Negative Equity with Ex

parisman99

Hi all,
I have a flat with an ex which I moved out over 10years ago and she never has been willing to re-mortgage or take a change of ownership.
As it is an interest only mortgage there's no money in the property and the property value has gone down around 40K. meaning no value in the property at all.
She is only paying 300 interest only mortgage while I pay nearly 1000 in rent.
I want to move on with my life and buy a new house and do not like the fact I am still tied to this person
She has no money so if I then take on the flat I would lose 40K straight away which would be crazy and as the rent is so low, I doubt she will agree to sell.
I'm really stuck so any advice of how to get out of this situation would help
Thanks,

foxy-stoat

What I would be more worried about is that in 15 years time you will have to find the purchase price in cash to pay the mortgage off.....what was the exit strategy when you left 10 years ago?

You need to get it valued and pay the difference and sell it, but doubtful that will happen....or at least have sensible conversation with your ex as she will be in the same boat only she will lose the place to live as well.

You could wait until the mortgage term ends then go bankrupt and start again 6 years later.