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House repossession
Billy321123
Posts: 1 Newbie
Hello, my husband and I are split up but not divorced, I have marriage rights/home rights on the home which the mortgage is in his name only, to gets home rights taken off we agreed I get £60k when the house sells, but he is no longer paying mortgage and it looks like it will get repossessed, house value is £550k and mortgage is £200k, where does this leave me as I only have home rights? Does the money left over just go to him and is up to him if he wants to give me my share? Thanks
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Comments
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Whose name are the deeds of the property in?
If it's just his - then it's his asset - however if you divorce then there is a "financial split" which normally starts at 50/50 - so all debts / assets ( including pensions ) are split down the middle or some agreement like that.
Why are you not going for divorce?0 -
Can you talk to the bank about getting the mortgage moved from his name to yours? To avoid the repossession? Let them know that you are the resident there. Banks generally don't want to repossess as it loses them money.
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"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung0 -
You cant switch the name on a mortgage.Brie said:Can you talk to the bank about getting the mortgage moved from his name to yours? To avoid the repossession? Let them know that you are the resident there. Banks generally don't want to repossess as it loses them money.
But in any event, you dont want your name added to a mortgage in arrears.
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To answer the actual question, I think you need to speak to a solicitor to get a charge put on the house as a beneficial interest. It means that the house can be sold but the funds will be retained by the solicitor until it is resolved.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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