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Interest in family house
Flora_McDora
Posts: 39 Forumite
I have a slight problem ...
About 8yrs ago my husband & I split amicably and divorced. We arranged our affairs and agreed that he would keep the house with £250K mortgage and no equity (my name remains on the mortgage & deeds as he could not afford to put the mortgage in his own name). I kept the business, a day nursery (a limited company without his name).
Now 8 years later my nursery is struggling and has been for sale for 2yrs and if I don't find a buyer in the next few months it will be 'closed down' (without owing monies to anyone except the bank.) I have quite a lot of personal debt (I have only been able to take a minimum wage from the business for years) and no future, I will have no option than to consider bankruptcy.
I am looking for advice or a 'pointer' to where i should look for advice.
I live in rented accommodation and have no assets of any value and am really worried that they will make me sell the house that my ex-husband lives in with his partner, her children and our children (50% of the time - we share custody). The house is probably worth £350K now but the mortgage is still around £250K (as he only pays the interest). However, I have made no contributions to the mortgage or the upkeep of the house since we split so it seems awful that they will want to sell the house to pay my debts.
Has anyone any advice - I feel as if I'm drowning with no hope but can't let my ex-husband lose the house he has paid for over the last 8yrs.
About 8yrs ago my husband & I split amicably and divorced. We arranged our affairs and agreed that he would keep the house with £250K mortgage and no equity (my name remains on the mortgage & deeds as he could not afford to put the mortgage in his own name). I kept the business, a day nursery (a limited company without his name).
Now 8 years later my nursery is struggling and has been for sale for 2yrs and if I don't find a buyer in the next few months it will be 'closed down' (without owing monies to anyone except the bank.) I have quite a lot of personal debt (I have only been able to take a minimum wage from the business for years) and no future, I will have no option than to consider bankruptcy.
I am looking for advice or a 'pointer' to where i should look for advice.
I live in rented accommodation and have no assets of any value and am really worried that they will make me sell the house that my ex-husband lives in with his partner, her children and our children (50% of the time - we share custody). The house is probably worth £350K now but the mortgage is still around £250K (as he only pays the interest). However, I have made no contributions to the mortgage or the upkeep of the house since we split so it seems awful that they will want to sell the house to pay my debts.
Has anyone any advice - I feel as if I'm drowning with no hope but can't let my ex-husband lose the house he has paid for over the last 8yrs.
0
Comments
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What form did the agreement take?0
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It was just a verbal agreement0
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Oh dear. That's not good. I should forewarn your ex that he may need legal help to show that he now owns all the house hopefully it's valuation years ago and he solely paying the mortgage since then means it is all his now.0
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