Coming off a mortgage when other party does not want to lose house

Vmclean

Emmia said:

Vmclean said:

JMA74 said:

Yes he will be liable to the lender if she doesn't pay.
If shes doesn't pay his credit rating will be trashed
And if he asks for another mortgage he will still have one in the background so will impact his affordability and availability of products 

I though as much - so does all of that still apply even with this contract she is looking to draw up with the solicitors? I don't see how its legal for her to force him to stay on a mortgage contract he does not want to be on - he has offered to give her the house and forfeit his entire share in it but she is refusing to do anything.

When he originally signed up for the mortgage and did the 5 year fix, he signed and agreed to be jointly and severably liable for the debt of his own free will. So, if she stops paying, the bank will chase him for the money, to cover the whole mortgage.

The property was presumably bought in both names? On the assessment of joint income and affordability?

If she won't pass the banks affordability criteria alone, then the property would need to be sold to avoid ongoing liability. 

yes - the original agreement was on joint income and affordability but my main point I am trying to ask is if there is any way she can actually force him to stay on the mortgage? If she goes to the bank and they say No, she cant afford it by herself for instance, that there is nothing they can do - what is his next move?
Does he then go to solicitors?
What if she refuses to go to the bank and refuses to sell? Will he just be bound to this mortgage? 

Emmia

Vmclean said:

Emmia said:

Vmclean said:

JMA74 said:

Yes he will be liable to the lender if she doesn't pay.
If shes doesn't pay his credit rating will be trashed
And if he asks for another mortgage he will still have one in the background so will impact his affordability and availability of products 

I though as much - so does all of that still apply even with this contract she is looking to draw up with the solicitors? I don't see how its legal for her to force him to stay on a mortgage contract he does not want to be on - he has offered to give her the house and forfeit his entire share in it but she is refusing to do anything.

When he originally signed up for the mortgage and did the 5 year fix, he signed and agreed to be jointly and severably liable for the debt of his own free will. So, if she stops paying, the bank will chase him for the money, to cover the whole mortgage.

The property was presumably bought in both names? On the assessment of joint income and affordability?

If she won't pass the banks affordability criteria alone, then the property would need to be sold to avoid ongoing liability. 

yes - the original agreement was on joint income and affordability but my main point I am trying to ask is if there is any way she can actually force him to stay on the mortgage? If she goes to the bank and they say No, she cant afford it by herself for instance, that there is nothing they can do - what is his next move?
Does he then go to solicitors?
What if she refuses to go to the bank and refuses to sell? Will he just be bound to this mortgage? 

If she stops paying, he will be liable for the whole debt, as he's jointly and severably liable.

He is bound by the mortgage agreement that he signed, and even if he stopped paying the bank can/will still pursue him, especially if he's the one with the income.

He can only come off the mortgage if the ex has enough to take on the property on a sole income - that would need a new mortgage in their name only.

Your friend would either also need to get their equity out at that point (the new mortgage or other savings would need to be large enough to do this) or he would need to walk away with less/no equity/money and accept his ex has done very well financially.

Alternatively he could force a sale, but that would need legal advice, and a court process.

Given they're in year 1 of a 5 year fix, there would probably be a charge for ending that deal earlier.


The best option would be for him to persuade the ex to sell and to split the proceeds. Although uncomfortable I'd be moving back in to force this issue.