Ex partner on house deeds / mortgage - next step?

angeljay

Lived in my property for 8 years, ex partner moved out 7 years ago and now live with my current partner in home for 3 years.

We both have debts (our own fault) and my partner is on a DMP.


Got the house valued at the weekend and if we sold we would just about break even to pay off the mortgage maybe owe £1 - 2 K


We obviously cannot re-mortgage into new partners name, if we rent then we have to pay off debts and then save a deposit.


What would you say is our next step?


We are thinking of staying in the property for maybe another 5 - 7 years depending on circumstances in future as Mortgage is on NRAM SVR.


We then plan to pay off debts and lower the outstanding mortgage allowing us to hopefully have enough to have a deposit at the time we decide to sell.


My current partner is worried about my ex, I don't think he has a job and he has mentioned before considering going bankrupt. This was a few years ago!! He has said recently by email he wants no profits from the house and nothing to do with it.


What can we do to secure the house in mine and current partners name? Do we need to see a solicitor and get a letter drafted up?

What happens if my ex goes bankrupt?


What would you suggest as the next step?

Thanks for your help.

Foxy-Stoat_3

Speak to the lender about taking on the mortgage in your and your new partners' name. I suspect that as you are +100% LTV then the lender will refuse.

You may need to put in 10-15% cash to get things moving, maybe more as you are financially linked to someone on a DMP. As long as the Ex will sign a Transfer of Equity you maybe able to change the mortgage, but check with the DMP company.

If the Ex goes bankrupt you may end up losing the house anyway and your record may be trashed while you are linked.

If you have zero savings and the Ex financial status is verging on bankruptcy then the best way for you all to make a clean break is to sell, save up for another place and go into renting.

angeljay

Thank you for your reply, I can confirm the following information:


Mortgage is with NRAM so no chance of re-mortgaging but maybe able to change names on the mortgage, would they consider this with my partner on a DMP?


My ex has not mentioned bankruptcy last time he emailed me, this was mentioned 2 - 3 years ago.

We have no savings as all our spare cash goes towards our debts trying to clear them but we are looking at 5 years to clear them all completely.

Foxy-Stoat_3

You cannot change the current mortgage if your in negative equity.

You will struggle to get any sort of mortgage if your partner is on a DMP.

You may end up losing the house if your Ex. goes Bankrupt.

Sell now, or hold on until your partners DMP is finished, you have cleared down your debts and you have saved up 10% and hope that your Ex's financial position improves and does not decide that they want cash from the sale or to Transfer the Equity.

Are the house prices in your areas going up/down/no where?