Lender won't consider shortfall repayment

TBagpuss

G_M wrote: »

would a repossession or bankrupcy affect his future job prospects as a property lawyer........?

You cannot be a solicitor while you are bankrupt, and when you apply to go become a member of the law society (which is compulsory to become a solicitor) you have to declare whether you have ever been bankrupt.
It's not an absolute bar but the LS has to consider whether you are a fit person to be a solicitor, for a discharged bankrupt I belive that they would want to see evidence that he had repaid the debts and that he was managing his finances.

SO yes, it could have an impact on his career.

Like others, I think that your best bet may be to see whether you can borrow enough to fix the damp issue.

You might then be able to sell and pay off all or most of the debt. (or alternatively, arrange to rent out the property, but then you'd have an issue as to whether you should be accounting to him for any part of the rent)

thesaint

tiredandconfused wrote: »

Possibly. But I'd still need to fix the damp problem, and that's what I don't have the cash for. It's why I'd rather sell for less now and shortfall things, than inject money (that I don't have) into a property that might not even sell!

You don't need to fix the damp problem.

If Halifax don't give you consent to let, then you know that avenue is closed. Base what you do on facts, not what you think.

AnotherJoe

I dont see why the OP shoudl shoulder all the burden. I would dump it all in the smug ex's lap he's got far more to lose.
Indeed if she just sends him a communication "i cant manage financially any more, I've stopped paying the mortgage, you can now take the burden" who knows maybe he'll find some money from somewhere to fix it up and sell it,

pimento

AnotherJoe wrote: »

"i cant manage financially any more, I've stopped paying the mortgage, you can now take the burden"

"I've stopped paying the mortgage and have given the bank your address.."

pinkshoes

tiredandconfused wrote: »

Would you be amazed to know that he's studying property law? The irony burns.

He's disowned by his family and parents - turns out they realised he was a psychopath about a year after he emptied our bank account and left me. I doubt he'd be able to get money or pay right now. I suspect that stopping mortgage payments would be the only thing that made him even notice. Perhaps he'd get a job a that point.

I would definitely be challenging your ex on this one.

Write him a letter and TELL him what is going to happen...

TELL him that he owes you half of all the mortgage payments to date, and unless he pays them within 28 days and then continues to pay half the mortgage, then you will stop paying the mortgage and let the property be repossessed. I would then point out what impact this would have on his future career...

(It might not work, but worth a try)