Debt against house

Annie1979

Help someone please!

I own a house with an x which he has a 15k court order against. This is not in my name! I want to sell the house but he has said the equity needs to cover the debt which would be his equity and my equity which makes the equity required 30k

The equity will currently cover his bad debt but not double!

Can someone please help I'm in a nightmare I just want to be free of it.

swingaloo

Im not sure what help you are asking for. The position is that when the house is sold the charge against it will be repaid. If there is not sufficient equity in the house for you to have the same value to take from it then there is nothing you can do about that.

Whoever has the charge against the house will get priority as that will be paid back by your solicitor on the completion.

Annie1979

He is telling me we can't sell house unless there is enough equity in the house to give me money as well!

I don't care about equity I just want out!

mf78

I think you'd best seek some professional advice on this. Either through citizens advice, or through a solicitor - perhaps the one dealing with the house sale if you've got that far yet?

swingaloo

Are either of you living in the house? Are you paying the mortgage jointly?

Annie1979

Nope can't him to put it on market due to this! Think your right.

Annie1979

He lives in house and pays mortgage himself I want off mortgage but he can't get me off due to bad financial situation and now he is saying this!

Perelandra

Bit confused by this.

If all you want is "out", and you're not asking for your share of the equity, then only £15k is needed, not £30k.

What do you think the house will sell for, what's the total amount that's owed on it in addition to the court order, and are you wanting to walk away with your "share" of the equity in your pocket?

If the selling price is sufficient to cover everything that is secured against it, and if you're just willing to walk away, then (at least financially....) it would be possible.

Annie1979

Mortgage is 124k his debt is 15k and house worth between 139k-142k so enough equity to cover he says that equity has to cover 30k which is his debt and my share of equity!

I just want out and don't care about getting Anything from it! Confused? Me to!!!

Flugelhorn

Sounds like he doesn't want to sell the house as he might struggle to get another place

Annie1979

He won't get another place he won't get a mortgage again!