Mortgage Troubles - Joint

AMTF

Hello Everyone,

Bit of background...

A couple of years ago I bought a flat with my ex, with a joint mortgage. We split up earlier this year. I do not earn enough to get the mortgage transferred to me, but at the same time I do not want to be paying the mortgage for a property that is not 100% mine.

I have paid the entire mortgage by myself so far and am in an easy position to carry on paying.

I have been advised by a friend to sell up and cut my losses ASAP. I have next to no experience with these things.

What will be the pros and cons of selling up?

Thank you,

Alex

19lottie82

Will your ex agree to sell the property?
Is there any equity in the flat?

PRO Selling the property is prob the best thing to do if you want a "clean break" from your ex?

CON if you don't make enough money to take on this property alone, will you be able to get another?

No one can tell you if you can sell or not. Its not black or white. It depends on your personal situation. Namely, how much do you want to stay there, and are things amicable with your ex? What's his opinion on the situation?

AMTF

19lottie82 wrote: »

Will your ex agree to sell the property?
Is there any equity in the flat?

PRO Selling the property is prob the best thing to do if you want a "clean break" from your ex?

CON if you don't make enough money to take on this property alone, will you be able to get another?

No one can tell you if you can sell or not. Its not black or white. It depends on your personal situation. Namely, how much do you want to stay there, and are things amicable with your ex? What's his opinion on the situation?

Thank you for your reply.

I haven't asked her yet, I'm still debating with the idea. I only found out my application was denied a couple of days ago.

As far as I know there is not much equity in the flat, probably a few thousand.

I have been advised by my friend, that although we get along and she's agreed to let me keep the flat as I did pay for it all this time, she has a new partner and it's him that I "should worry about".

I am very lucky to have a mortgage at my age (27), and I don't want selling my flat to be the worse thing I've done, but at the same time I don't want it the other way either if I keep it.

If I do sell, will there usually be financial losses, assuming the property is worth the same or slightly more than it was when we bought it?

Sorry if this doesn't make sense, I'm still trying to get my head around this all. She organised it all and I just signed on the line (and being told it's one of the worst things I could have done).

Thank you,

Alex

looknohands

I can see how it's silly you keeping it as you're just making her money on her half, I'm assuming you're paying her half?

If you want to sell it's quite easy just have a sensible conversation with her.

One point to raise is she might eventually want to be able to buy somewhere else in the future and it may well be harder for her as she has a mortgage on the flat with you. So by selling now she's ensuring she can build up a financial history away from you.

Say you missed all the mortgage payments, utilities payments etc you could royally screw her financial future up. If i was her I would still be paying my half (she still benefits from any money made on the house after all) and just keeping a good eye on any bills etc my name is against.
(edit, I'm by no means advocating you do this, just hypothetically this could happen to her!)

MerrilyA

Getting professional advice is always a good idea. A mortgage advisor should be able to give guidance on what your options are and you can choose what is best suited for you and your circumstance.

19lottie82

Stop listening to what your friend has to say for one.

A sit down with your ex is required pronto to see what she wants.
If you did manage to obtain a mortgage would she want you to buy her out? Ie whatever she contributed towards the deposit and 50% of the equity, if there is any?

Why was your mortgage application refused? If it's for affordability, how much do you need to borrow and how much do you earn?
Try going to see a mortgage advisor and see what they say, they're quite good at some times getting people accepted when they have been rejected elsewhere (although obviously they can't work miracles!)

Ganga

AMTF,as it is a joint morgage you will either have to have the property valued,deduct what is still owed and even though you are paying for it either pay her half of any equity/profit and have her name taken off the morgage or sell it and do the same with any profit or loss.The reason i say this is say for instance she says" it is ok i want nothing to do with the property now" but years down the line the new boyfreind reminds her that it is still half hers,makes you sell after you have payed thousands more you will be right sick.
Best of luck with the future and sorting this out.

19lottie82

Ganga, you can't have someone's name "taken off" a mortgage".

The OP must get a totally new mortgage in his name only.

Ganga

Ganga, you can't have someone's name "taken off" a mortgage".

The OP must get a totally new mortgage in his name only.

Sorry had a senior moment there,:wall:what i meant was that he had to get her name off the deeds/property so that she could not come back later and take his eyes out!