Assisted Voluntary Sale

mcx

Hi,

Me and the OH split up coming up to two years ago and currently have a mortgage with GE Money. I left the property and was contributing 50% of the monthy payment until earty this year. My ex partner has now left the propertly and is refusing to pay the mortgage hence there is now two months worth of arrears. Things are extremely difficult between me and the ex now and there is no communication between us. The mortgage company have now come up a suggestion of AVS as opposed to repossession - has anybody got any experience of AVS? My concern is that after the 6 month period and the house hasn't sold (take an average of 2 years in that area) we are still in the same boat.

I know it's wrong of me but I am just tempted to let the mortgage company repossess the property and then split the negative equity between us.

Annisele

I'm going to assume you're in England/Wales and that you were never married to your OH - I'm not sure whether things are different in Scotland, but they usually are!

If giving up the property is inevitable, then AVS is often a better option than repossession. The lender will pay some of your selling costs, and you'll avoid paying the legal fees the lender would have incurred in a repossession. But if things are that serious, it's worth speaking to Shelter - AVS and repossession are both last resort type options.

AVS usually requires both parties to agree. Is your OH likely to respond to communication from your lender?

So far as the shortfall is concerned, unfortunately there's no "your half" and "their half" - you're both liable for the whole of the debt. If the lender thinks its easier to go after you for the whole lot, it will - and then leave you to deal with trying to get money off your ex if you think that's fair.

cattie

mcx wrote: »

I know it's wrong of me but I am just tempted to let the mortgage company repossess the property and then split the negative equity between us.

But then if your partner refused to cough up on any negative equity, wouldn't the lender just come chasing you for the whole amount?

StuC75

Joint & Several Liability is most likely here (in eyes of mortgage company).. so will pursue either \ both for the full amount rather than each others 'share'..

mcx

Hi,

Thanks for the replies. We are married but in the process of filing for divorce. My ex will agree to the AVS but I'm just worried that the house won't sell in 6 months and then we end up having to go through repossession anyway, I'd rather get it sorted straigth away if possible.

Thrugelmir

mcx wrote: »

Hi,

Thanks for the replies. We are married but in the process of filing for divorce. My ex will agree to the AVS but I'm just worried that the house won't sell in 6 months and then we end up having to go through repossession anyway, I'd rather get it sorted straigth away if possible.

Communicate your preferred option through your solicitor.