Trying to keep my house after Divorce

happe

I'll start with a little back story if I may. The marital home was purchased in 1991 on an endowment mortgage in my husbands sole name. Unbeknown to me he stopped the endowment payment then cashed in what was left and spent it, leaving only the interest being paid on the mortgage and no facility to repay when the time came.
In 2011 we divorced, the order says for the house to be put into my name with a sum to paid to him when my son is 21. This is in 2 years time when the mortgage term ends too. I have a plan in place to pay the ex his sum but my problem is how to pay the bank what is outstanding on the house. My credit rating is shot so I will not get a mortgage (although I am paying this one with no problem) but I thought it would be ok for my partner to get a mortgage for the £60,000 (house worth £150,000)needed. Seemingly if the deeds are in my name I would effectively have to sell it to him but cannot sell it to him for under market value. Its all to do with money laundering I believe. Deeds and mortgage are currently still in ex's name, just haven't gotten round to the conveyancing solicitor yet.
My question is do we have any options? Is there a way I can keep my house that I've fought to save so many times over the years.

Mojisola

happe wrote: »

Deeds and mortgage are currently still in ex's name, just haven't gotten round to the conveyancing solicitor yet.

Get that done! If you die, the ex will be able to sell "his" house.

Thrugelmir

You have 2 years to improve your own credit rating. Along with savings more money in order to borrow less. What adverse credit is on your file?

happe

I have ccjs and late payments against me. I know Ive been a mess financially but I did my best in the circumstances.Im not in any major debt but life has been hard and I am where I am.
Wondered whether its possible to "buy" my house from the ex using my equity as a deposit and partner getting a mortgage for the remaining £60, 000 with new deeds being in both names. I wrongly thought this was going to be easy lol

ACG

The adverse can be overcome, there is enough equity in the property.

Chances are it wont be a fantastic rate (but that will come down to how old the adverse is).

So you and your new partner may be able to buy the house using the equity as a deposit.

TBagpuss

You may be able to make a joint application with your partner so that you+partner can buy the house off you+ex.

Work on improving your creditworthiness over the next two years so you have a better chance of getting a reasonable mortgage.

happe

Thank you for the replies everyone. Good advice on doing some repair work. Maybe all hope is not lost .

Thrugelmir

happe wrote: »

Thank you for the replies everyone. Good advice on doing some repair work. Maybe all hope is not lost .

Do you have to buy your ex out? If so how will you fund this.