Mortgage in both names

myotai

marliepanda wrote: »

Bag a bloke who is daft enough to let you own half a property despite according to him, having no income, causing him to pay all the mortgage.

Not many out there! She got lucky.

Why do you think she SHOULDNT be entitled to half of the equity in a property she owns? She owns it as well as you. Its not yours alone, its BOTH of yours. You did that, she didn't do it by herself.

YOU can't sell it, as it doesn't belong to you, you BOTH could sell it as it belongs to you BOTH.

Brilliant!!!! :rotfl: :rotfl: :rotfl:

macca1974

Regardless of the morality of it all, you are where you are. So, the only thing to do is work out what is the best solution for all concerned.

I would probably

1 - Get a couple of estate agents to come in and value the property
2 - Contact NRAM and ask them what the current outstanding balance is on the mortgage (including any exit penalties).
3 - Take 2 away from one to work out what your equity is.

Once you know how much equity is in there you can then make a decision. I would probably go to see a solicitor and see if you can get 30 minutes for free. Explain the situation and find out an estimate for legal costs if you tried to force the sale. I have read on here I'm sure that it can be as much as £30K...But I might be wrong.

You can then make a decision about what the best course of action is. Be that take it to court and try to force a sale, or bite the bullet and track her down and make her an offer.

It isn't a great situation but you are where you are. It may well be btw, that if you had gone for a re-mortgage in 2010 (when the new rules about mortgage lending were in) that you couldn't have got a mortgage on your sole income anyway.

Pixie5740

myotai wrote: »

What a lovely manner you have - I am an EXTREMELY busy nurse and have limited time to reply.

To answer your question, around 50k

So busy that you don't have time to give answers to the questions asked yet do have enough time to rant about your ex and get your knickers in a twist.

A 50/50 split of the equity is going to be the starting point since you are joint owners. I'm not sure why you are struggling to comprehend this.

Since this is an interest only mortgage you've not actually contributed anything towards that £50k equity, that £50k equity is purely down to the market rising wherever it is this property is located. In other words you haven't earned it.

If you had sorted this out in 2010 you would have got to keep all the equity for yourself but you didn't. If you'd sorted out back in 2013 when, according to you, there was only a few thousand in equity, you would now get to keep most of the £50k for yourself but you didn't.

http://forums.moneysavingexpert.com/showthread.php?t=4836587

Why didn't you sort it out sooner? Is it because you can't get a repayment mortgage?

myotai

Thanks Macca1974 - thats helpful

The irony is that the decision re the mortgage must have been made on my income (mainly) as she was only earning around 8k and I was on five times that. I have a gut feeling that there was something missold as how could they expect her to have sustained payments if I had been the one who bailed out of responsibility for the mortgage?

myotai

Pixie5740 wrote: »

So busy that you don't have time to give answers to the questions asked yet do have enough time to rant about your ex and get your knickers in a twist.

Oh dear! :rotfl: :rotfl:

marliepanda

myotai wrote: »

Thanks Macca1974 - thats helpful

The irony is that the decision re the mortgage must have been made on my income (mainly) as she was only earning around 8k and I was on five times that. I have a gut feeling that there was something missold as how could they expect her to have sustained payments if I had been the one who bailed out of responsibility for the mortgage?

Of course it wasn't missold.

You as a couple could afford it. The mortgage was based on both of your incomes combined.

You as a couple own it.

You as a couple are in charge of paying the mortgage.

If you bailed, she would have to sell.

There is nothing ironic about buying as a couple with mismatched incomes. Stop thinking of it as you alone, it is you and your ex whether you like it or not.

myotai

Either way my ex partner (I am tempted to say 'she' but there are some sensitive souls would would interpret that as misogynistic) has just walked away without any come back at all.

Still responsible - on paper maybe but probably hasn't given the property a second thought for years.

Also has no fear of being called to account, so long as I keep paying the mortgage

forgive me if this all seems a little surreal.

But, if my confusion and disbelief is going to be met with ridicule and scorn I might as well just move on to another forum where (hopefully) I'd get a more mature response.

ps. I have managed to grab a short break from work - thats why I have ALL this time on my hands!

myotai

Pixie5740 wrote: »

So the moral of the story kids is to get your finances sorted out when the relationship ends, don't bury your head in the sand for 6 years.

'Kids'...what a very interesting word to use, do you consider yourself a 'parent' to other forum users?

If I had the impetus to describe those 6 years I would - you might even grasp a hint of an answer to your question. But not to you 'Pixie', not to you. One day you too might be able to find out for yourself...I hope not though I really do.

Thanks for your 'advice'......you have taught me a lot this afternoon.

marliepanda

myotai wrote: »

Either way my ex partner (I am tempted to say 'she' but there are some sensitive souls would would interpret that as misogynistic) has just walked away without any come back at all.

Still responsible - on paper maybe but probably hasn't given the property a second thought for years.

Also has no fear of being called to account, so long as I keep paying the mortgage

forgive me if this all seems a little surreal.

But, if my confusion and disbelief is going to be met with ridicule and scorn I might as well just move on to another forum where (hopefully) I'd get a more mature response.

ps. I have managed to grab a short break from work - thats why I have ALL this time on my hands!

But you are basing this all on your situation and your failings to actually get your financial ducks in a row. were you EVER married to her (not when you bought, I can see you said you weren't married 'at the time') but were you married to her ever? You say you 'married again' if you were, then it should have been sorted during the divorce.

If you hadn't broke up, you wouldn't be bothered.

She hasn't been 'called to account' as you havent called her to account.

The time to sort it out was when you broke up six years ago, not 6 years down the line harping on about how you have paid the mortgage alone.

You lived in the house alone. The extra mortgage is rent to her for her half, as suggested earlier. You do realise as joint owner she is entitled to rent for her half, so theres your extra mortgage. I bet thats a bitter pill to swallow too :P

I'm not sure what 'mature' responses are, but legally they will all say the same thing, she owns it, as much as you dont want her to.

Sambella

myotai wrote: »

Either way my ex partner (I am tempted to say 'she' but there are some sensitive souls would would interpret that as misogynistic) has just walked away without any come back at all.

Still responsible - on paper maybe but probably hasn't given the property a second thought for years.

Also has no fear of being called to account, so long as I keep paying the mortgage

forgive me if this all seems a little surreal.

But, if my confusion and disbelief is going to be met with ridicule and scorn I might as well just move on to another forum where (hopefully) I'd get a more mature response.

ps. I have managed to grab a short break from work - thats why I have ALL this time on my hands!

It's not scorn. It's the reality.

The longer it is left the more they may get and if you die tomorrow it's ALL theirs. Something to think about.

The advice would be the same either way regardless of the second of the partner.