Partner still living with ex with mortgage advice

pinkshoes

As house prices have neither dropped nor risen in 2 years, I presume given you NEED a deposit to buy, the house still has equity in it? Or are you saying it's valued a LOT less than they paid for it, and it is in negative equity?

There is NO POINT waiting for house prices to rise. I'm quite sure they're going to continue to remain stagnant until the recession eases, which could be years!

He should tell his ex that as they are no longer a couple, the house WILL be going on the market, and if she is not willing to do this, then he will get a solicitor, force her to sell, then take her to court for the money he loaned her, plus half any legal costs in forcing her to sell. This should hopefully make her want to sell.

(is he willing to forget and lose the money he lent her for the business??)

looroll199

Its still a very 'new' relationship for me, although i have know him for over 30 years so I just wanted to know the stance legally. As we have not been seeing each other long theres no way I will let him move in with me (my 22 year old daughter lives with me) and in fact I have said I wont see him until he has sorted this out. He's not asked to live with me either. They paid £325k for the house 2 years ago (£200k mortgage split 3 ways) and have had 3 valuations all at £320k. And yes he will forget the money he lent for the business if it means an amicable as it can be solution. So I think I said 'partner' quite loosely!! Personally I would put the house up at £10k over the valuation and see what happens. Thank you 'pinkshoes' makes perfect sense to me

divadee

looroll199 wrote: »

Its still a very 'new' relationship for me, although i have know him for over 30 years so I just wanted to know the stance legally. As we have not been seeing each other long theres no way I will let him move in with me (my 22 year old daughter lives with me) and in fact I have said I wont see him until he has sorted this out. He's not asked to live with me either. They paid £325k for the house 2 years ago (£200k mortgage split 3 ways) and have had 3 valuations all at £320k. And yes he will forget the money he lent for the business if it means an amicable as it can be solution. So I think I said 'partner' quite loosely!! Personally I would put the house up at £10k over the valuation and see what happens. Thank you 'pinkshoes' makes perfect sense to me

So they will lose a bit of money! The way the thread was going i thought they couldn't sell because of negative equity. If they only have a 200k mortgage but its worth 320k that's 120k cash!!

It all sounds a bit odd to me. They should just sell up split the equity and move on with their lives.

NotSuchASmugMarriedNow

She's not his ex, sorry he is taking advantage of you and treating you as though you are stuipid.

Get rid of him then you'll be able to eventually form a relationship with someone who IS available.

looroll199

Thanks everyone, I think you're all telling me what my head is also saying
Will give it a month see if the house goes on the market then move on

MrsAnnie

looroll199 wrote: »

Thanks everyone, I think you're all telling me what my head is also saying
Will give it a month see if the house goes on the market then move on

Always trust your intuition .

Why wait a month?

Seanymph

Whose name are the deeds in?

the mortgage has to echo the deeds without all sorts of shenanigans - and I have never heard of a mortgage taken out by two individuals and a company in a three way arrangement.

It looks like you are being mugged I'm afraid - or at the very least he is being less than straight.

looroll199

I dont know who's name the deeds are in and no I've never heard of a 3 way mortgage including a business either!
Could be being mugged and lied to for all I know. If all I lose is some pride I can handle that ....

thegirlintheattic

Three way mortgages are uncommon but not unheard of. One of my family has one between two individuals and a their company - although that is a commercial mortgage.

sharp910sh

Leave the man.