How to get off mortgage with ex

Happygirl35

When I first heard about forcing the sale I thought it was a huge huge no go because of the cost implications. It was in negative equity, interest only mortgage and the secured loan. The original plan when we bought it was to pay the secured loan off an then remortgage on a repayment.  But then I moved out!! With regards to the equity in the property I'm not sure there will be much if any. But to break even would be a bonus. Just feels like a no win situation! 

Thrugelmir

Until there's equity in the property little you can do. Ultimately the mortgage term will end and your ex will have to do something. 

Exodi

If you're still on the mortgage, you should have no trouble going to the bank and getting details of a) how long is left on the interest only mortgage b) what is the balance to settle at the end of the term. Are you able to get the details for the secured loan?

Next you'll need to find out how much the house is worth. Check what nearby similar houses have sold for recently.

You are then fully able to understand your position.

First - do you calculate that there should be equity in the property? With all due respect, he's bound to say there isn't, I'd be absolutely amazed if the house is still in negative equity after 15 years, especially with current house price increases... If there is equity (and I suspect there will be), you are in a very strong position of which he underestimates... you still own half the house.

Second - if you calculate that the house is in negative or neglible equity, how long is left on the term? If it's more than a year or two, you'll either have to accept paying £££ to resolve this yourself (since your ex won't be a in rush to spend money helping you) or accept staying on the deeds for the forseeable future.

sammyjammy

What was the mortgage amount and the secured loan amount when you left?  Do you remember who the secured loan was with?  

macman

If he contests the sale then yes, it will be expensive-but it will cost him as much as it costs you, and ultimately he will lose. He can only delay it, but at great expense.You needd to make him realise that.
You need to take professional advice and then act accordingly. rather than let it drift.
You are currently just burying your head in the sand, as  there is no way you can simply 'have your name off the mortgage'.
If you've been separated for 15 years, and the mortgage term was the usual 25 years, then, assuming a few years post-mortgage before you split, there can be no more than maybe 6 years left to run, perhaps less?

gwynlas

Surely itt would be in his interest to resolve this situation in order to have sufficient years left to pay down repayment mortgage/ Similarly a secured loan would have a timescale attached. You can check local propert market easily enough on line to calculate whether house remains in neegative equity and judge whether current exs income would make mortgage affordable. It sounds as though he just wishes to live cheaply paying interest only with little thought for the future when lender seeks reimbursement.

thegreenone

I'm with @sammyjammy.

What was the secured loan for?  It must've been a large amount if it's still outstanding so many years on.  Can you ask the loan company for a statement?

TBagpuss

Get proper legal advice. This type of application is not cheap, but it counts as 'normal' not family litigation which means that the usual costs rules apply, and the winner can normally claim their legal costs rom the loser. IT's important to follow the correct process including things such as a letter before action.

 What you would be doing is first asking the court for a declaration of your interests (50% ) then for an order for the property to be sold to release that interest.

At that point, either the court orders the sale, and the sale proceeds are used to clear the mortgage and any other secured debt, and the balance slit in accordance with the declaration made by the court as to your respective interests, or he discovers that he can, in fact, remortgage, and buys you out. 

london21

You need more than just your name off. If you had bought a property 15 years it would have appreciated in value. This is shocking that such is happening more and more. I suspect he is struggling to get a re-mortgage on his own and has just stayed with the same lender but surely there must be a way, You will need to get a solicitor involved to sort this out.

macman

Or you sit it out until the mortgage expires, at which point he will either have to remortgage or sell up.