Finally...

aileth

gunsandbanjos wrote: »

I'm guessing in his financial situation he can't buy you out?

Not a chance unless his dad stepped in, and even then I don't think the mortgage company would agree to it. I got the mortgage solo on an income of £28k (and it was very, very close on the decision), he has an income of £17k approx and we've only paid about five grand off. He also has debts of approx £7k, and when I applied and barely got granted I had £0k debts.

jackieblack

aileth wrote: »

I really do not want to live with him, he can stay there if he wants, I'm in no pressure to sell it as long as he pays the mortgage, but then again it's in my name so it'd be reliant on him paying it.

This is the problem. It seems that he is financially unreliable and this would make you vulnerable. It would also remain a tie to him when maybe a clean break would be preferable.

ca55ie

Aileth

Having made the decision of what you want to do with your relationship - you need to continue to act like an adult. You do not need your parents approval, their support would be a bonus.

You must immediately safeguard your finances. As suggested in an earlier post close down all joint accounts ASAP. The next priority is to sort out/safeguard your investment in your property, personally I'd consider seeing a solicitor to fully understand your rights and options. Don't put your credit worthiness at risk.

Finally - good luck. I'm sure you'll look back in a couple of years and see the progress you've made :-)

harrys_nan

Please be careful about him staying on in the house, if he doesn't pay the mortgage it's your credit rating on the line. Is there anyway you could sell it back to whoever you bought it off?, was it a housing association?
Break away from any joint bank accounts you hold together.
I'm glad your parents are supporting you.

jackieblack

aileth wrote: »

We have a shared ownership property which is only in my name,

aileth wrote: »

I really do not want to live with him, he can stay there if he wants, I'm in no pressure to sell it as long as he pays the mortgage, but then again it's in my name .

aileth wrote: »

Unfortunately we can't get tenants as it's shared ownership and there's a clause which effectively prevents what would be considered as sub-letting as we only own 50% (as far as I understand it anyway).

So is the house just in your name or is it owned jointly with your husband?

aileth

Sorry, I am just used to saying we. I own 50% solely of a shared ownership property. The housing authority own the other 50%.

jackieblack

So if you allowed your husband to continue living there would the HA see that as sub-letting?

aileth

I hadn't thought about that actually, I'm not sure.

bargainbetty

Hello, I've lurked on a few of your threads, but might be able to make a contribution here.

If you own the property outright in your name, then check your lease for tenancy options. Personally, unless he buys it off you outright, I wouldn't let him stay there. Arrange for it to go on the market or put it up on websites yourself, to generate as many views as possible. Work out what you can afford to accept without losing out too much and ask for that for a quick sale.

You say the car finance is in your name, but he drives it. Who is named on the V5 as owner/keeper? If it is you, take the keys back from him and let him know that again, he can buy it off you or you can make arrangements to sell it to clear the debt. It is is him, you might have a few more issues getting it back.

You can download a form online confirming that you are formally changing your name, or do it by deed poll. Get copies and send them to your banks, utilities, mortgage company etc to get your name sorted out. It took me four days to have all mine updated.

If you do go ahead with this decision, then I wish you all the luck in the world. Your happiness will be in your own hands, and that is both scary and wonderful. I've done it. Still enjoying it!

GobbledyGook

How far away from your work is your current home? If he cannot buy you out, and you own it rather than you each owning 25%, then would you not be better sticking it out there (without him) until you are in a better position financially?

If you own it then I would not leave him in there unless you can afford for him to be there and not paying the bills because if he defaults and it ends up repossessed it's your credit rating that's stuffed - not his. Plus as mentioned that may be viewed as subletting.

Is the house next door shared ownership? Have you spoken to the HA about the possibility of them buying your half back?

Also if it's finances that are an issue you need to check your credit report and you need to try and get clarity on what he's been up too to ensure you know exactly what is in joint names.