Selling of property or removal of name from mortgage - Need help and advice please

Vauxhall12

Hi

Im hoping to get a little advice on my scenario and a few answers to some questions I have with regards on what to do and where to go next.

A little bit of background to my situation, i'll refer to me (him) as 'A' and her as 'B'

'B' brought a new property with an ex partner in June 2012 with 5k deposit from each on a house with a value at the time of 170,000 with 30,000 of that from the help to buy scheme. The relationship broke up in Feb 2014, the ex partner of 'B' left the property and continued to pay the mortgage payments until "A' moved in on Nov 2014. the ex partner agreed to walk away and received no money or deposit back. 'A' was then finally transferred onto the mortgage in June 2015 as tenants in common with 50/50 share as 'B' could not afford to take over the mortgage on her own, Then as of Sept 2015 the relationship was over between 'A' and 'B' and 'A' now wishes to come off the mortgage. both parties currently pay equally half of the mortgage. and 'B' is unwilling to currently sell under any circumstances, but unable to take over 'A's half of the mortgage or sell her her half to 'A'. and finally B' doesnt have anyone who she could share mortgage with.


Ultimately my main objective is that in 2/3 years I wish to get on the mortgage ladder by myself, and to get out of the current mortgage as cheaply as possible. I see the following options but not sure what to do.

A) Continue living at property paying mortgage until both parties agree to sell. or she agrees to sell, but this could be a long time and both parties dont get on at all. but a positive would build up of more equity for me. and less cost of going to court, but negative of living in same house.

Continue living at property paying mortgage but go to court to get the house sold. advised by solicitor that taking to court would cost between 2000 and 8000 and be treated as a civil matter as no marriage or children and most likely outcome would be the sale of property.

C) Move out and continue to pay mortgage until she either agrees to sell or raise the money to take her to court, again build up of equity and not being around each other but larger monthly out goings.

D) Move out and take directly to court, solicitor advised strangely that she wouldnt pay mortgage as I have soo little equity, and advised to not claim any in court for easy ruling, unless I can come to some agreement that if I keep paying it then I get that money back once sold, advised me that you need to keep an eye out that mortgage was being paid.

What would you do with the above options? or offer me some alternative options?, can anyone answer the questions below also?

1. If the house was to be sold or a court forced the sale of the property, how are the selling costs split, would it be the selling costs share would match the share of equity?

2. If a court forced sale could I be forced to pay half of the sale of the property costs?

3. How long does it take to go through court?


Thanks in advance

MM64

Complicated,

By far the easiest solution would be to do what her original partner did and walk away. Then transfer the mortgage to her sole name. From your post it looks like you were only paying half for under a year with no deposit involved so therefore would not be out of pocket by much.

You would then be free of the financial burden and able to obtain another mortgage on your own.

BUT - It may not be that easy. - major problem is the lender might refuse your request if Bs earnings do not meet there requirements.

If this is the case and B refuses to sell up you have 2 options.

1- refuse to pay your half, ultimately force repossession. Not good for either of you. As you would Trash your credit rating and be unable to attain a mortgage or credit for many years to come.

2- Go to court to force sale. No kids involved so you would be probably be awarded 50% of net proceeds. - costs and fees would be deducted from the equity in the property. Probably take 6 months - 1 year start to finish. Ultimately great outcome for you, not so good for B because you would make money on the deposit and past payments.

If it was me I would want a quick solution and hope that B would would see sense when I threatened her with the above. - Agree to sell up, let her keep all the proceeds (after costs) free yourself of the mortgage and move on.

Good luck.