could apply to your lender for a Transfer of Equity.

If this is approved, it would mean that you keep the same mortgage that you have now, over the same term., but the mortgage would be transferred to your sole name. As a condition of the Transfer, to lender would require that the Deeds are also transferred to your sole name.

It is also possible to have a further advance at the same time as the transfer. In this case the further advance would be used to purchase the remaining 50% of the property.

Of course this is all subject the the valuation of the property and whether, in the lenders eyes, you meet their lending criteria, but it would be an idea to approach your current lender to see what they could do.

pineapple123

Agree with Goldiegirl you could just take over the whole morgage (50%) share subject to lending criteria and valuation of your home and continue to rent the other 50%.

I agree with others why think of purchasing the other 50% at the moment even if you could afford to, let the dust settle and sort out how our finances pan out, you could always buy more shares up to and including 50% in the future.

I feel the term start again, wasted years etc refer more to how you feel as a person experiencing a break up while instead you should see it as a new chapter in your life and dont forget morgages can be paid off before the stated term subject to affordability and terms of agreement charges.