Please help, Morgage with ex she won't sell

james363

Hi, I brought a house with the ex 7 years ago on an interest only morgage. We split 3 months after buying it, I moved out and as the interest rates went down she can afford the morgage.
We have one child together and she has another child from a previous relationship.
All this time I have been moving around , renting etc. but at a point that I'm so fed up now and want my own house.
She won't sell or let me buy her out, she doesn't earn enough to put it just in her name.
I've been patient until now But So fed up with it now as I'm 30 and wasting money on rent.
Not married, I pay child maintenance monthly always.
Also no chance of living there with her after a bad break up.
It's only interest only so morgage is still the same balance as when brought.

Anything I can do ??? Please I'm at breaking point

Many thanks James

Goldiegirl

It is possible to apply for a court order to force her to sell the property.

But this is expensive, and time consuming.

If you want to try this route, the best thing would be to speak to a solicitor.

mrginge

Cant see a judge forcing a sale of your child's home somehow.

dimbo61

The courts will not allow your EX and her 2 children to become homeless so you can get off the mortgage! Sorry to break the bad news.
Please speak to a solicitor to confirm this.
Did you put down a big deposit? has the property gone up in value?
Is it in Negative Equity ?

Foxy-Stoat_3

You will need to work out a capital repayment strategy so you can pay the lender the original cost of the house when the term comes to an end.

Your Ex will have a free house soon.

You could force a sale once the kids are 16 years old.

Good luck.

james363

She is currently pregnant which the dad wants nothing to do with, so another 18 years I can't get a court order to sell.
I'm not willing nor in the position to pay off capital as I'm renting..
It's only valued about 10k more than the morgage. Interest only so none is getting paid.
Solicitors have advised no point in court order as there's kids so no chance. There best advice is hope interest rates rise and it gets repossessed.
They advised that's the best out come.
My life's ruined for buying a house as even once sorted it's still 7 years for my credit rating to clear !!

Foxy-Stoat_3

You life as such isn't ruined but it would of been the same outcome if you asked these questions the week after you split up 7 years ago or in 7 years time, apart from the fact that she wouldn't be pregnant again.

The fact that you didn't plan to pay the capital element of the mortgage when you first took out the interest only mortgage is the only thing that you have done wrong. Are you able to put money aside to clear the mortgage once the term is up?

Your options are limited if she isn't willing to move out and cannot get the lender to allow her to take on the mortgage on her own but as long as she is still paying the mortgage then you can do nothing and see what happens when the term expires. The lender will repossess at some point if the capital remains unpaid.

ACG

If the house gets repossessed that will completely mess up your credit file and prevent you from buying for a few years.

Is the child maintenance court or CSA ordered? If not, you could just stop paying. Although your child and the others may suffer. That might force her hand in having the property repossessed if it goes into arrears...but again that will hammer your credit.

The other thing you could do is just move back in... I would probably keep my suits/ties somewhere else though, you dont want to get in one day to see scissors have been taken to them. It might be a nightmare 6 months but its better than 18 years of carrying on?

If nothing else, being back there will help you to save up quicker.

Pete9501

What stops you selling the house for £1 or gifting the house to your Ex. She is currently servicing the mortgage all be it interest only. You get a clean break to start again.

james363

I offered her £20k when we split to leave and I buy her out. She said no and done everything to make my life harder. Had to go to court to see my child, it was through csa at first as she wanted £450 a month ! I offered £250. As I said no she would not let me see my daughter. Hence court contact. She went to csa and I was ordered to pay 160. After csa messing up lots we agreed to cut them out and I'll pay 250 and buy all clothes etc and have her 3 days a week.

I know repossession is not great but at least I'm free, 6-7 years to save hard to buy.
Also I tried to get a 2nd morgage as I do earn a lot, but she keeps that one £1000 in arrears. I have paid it a few times so it's up to date to improve my credit.
But then she just misses payments until it's in arrears again.
My credit at 22 wasn't great, I was a 2 year fixed rate morgage that was interest only. After the 2 years the plan was to get a regular repayment one.
As I said rates went down so it's £400 less a month.
Every 1% rates go up the morgage increases by £180 a month.
Once they rise she has three options,
1 sell
2 I buy her out
3 hold on as long as she can then repossession.

Obviously as advised I will not sign to a fixed rate for 5 years etc
She put money at all into the house, once I left I rented and also paid the morgage for a year. But got to much.
Once rates rise I can see that it will get messy again ��

mrginge

You appear to have gone to great lengths to continue to see and support your daughter.
It seems strange then that you also appear to now want to have her home reposessed.

ACGs suggestion of moving back in or at least threatening to, is a more reasonable way to force the issue.