please help: ex coming off the mortgage

GraJoh

Hello all - I would really appreciate some guidance if possible?

7 years ago we bought a property for £185k with a mortgage of £168k. We split up a year later and I have been paying the mortgage ever since after she moved out.

finally, I have a mortgage agreed based on my income at 75% LTV on new valuation of £220k (as I have invested in a new bathroom, kitchen and garden). I have contacted the ex and asked if she is ok to sign a form within the legal documents to come off the mortgage and suddenly she wants £4000...!

As I can only get £165k on the agreed mortgage (75%) with fees etc I literally cannot raise this money and also contest giving her anything.

Is she within her rights to demand this?

If I am in the wrong, fair enough

thanks

ViolaLass

Did she put anything into the original deposit?

densol_2

The only way to get her off the mortgage is by coming to an agreement or else either unmarried party can go to court ( lands tribunal ) and get the court to force the sale ( very expensive ) Your house has increased in value £35 k and whilst she hasnt paid - she was still at risk on a joint and several liability for the mortgage. For £4k ( i think well cheap ) - i'd find a way to snap her hand off - get rid and house is all then yours

PasturesNew

densol wrote: »

For £4k ( i think well cheap ) - i'd find a way to snap her hand off - get rid and house is all then yours

I'd go with this too. While it doesn't seem fair, especially as when she walked out the house was probably worth less than you paid, with all the news of rising house values I'd be keen to pay her £4k and get that signature as the longer it goes on, the more people she will talk to ... and the more she might want.

Should get: £0k
Give her: £4k

Now, where's that going to come from....? Maybe point out you've no money and agree to pay it in, say, 1-2 years' time as a lump sum, or to start paying £400/month in a year.....

Or, could you get a lodger for 1 year, just to get her paid off?