ex partner and my rights

exnortherner

Hi

I'm new to this forum and not even sure I'm in the right place!!

My partner and I split a year ago and I am still in the house with our 3 kids. Both names are on the mortgage. We have lots of equity in the house although he pays the "interest only" mortgage as part of the maintenance repayments, I have just found out he's not paid it for the last 3 months and he has lots of outstanding debts (quite funny as he is a financial advisor!!).

My question is, would he be allowed to take out these extra loans, using the house at collateral and without my say-so?

My concern is that when we come to sell, all the equity will be swallowed up by his debts.

Anyone have the answer??

RAS

Both names are on the mortgage.

Are both names on the title deeds? Is this a joint tenancy or tenants in common?

exnortherner

Hi Ras
Both names def on title deeds. got a feeling its the latter tenants in common but not 100% sure.

thanks

RAS

OK

On Tuesday, go to the Land Registry web-site and download the title deeds and find out what the legal situation is. There LR representative on here who can help if you need it as you need to understand what the terms mean.

You may be better off paying the mortgage interest yourself via benefits. Do you know how much that is? if not ring your mortgage provider urgently. Make them aware that you have just discovered the situation.

Once you have the information check www.turn2us.org.uk and apply for everything (could be CTC, CTB, IS etc). You make make applications for most on-line so try and do it this weekend.

I woudl also suggest you go the CSA web-site and check what your ex should be paying each month. Given the risks, you may be better, safer going down that root and picking up the mortgage yourself in the short-term.

Are you married?

Yorkie1

Are the new debts definitely secured on the house?

Voyager2002

Since you are a joint owner of the house, debt cannot be secured on it without your signature. It sometimes happens that a partner tricks a co-owner into signing without knowing what the document means, and of course signatures are sometimes forged. However, your house is probably safe from the new debts.

zzzLazyDaisy

He cannot secure debts against the house without your consent. However, when you come to sell, the mortgage, including any arrears and charges, will be paid from the proceeds, before any net equity is distributed. So in that sense, yes, you will be paying half his unpaid mortgage debts.

Do not allow him to pay the mortgage as part of the maintenance. He is exercising control over you and making you vulnerable (as you have found out). He has little to lose in not paying the mortgage (assuming his credit record is trashed already by his debts). Whereas you and your children could lose your home.

I suggest that you contact CSA and get a formal arrangement in place that he pays the whole of the maintenance due to you, and you pay the mortgage.

Also speak to the Lender straight away and explain the situation. They are more likely to treat your situation sympathetically if you are honest with them.

You may be entitled to Mortgage Interest Relief - as far as I know you have to be on Income Support/means tested ESA or JSA to be eligible (but I am not an expert, so check it out).

Be aware that Lenders are much stricter about interest only mortgages now, and when your current deal ends, they may insist on t=you changing to a repayment mortgage. Also be aware that as long as your ex remains on the deeds, he will be entitled to his share of the equity as set down in the trust deed (joint tenants/tenants in common) regardless of whether he has paid a penny towards the mortgage in the meantime. The situation may be different if you are married as a married woman with children has far more protection on divorce than a cohabiting mother when the relationship ends (but I am presuming you are not married, as you refer to your ex as 'partner'?).

As you have equity in the property, it may be in your interests to sell up, make a clean financial break from your ex, apart from child maintenance, and start a new life for yourself - but I appreciate this may be a step too far for you at the moment.

Good luck

Dx

megan01

He will be in trouble with the bank anyway, as he has failed to pay 3 months payments, which is the minimum requirement period for a lender to be able to try and claim possession of the house , which won't happen, but he will definitely have the bank on his case.

pigpen

Voyager2002 wrote: »

Since you are a joint owner of the house, debt cannot be secured on it without your signature. It sometimes happens that a partner tricks a co-owner into signing without knowing what the document means, and of course signatures are sometimes forged. However, your house is probably safe from the new debts.

if this is the case it is fraud so get the police involved otherwise you are liable for these debts should he not pay those either!!!

geoffky

pigpen wrote: »

if this is the case it is fraud so get the police involved otherwise you are liable for these debts should he not pay those either!!!

#
Please tell how someone can be liable for another persons fraud?

They cant....:cool:

Yorkie1

geoffky wrote: »

#
Please tell how someone can be liable for another persons fraud?

They cant....:cool:

I think the point actually being made, was that if they don't take steps to reverse the situation - e.g. by going to the police to have the fraud investigated etc - then the money will come from the equity of the house and therefore the OP would unfairly get less out of the sale.