ex wont release me from mortgage

dibblethetiler

Hi people,
I'm in need of advice.....
I separated from my wife, 4 years ago. We have a joint mortgage, and I live currently with Parents, while she lives in our house with our 3 kids.
I need to provide a home for when I have the children, but she's playing hard ball, and not letting me move on.
I'm now thinking about forcing a house sell to release funds...
Any thoughts?...

Savvy_Sue

Apply for a divorce and ask for the house to be dealt with as part of the finances?

dibblethetiler

Have used the services of a solicitor to do basics on financial statements. but because my wife is being difficult, I've been quoted £5500 to proceed with a court hearing.
Hence the reason for a settlement between us... without costly fees from so called professionals.
More like robbers, without the masks.

Tabbytabitha

Does she have enough income to cover the mortgage and buy you out?

PasturesNew

It's unclear what you expect.

She can't "release you from the mortgage". That is not an option available to her at all. You/her, combined, have an agreement with a mortgage company for a mortgage.

The only way for you to not be connected with it any more is for her to re-mortgage the property in her name only (or her/family/friends) - in short, she has to raise a new mortgage that pays off the one you/her share.

Does she have the ability to raise a mortgage alone or with family/friends?

dibblethetiler

we've been to the mortgage provider, to ask about her taking the mortgage on. they've said that she's unable to as " the computer says no", although it's clear she can through wages and tax credits, etc. In fact, we both can't afford to pay the mortgage going on their criteria... even thogh we are.:rotfl:

elsien

Have you tried mediation? Generally you would need to do this before going to court anyway. It's not just about the house, it's about a full financial settlement taking everything else into account.

peachyprice

dibblethetiler wrote: »

we've been to the mortgage provider, to ask about her taking the mortgage on. they've said that she's unable to as " the computer says no", although it's clear she can through wages and tax credits, etc. In fact, we both can't afford to pay the mortgage going on their criteria... even thogh we are.:rotfl:

There is no 'being released from a mortgage' other than the other party being able to remortgage, end of. It's not her fault she can't remortgage in her own name, it's now her 'playing hardball' it's a fact.

If you go to court to force a sale the ages of the children will be taken in to account, it's extremely unlikely that any judge will force a sale if school age children are living in the home.

The only solution of to reach an agreement to sell the house and both either purchase new properties you can afford or rent.

elsien

Depends on the size of the house and its value, surely?
The court would look at the needs (not wants) of both parties and if these could be met by selling and each buying a smaller property then that would also be considered as an option.

gettingtheresometime

As others have said, the only way for you to be released from the mortgage is your wife takes on the mortgage in her sole name or you both sell up, pay off the mortgage & split the equity in whatever way you agree upon.


The lending criteria for mortgages have drastically altered - no longer are they lending to anyone for any amount they want....remember 2008?


The only alternative I can think of is that she goes to a mortgage broker and sees if there is any other provider that could help but I would guess that there are costs involved in that.

pimento

Move back in. If nothing else it would concentrate her mind.