Buying out my ex

cowbopper

My partner and i broke up about 6 months ago. He has moved out of the property, and has agreed to be bought out of his share of the property for £3,000.
The mortgage company are not willing to remortgage at the moment, as he let payments slip a few months ago(wihtout telling me). They will not release his name from the mortgage deed either.

Is there any way in consideration of this £3,000 that i can stop him from trying to get any more money when we sell? (Is it possible to set his share to 0% in the deed of trust, on the basis that he has been paid 3k upfront)

Hes very cooperative, so he's unlikely to mess me around.

Any advice would be great!!

DawnW

I would be inclined to seek the advice of a solicitor on this.

silou

Hi cowbopper, am in a very similar situation to you. My ex husband moved out almost 2 years ago leaving me with arrears on the mortgage to sort out and no equity in the property at all (probably negative in fact so no point selling it). My mortgage comapny won't allow his name to be taken off the deeds either while ever his name is still on the mortgage but won't remortgage in my name only as my earnings don't cover the amount I'd need to borrow. Fact is he's contributed nothing to the mortgage for almost 3 years! Sorry I can't offer any advice, but wanted you to know you're not alone in this predicament, look forward to reading any advice that others may offer.
Good luck.

cowbopper

If i cant get rid of his interest in the property, can he really take 50% of the profits when the house is sold, despite not paying a single penny towards the mortgage?

silou

Doesn't seem fair does it? I did speak to a solicitor about this when he first moved out and they referred me back to the mortgage company whose only advice was to try and remortgage in my name only but as I said before this isn't an option because although I pay the mortgage every month, my salary wouldn't cover a mortgage of this size using any companies multipliers! The 50% of profit when the house is eventually sold is bad enough but in my case ex has debts all over the place so am fearful that its only a matter of time before his creditors start looking to put charges on the property. Any advice for OP and I would be much appreciated.
Thanks.

celeronmanuk

Surely the only option left is to sell the property? I wouldn't be happy continuing in that situation.

silou

I assume that the OP has their own reasons for maybe not wanting to sell at the moment. As for me, my house was on the market for most of this year but didn't sell as the price was a little on the high side but was what I needed to clear the mortgage, EA and solicitors fees etc but wouldn't have left me with any profit even if I'd got the asking price, my reason for trying to sell at that point was that I just couldn't afford to live here anymore. However things have eased somewhat financially over the last few months so I took the property off the market to review my options. Ideally I would love to stay here, I have 2 children and its their home and I would prefer not to be in rented accommodation. Am not happy to continue in this situation with regard to my ex still having interest in the property hence my reason for joining in with this thread, I thought maybe others may have been in similar situations and might have some advice to offer.

sharon_currie

I thought it was just the case of the other party signing their share over, am I wrong here? It`s just that I know my brother in law signed his share over to his ex wife affer they split up. He lives in Scotland so I don't know if English and Scottish laws are different.

stevokenevo

sharon_currie wrote: »

I thought it was just the case of the other party signing their share over, am I wrong here? It`s just that I know my brother in law signed his share over to his ex wife affer they split up. He lives in Scotland so I don't know if English and Scottish laws are different.

Thats fair enough if there is no mortgage attached to the property, but if there is a mortgage, the mortgage provider will not be interested in removing anyone if it increases the risk.

sharon_currie

As far as I know there was a mortgage outstanding when he signed the house over but I could be wrong.