Ending Joint Mortgage Unilaterally

2520years

silvercar wrote: »

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Think carefully on that one. Once you tell the mortgage lender you are living in the property, they could tell you that is a breach of the BTL terms and demand that either you move out or they call in the mortgage. What will your response be?

If they suggest converting it to a residential mortgage will your ex co-operate?

Thanks. It’s funny you should say that. I just asked them to chuck me out, but they wouldn’t(!) They said seek legal advice.
Isn’t this a strange world?!

Unfortunately, my mortgage company doesn’t sell mortgages any more, so I’d have to go elsewhere. Also,, my ex-wife will always do the opposite of what I suggest.

davidmcn

2520years wrote: »

I always imagine going to court is the privilege of the wealthy.

Which is why threatening to go to court tends to be as far as things get.

2520years

I really don’t want to escalate anything, but it’s looking increasingly likely ��

foxy-stoat

Is there any equity in this and are you wanting a mortgage afterwards?

You could stop paying the mortgage altogether until the evict you but you will trash your credit file for 6 years and you will be in breach of your mortgage terms.

What has your solicitor said about partitioning the court to try and sell without the consent of the other owner if they have no financial interest in it.

BoGoF

2520years wrote: »

Thanks. It’s funny you should say that. I just asked them to chuck me out, but they wouldn’t(!) They said seek legal advice.
Isn’t this a strange world?!

Unfortunately, my mortgage company doesn’t sell mortgages any more, so I’d have to go elsewhere. Also,, my ex-wife will always do the opposite of what I suggest.

Worst thing you could do is let them repossess.

2520years

foxy-stoat wrote: »

Is there any equity in this and are you wanting a mortgage afterwards?

You could stop paying the mortgage altogether until the evict you but you will trash your credit file for 6 years and you will be in breach of your mortgage terms.

What has your solicitor said about partitioning the court to try and sell without the consent of the other owner if they have no financial interest in it.

There is maybe £5k-£10k equity, which, ironically, doesn’t help...

foxy-stoat

2520years wrote: »

There is maybe £5k-£10k equity, which, ironically, doesn’t help...

Its more getting you split from the ex and removing the future liability from this property, as at some point you will have to sell it or pay when the interest only mortgage finishes.

Have you thought of renting it out, as it is on a BTL mortgage and find another property to buy for yourself? Obviously when the interest only mortgage finishes you will have to sell it then, or you and your ex will be chased for the balance.

2520years

foxy-stoat wrote: »

Its more getting you split from the ex and removing the future liability from this property, as at some point you will have to sell it or pay when the interest only mortgage finishes.

Have you thought of renting it out, as it is on a BTL mortgage and find another property to buy for yourself? Obviously when the interest only mortgage finishes you will have to sell it then, or you and your ex will be chased for the balance.

If I had to I’d rent it out, although that would cause its own issues about who gets the income etc.
I really want to be free of having a joint mortgage with someone who will use it to cause trouble. Getting rid of that mortgage is a priority.

Thrugelmir

2520years wrote: »

I always imagine going to court is the privilege of the wealthy. I’m not sure I can afford it, but I might find someone who offers a free consultation. I’ll ring the mortgage provider too, just in case they can help in any way.

Suggest you Google what a Financial Consent Order is. If both parties can come to an agreement. Then the Court part of the process is merely a rubber stamping exercise.

Until you resolve this issue. Your finances will remain linked to that of your ex.

2520years

It’s seems they’re about £250 which isn’t too bad. Thanks!

It still needs both parties to agree, but I could try going down that route.