Negative equity mortgage/divorce

Sunshine5652

Hello,

I would appreciate some advice please. Apologies for the long post!

My ex and I divorced (finalised but option for financial claims left open) approx 3 years ago. We have a joint mortgage on a property for approx £105k, property now worth approx £92k. About 5 years prior to separation we started to let the property (whilst we lived abroad or rented). Following the separation we verbally agreed not to deal with the mortgage straight away as we had a long term tenant. The idea was that I would use any ‘profit’ to supplement my low income but I have actually not made any profit at all. All the money has gone on repaying my ex’s and marital debts (incl. a £20k loan from my parents, council tax arrears, utility arrears, etc) and upkeep of the property (incl. new boiler, roof repairs, decorating).

During the marriage I was incredibly naive about finances and my ex handled everything as he earned significantly more than me (he still does although he has a Limited company and ‘hides’ much of his income). The marrige ended in part due to his poor handling of finances. I divorced my husband and it was at his insistence that we didn’t look at finances. In hindsight I know this was a huge mistake as my ex had racked up huge amounts of debt and didn’t pay bills on time. I had to sort all the mess out, if I tried to ask him about anything he just ignored me whilst interest racked up. I know that there probably isn’t much I can do about all this now, at the time I was just trying to muddle through and move on as best as I could. Much of the loan from my parents is still outstanding but they have agreed I will just pay them back as and when I can.

Since divorcing I have found out that the mortgage is interest only with a clause allowing us to let. We each have new partners and I am hoping at some point in the next couple of years that I will be able to get a new mortgage with my new partner (who has a mortgage on his own house already and can’t help out). I am unable to take the mortgage on alone. I have contacted my ex and asked if he could take the mortgage on alone (with the long term tenant still in place) and remove me. I offered to give him a lump sum towards the negative equity. I think this was generous considering how much of his debt I have paid off. He has replied (after much chasing) stating he can’t take the mortgage on and suggests we switch to a repayment mortgage and discuss again once it’s not in negative equity but that could take forever!

Please can anyone advise on what I could do next? Could I force a sale and just pay my half of the negative equity? Would I need a solicitor for this? Also could I potentially still claim for the debts I have paid off? I’m reluctantly happy to write all the other debts off in return for a clean break but could I possible use this as leverage?

Any advice would be greatly received.

Many thanks for your time.