Relationship Break Up - Joint Mortgage Advice

Paija

Hi All

I know there are a couple of these already but advice seems different for each case.

In November 2012 I have split from my partner after suffering from anxiety and depression and resulting in a relationship breakdown. Additionally may or may not be relevent she told me she had been having an affair two weeks before the split.

We were not married but have a joint mortgage on a property for £89,000. The property is now valued in negative equity at £60,000

She has moved out and is now renting, I am living in the property and paying all the bills and mortgage. We have one three year old son.

At present I believe my sallary will not get me a remortgage and additionally I wish to keep the property, renovate and decorate it to get a lodger in to help pay the mortage and bills.

I am concerned that at the moment things are ok but should the property go into equity she will then want to sell the property or once I have renovated it and paid all renovating costs and done all the hard work, will then try and get me to move out and keep the house with her new partner.

Any help and advice on the best course of action would be greatly appreciated.

Thanks


Paija

GillyR-J

You need to find out if you can re-mortgage shop around . Otherwise any work you do to increase the value will have to be shared with your ex. Likewise if she wanted to buy you out of the property after renovation you would be entitled to half of the new value.
It doesn't matter about the right and wrongs of your break -up providing you are both on the mortgage paper work as owners its 50/50

Yorkie1

I'd have thought it practically impossible to remortgage - you are in significant negative equity.

As you are a joint owner she can't force you to move out. She could, however, decide to move back in.

She can't force you to sell without a court order - expensive and drawn out.

Paija

Thanks for your advice so far guys

michelle2008

Sorry didn't want to read and run - I think you need legal advice on this. You can't sell now and I assume your salary is not high enough to switch the mortgage into your name.

You are correct - there is a big risk you spend years digging the house out of negative equity then she insists on selling. Realistically though it will be years before there is any equity worth fighting about.

Throw child support payments into the mix and this could all get messy - citizens advice maybe? I hope you can stay on good terms for the little ones sake - he is much more important than a few grand

Thrugelmir

Yorkie1 wrote: »

As you are a joint owner she can't force you to move out. She could, however, decide to move back in.

Might be the better option. Given the negative equity.