Stalemate HELP! Ex/mortgage/moving on 11 June 2015 at 11:05PM in Mortgage-free wannabe 6 replies 695 views

canadel1983

Hi there I'll try to keep this as brief as possible. We need advice and fast.

- 9 years ago my partner bought a house with his ex gf.
- A year later he left her for me, awful I know but it was a long time ago. He moved out and continued to pay 50% of the repayment mortgage for a couple of years.
- approximately 5 years ago he stopped paying anything and the ex put it to interest only
- he has spent the past 5 years offering solutions to cut ties with the whole thing
- the house is in negative equity by about £10k and there is £6k his parents loaned them as a deposit on top of that
- he has offered to do a change of equity but she refuses, he offered to put it on a rental to pay the repayment mortgage so they could make inroads on the debt and sell breaking even in a couple of years but she refuses, she doesn't earn enough to take the mortgage on her own
- the house has been on the market for 3 years at £10k more than its current market value with no offers obviously, she won't lower the price and sell at a loss and get a loan to cover half of the shortfall
- she's living in a 3 bed semi paying £225 interest only a month and it turns out she has a lodger who pays her £200per month

We are at a loss. We want to buy our own house but can't with his name on the mortgage (unless it was rented out but like I said she refuses). We don't know what to do.

Can we force anything to happen? Can we get some kind of order? Surely she can't just live there for the rest of the mortgage agreement of 21 years?? They weren't married and there are no children. Also what can my In laws do about the money they loaned them?

Thanks in advance

A_Frayed_Knot

Someone will be along soon to help. Meantime, surely the ex could not change to interest only herself, would both not need to agree? and would there not need to be an insurance in place to cover the mortgage when term time was up under the names on the mortgage?

gazwaldo8

she's living in a 3 bed semi paying £225 interest only a month and it turns out she has a lodger who pays her £200per month

Hardly any incentive for her to move anywhere! - accomodation for £50 pm or sell and go into debt and also have to find alternative accomodation at full market price!
I'm afraid it sounds like she will not be going anywhere unless legally required to do so.
Just my opinion - but have been through similar myself so I do also sympathise with you

getmore4less

Its his house as well move in plenty of bedrooms.

getmore4less

Neither of them could buy each other out without a significant injection of cash so probably a non starter.

If it sells at a loss he will still be liable.

canadel1983

I'm pretty sure he had no idea that it had been put to interest only, it was so long ago, I'll double check with him later.

We have offered to sell at a loss and get a loan to pay for half of the deficit but she won't.

I can't believe that she can just stay there for the next 21 years?? I'll have to check on that insurance too, I know they had life insurance but he stopped paying for things when she refused to do anything so i don't know if she carried on with it.

We are just hoping that legally we can do something, get solicitors to deal with it, we just want to move on with out lives. So depressing ��

getmore4less

Trying to force a sale will be quite costly.

Could be rejected by the court as the mortgage is being managed and there is no financial gain for either of them leaving them with a debt.

I would also consider(carefully there could be repercussions) contacting the mortgage provider to ask why they changed it to interest only without his permission.


Why not move in?