Order for Sale, what can I do?

TinaPurna

Hello,

I have recently recieved a court summons in relation to a house I own jointly with my ex-boyfriend. neither of us lives in the house as I have recently moved back in with my parents due to my circumstances. We've rented it out presently. I intend to move back in in due course as my long term home and so do not wish to sell the property. We both get a share of the rental income. He lives abroad but wants to sell. I don't want to sell as I feel I have a vested interested in keeping the property.

There is a charging order on the house in both our names which means if the house is sold, neither of us will get any money out of the house, on the contrary we will be left with debts for the balance of the charging order debt (likely to be 10k or more ) post sale and the costs associated with the sale which he wants me to pay towards. I really do not want to sell.

All that he will get from this situation is to disassociate himself from me - or his name off the property and mortgage, so I can't understand why he wants to sell. He's also threatening that if I don't agree to his demands he will ask for costs and I will have to foot a bill of various thousands.

As neither of us lives in the house he has told me I had no chance of keeping the property and will have to foot the bills for a sale I don't want!

I'd appreciate any advice on this situation. Thank you in advance!!

mrginge

buy him out?

silvercar

All that he will get from this situation is to disassociate himself from me - or his name off the property and mortgage, so I can't understand why he wants to sell.

Either of those would be a good enough reason IMHO.

You need to negotiate with him to buy him out.

Pixie5740

I can totally understand why he wants the property sold. The relationship is over, he wants to move forward with his life but this property means he's still anchored to you in some way. If you want to live in the property at some point in the future then buy him out. If you can't afford to buy him out then sell because if you drag this out you could very well end up footing all the court costs.

What is the charging order against the property? Is it just the mortgage? Are you in negative equity?

G_M

Ether buy him out or sell.

Paying off your debt should obviously be high on your agenda, and this can be done via a sale.

I suppose an alternative would be for you to move in and pay him rent (why should you benefit from a home and he benefi in no way?), though whether he'd trust you to keep paying the rent depends on the current relationship between you. And your future income.

A sale and clean break is a much better option.

gingercordial

TinaPurna wrote: »

All that he will get from this situation is to disassociate himself from me - or his name off the property and mortgage, so I can't understand why he wants to sell.

At the moment he:

- is financially linked to you on his credit file because you have a joint financial product.

- is reliant on you not suddenly stopping paying your share of the mortgage, in which case he'd be liable for all of it and could be forced into bankruptcy.

- would most likely be unable to get a residential mortgage himself if he needed one (depending on what lenders are like where he lives now, but this would probably be the case in the UK).

- would be liable for the extra 3% SDLT on buying another property in the UK, if he wanted to do so.

- is liable for all the legal aspects of being a landlord.

- probably has to file tax returns in the UK and wherever he lives now to correctly deal with the tax on rental income.

- is unable to get emotional closure on your relationship because he's forced to still be in business with his ex.

Any of those are good reasons to want out, don't you think?

amersall

I echo all the other posters, sell and make a clean break.
Too messy and costly otherwise.

Kynthia

gingercordial wrote: »

At the moment he:

- is financially linked to you on his credit file because you have a joint financial product.

- is reliant on you not suddenly stopping paying your share of the mortgage, in which case he'd be liable for all of it and could be forced into bankruptcy.

- would most likely be unable to get a residential mortgage himself if he needed one (depending on what lenders are like where he lives now, but this would probably be the case in the UK).

- would be liable for the extra 3% SDLT on buying another property in the UK, if he wanted to do so.

- is liable for all the legal aspects of being a landlord.

- probably has to file tax returns in the UK and wherever he lives now to correctly deal with the tax on rental income.

- is unable to get emotional closure on your relationship because he's forced to still be in business with his ex.

Any of those are good reasons to want out, don't you think?

This. It is not right for you to force him to remain linked to you, a mortgage and a property. The only exception to this is when young children are involved and even then it's not guaranteed but down to a judge to decide if the parents can't. The courts do not look favourably on the owner that refuses to deal with the situation, either by accepting a reasonable offer to be bought out, buying out the other owner or selling alltogether. The court and legal fees will be expensive and that might all come out of your share as the obstructing party. Deal with this before court.

pinkshoes

TinaPurna wrote: »

Hello,

I have recently recieved a court summons in relation to a house I own jointly with my ex-boyfriend. neither of us lives in the house as I have recently moved back in with my parents due to my circumstances. We've rented it out presently. I intend to move back in in due course as my long term home and so do not wish to sell the property. We both get a share of the rental income. He lives abroad but wants to sell. I don't want to sell as I feel I have a vested interested in keeping the property.

There is a charging order on the house in both our names which means if the house is sold, neither of us will get any money out of the house, on the contrary we will be left with debts for the balance of the charging order debt (likely to be 10k or more ) post sale and the costs associated with the sale which he wants me to pay towards. I really do not want to sell.

All that he will get from this situation is to disassociate himself from me - or his name off the property and mortgage, so I can't understand why he wants to sell. He's also threatening that if I don't agree to his demands he will ask for costs and I will have to foot a bill of various thousands.

As neither of us lives in the house he has told me I had no chance of keeping the property and will have to foot the bills for a sale I don't want!

I'd appreciate any advice on this situation. Thank you in advance!!

Put yourself in his shoes...

would you want to be financially tied to your ex in a house that has no equity and not be able to take another mortgage out??

He clearly wants to move on with his life, which also means a financial separation.

I am with your ex on this one, and if you refuse to sell, you will end up with all the legal costs of forcing the sale.

Either buy him out (Which would involve him owing half the debt, then you would need a large lump sum that would cover your half of the debt plus a 10% deposit and big enough salary to take a mortgage on your own - is this even an option??) or sell it.

Life is too short. And yes, I have been in your position, although we had £80k equity thankfully. It is a good feeling to be no longer financially linked to your ex!!

Guest101

TinaPurna wrote: »

Hello,

I have recently recieved a court summons in relation to a house I own jointly with my ex-boyfriend. neither of us lives in the house as I have recently moved back in with my parents due to my circumstances. We've rented it out presently. I intend to move back in in due course as my long term home and so do not wish to sell the property. We both get a share of the rental income. He lives abroad but wants to sell. I don't want to sell as I feel I have a vested interested in keeping the property.

There is a charging order on the house in both our names which means if the house is sold, neither of us will get any money out of the house, on the contrary we will be left with debts for the balance of the charging order debt (likely to be 10k or more ) post sale and the costs associated with the sale which he wants me to pay towards. I really do not want to sell.

All that he will get from this situation is to disassociate himself from me - or his name off the property and mortgage, so I can't understand why he wants to sell. He's also threatening that if I don't agree to his demands he will ask for costs and I will have to foot a bill of various thousands.

As neither of us lives in the house he has told me I had no chance of keeping the property and will have to foot the bills for a sale I don't want!

I'd appreciate any advice on this situation. Thank you in advance!!

Buy him out or visit rightmove and get looking.


He has every right to liquidate his share.

theGrinch

If you cant buy him out then selling is the only real option to bring closure.

Have you had a very recent valuation? what part of the country is it in?

Selling anything with the current uncertainty will mean even even bigger hit.