Bankruptcy and mortgage

Stephas

I have a joint mortgage with my ex partner. He hasn't lived in the house since March 2014 as we split up, we have 3 children together so I stayed in the home with the kids. He payed the mortgage as part of our child maintenance agreement though this has recently changed to a more formal agreement with the child maintenance service and I now pay the mortgage from my bank account.
He now lives in Scotland and He has just informed me that he has filed for bankruptcy. Can anyone tell me what happens with my house. All the children are under 16.
Thanks in advance.

HappyMJ

It's both your and your ex husbands house. As he's on the mortgage he'll also own a share of it. You'll need to officially purchase his share and get his name off the mortgage. His share won't be worth much. You'll need to qualify for a mortgage using your own income to take over the mortgage on your own. There's a few more options. The mortgage can continue as a joint mortgage depending on the exact circumstances you have....so the first question how much is the house worth? Deduct 10% for selling costs, deduct the outstanding mortgage balance and any redemption costs and how much equity is there? What would you pay for his half? It's pretty easy to avoid a forced sale so don't worry about it too much.

Stephas

Thank you, there will be around £55k equity in the house. Problem is I only work part time so have no chance of getting a mortgage on my own at this point in time.