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Divorce, Finance advice

charlotteb83
Posts: 13 Forumite

Good evening all,
I hope I’ve posted in the right section.
Needing advice.
my ex has been left almost ten years.
He is wanting to purchase another property but is still on my joint mortgage and the deeds. I’ve tried to include more info below.
I hope I’ve posted in the right section.
Needing advice.
my ex has been left almost ten years.
He is wanting to purchase another property but is still on my joint mortgage and the deeds. I’ve tried to include more info below.
* Divorce is still going through, we have the decree nisi and are awaiting the absolute.
* He is still named on the joint mortgage
* He is also still named on the title deeds
* He has a charging order on the house . Apparently they can only take this from his share of the sale as the loan and therefore the outstanding debt is in his sole name.
* He wants his name removed from the mortgage so he can purchase a home with his new partner. They have put in an offer on a property already.
* He thinks that he is only liable for half of the loan as we both used the money to consolidate other debts at the time (I can’t remember this) Therefore he thinks he can simply pay me his share when I sell the house (could be years away as I have children) Bearing in mind the full debt would of then been deducted from his share. So effectively he is saying ‘I’ll pay you back my bit!’
I feel that I should not have to forfeit a loss of equity been the only person paying the mortgage for almost 10 years.
He has said he doesn’t want a share of the equity and is happy to sign that all over to me, however this surely can’t be actioned unless his name is removed from the title deeds, and if my thinking is correct, they won’t remove him from the deeds unless the debt is paid back?
I hope that makes sense.
I hope that makes sense.
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Comments
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I feel that I should not have to forfeit a loss of equity been the only person paying the mortgage for almost 10 years.He has said he doesn’t want a share of the equity and is happy to sign that all over to me, however this surely can’t be actioned unless his name is removed from the title deeds, and if my thinking is correct, they won’t remove him from the deeds unless the debt is paid back?He's been financially liable for the house for ten years afterwards, I would say that counts for some equity. Perhaps not half but a good chunk. Being on the mortgage has drastically increased the risk on his finances in that time, which effectively should count towards some of the equity in my view.In terms of the debt, if it was shared at the time, it needs to be shared now.
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Not sure how you are managing to get the divorce sorted without all the ins and outs of the financial side being sorted first.
Everything should be in the mix, assets such as pensions, money, property etc and debts as if they were incurred during the marriage then they are joint debts. He is being a bit silly putting in an offer on another house before you are divorced. How has he managed to get a mortgage for that house whilst still on yours? He cannot just come off your joint mortgage either. You would have to show you could afford the mortgage alone. Even though you have been paying it alone for some years you would still have to apply to remortgage to give him his share so the mortgage company will need to agree to the mortgage being in just your name. At the moment they could chase either of you if there were arrears. Its not a simple as him just coming off the mortgage.
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Are the children his too? How long was the marriage?
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Stateofart said:I feel that I should not have to forfeit a loss of equity been the only person paying the mortgage for almost 10 years.He has said he doesn’t want a share of the equity and is happy to sign that all over to me, however this surely can’t be actioned unless his name is removed from the title deeds, and if my thinking is correct, they won’t remove him from the deeds unless the debt is paid back?He's been financially liable for the house for ten years afterwards, I would say that counts for some equity. Perhaps not half but a good chunk. Being on the mortgage has drastically increased the risk on his finances in that time, which effectively should count towards some of the equity in my view.In terms of the debt, if it was shared at the time, it needs to be shared now.
1. He hasn’t paid anything toward the mortgage or improving the home during the last 10 years.
Its also a shared ownership property that ‘we’ own a 50% share of so there’s extremely low equity left on the 25% we would own each. He has said he doesn’t want any of the equity.
2. The debt was in his name only0 -
swingaloo said:Not sure how you are managing to get the divorce sorted without all the ins and outs of the financial side being sorted first.
Everything should be in the mix, assets such as pensions, money, property etc and debts as if they were incurred during the marriage then they are joint debts. He is being a bit silly putting in an offer on another house before you are divorced. How has he managed to get a mortgage for that house whilst still on yours? He cannot just come off your joint mortgage either. You would have to show you could afford the mortgage alone. Even though you have been paying it alone for some years you would still have to apply to remortgage to give him his share so the mortgage company will need to agree to the mortgage being in just your name. At the moment they could chase either of you if there were arrears. Its not a simple as him just coming off the mortgage.
i only work part time, I have no pension, no savings.
i have three children under 15 living at the property with me.0 -
Gavin83 said:Are the children his too? How long was the marriage?0
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