Equity Transfer Mare

boothuk

Hello,


I know my situation is by no means unique, but any suggestions would be much appreciated...


I jointly own an house with my ex-partner of 5 years. We split up in 2013 and I subsequently moved out and she remained resident at the house. I paid contributions towards the mortgage up until mid-2015 until she met someone else and he moved in. I partly did this to maintain my investment.


Since this time, I have met and become engaged to a new partner. She owns her own home via mortgage and eventually I will buy into the home once married (so this is a driver to get out of the other house!).


The problem is, I am really struggling to get the ex to rectify the situation. We are on fairly amicable terms.


Firstly, I offered to transfer my equity for free which she initially agreed to, however, she subsequently put the property up for sale and intended to sell. After a few months her / her partners minds had changed and she went back to the equity option.


Again, I wish to gift the equity to her in order to rid myself of this situation. This time she progressed a little bit. She first tried to get a mortgage on her own and was denied (or did she? Who knows...) More recently however, she jointly applied for the mortgage with her new partner. Apparently he's on ~£50k PA, she's probably on £25 - £30k, the house is probably worth about £100k (North West). The mortgage application was denied due to a delinquency on her credit file relating to an unpaid mileage excess on a leased-purchase car from 12-18 months ago, so it has laid on record for a long time.


She cleared the payment (~£500) about 6 weeks ago. Fed me some b$ about 3 months before she can apply again. Now I'm seriously fed up because I don't know what can and can't be done. It knocks me as odd that a combined wage of lets say £75k minimum is not being accepted for the sake of a cleared delinquent payment.


I don't really want to apply for a court order at this point to avoid the conflict. I literally want to give my share up, her partner or the dog can have it for all I care.

She has suggested:


a). Try again but assumes she / they will be rejected.
- Obviously I'm not party to anything they do / don't do (very frustrating)


b). Put the whole mortgage in her partners (fianc!s) name. Is that possible that we could both transfer our equity to a 3rd party?


Any advice would be really appreciated as I'm out of ideas.


Thanks.

Thrugelmir

Ball is totally in your ex's court. While you don't wish to cause any angst. Which is understandable. Your ex isn't under any undue pressure to do anything.

I'd suggest that you tell them that they have a month to come up with an alternative option. Failing that you will force the sale of the property through the courts. As you've no interest in the equity in the property. There'll be liable all the costs of the action. Hopefully this will focus their minds to the matter. You cannot tell them what to do. Merely push them along.