Ex wife and joint mortgage

darny

Hi,


I am guessing the reply will be to get legal advise, but hoping that someone may have been in a similar position to me, and able to offer me best advise on what to do next.

I have been divorced from my ex-wife for 2 years now, and at the time we drew up a consent order regarding the finances which stated that she would take my name off the joint mortgage before I reached the age of 40, allowing me to get my own property as we have joint custody of our two children (I currently rent). She decided at the last minute that she did not want to sign the consent order so I am no further on.

The property is 2k in negative equity and the ex wife is currently only paying interest only on the mortgage. There is 10 years to go, and I keep reiterating to her that in 10 years time we will need to pay the outstanding amount (meaning we need to sell the property as there is 90k on the mortgage).

I like to think I am a reasonable guy and dont want to force a sale as she wants to live their with her girlfriend (I know!, that's a whole different story) and our kids whilst they are not with me. Equally I dont think it is fair that I cant get back on the property ladder and feel like i'm in purgatory. I have even offered to buy out the negative equity so that she can re-mortgage with her new partner.

She is refusing to even look into things as she states she cant afford the repayments on her own or with her girlfriend. My question is, is there anything I can do to force her to at least look into the options of getting me off the mortgage, or at least sign the consent order?

foxy-stoat

Bank wont remove your name from the mortgage or deeds until the Ex has a new mortgage and passes their affordability checks.

Are you saying the property is worth £88,000 and the mortgage is £90,000? What is the current interest rate?

She would need £2,000 plus whatever the minimum deposit is required, 10% maybe. No idea why she wouldn't agree to you handing over £10,000 and she can get onto a repayment mortgage and stop the need to sell it when the mortgage expires.

Legal advice is what you need as if this situation continues you will need to find £90,000 in 10 years or force a sale if she doesnt agree to sell....and find any negative equity then, if the property doesnt increase in value.