Mortgage penalty

KWx

Hi,


Me and my partner bought our first home together in October 2015. Five weeks later, he decided it 'wasn't for him' and moved back to his parents house - leaving me to deal with the fall out. I have since put the house up for sale to get rid of it. I have been informed by the mortgage company that there will be a £3400.00 penalty fee for coming out of the mortgage so early. Initailly, he had agreed to pay this penalty as the whole mess was his fault. This was only agreed verbally. It was quite amicable up until a few days ago and so I'm beginning to panic.


I have had a number of viewers and I am starting to worry about this fee. I think, legally, that this penalty should be paid 50/50. Morally, he should be paying this himself as it was his choice to buy a house and then leave it. Is there any advice anyone can give me on this? I'm clinging to the hope that something somewhere will say that he needs to pay this himself but have a feeling I'm very wrong about this. It just seems very unfair that I have to lose my money after all of this.


On top of that, the actual money put into the house was 2/3s mine and 1/3 his - so I have already put a lot more into this than him and it doesn't seem right that I should be losing an equal amount.


Any advice would be welcomed!

amnblog

Unless you had all this agreed in writing beforehand you are on a sticky wicket.


Consult the solicitor who arranged the purchase for you.

Brock_and_Roll

have had a number of viewers and I am starting to worry about this fee. I think, legally, that this penalty should be paid 50/50

Morally yes, legally definitely not. You are both jointly and severally liable which in a nutshell means that either of you, or both of you are liable for the full amount.


Do you need to sell now? How long is the fix?

davidmcn

KWx wrote: »

I think, legally, that this penalty should be paid 50/50. Morally, he should be paying this himself as it was his choice to buy a house and then leave it. Is there any advice anyone can give me on this?

You have summarised the position correctly. Any redemption penalties on a joint mortgage (and the other costs of selling a jointly-owned property) are jointly incurred. Part of the joys/risks of buying with a partner.