Mortgage/repossession/declaration of trust

luvchocolate

Before I write an essay..are there any posters with experience on the above?

Hoenir

Very much depends on the specific's of your own circumstances. 

silvercar

I’d start with a few points, rather than a whole essay.

luvchocolate

Mortgage in my sole name with BOS from 2006 interest only approx £74k over 25 yrs 
My partner now ex and I did a declaration of trust in 2008
Briefly he would make all payments related to the property in return the BI would be his 

All OK until November last year when he missed up to 4 payments, currently 2 payments missed. 
Bank do not acknowledge ex as Mortgage mine only...which is correct 
Letter now saying they are sending someone to property. 

I have no contact with with him although my son does forward letters via email to him 
My BR was 2012 due to 2 other repossession 

I'm 72 yrs old and the stress is causing me health problems 
I just want the nightmare over 

Just writing this makes me realise there is nothing I can do except ride it out

Apologies for this 

jimjames

How much equity in the house? Can you just make the payments so you can carry on for the next 6 years? Where are you planning to live in 2031? You could sell now and bring that date forward

luvchocolate

Approx £70k
Ex has lived there since 2011

 He will not cooperate on selling 

I live in social housing 90 miles away. 

MWT

luvchocolate said:

Approx £70k
Ex has lived there since 2011

 He will not cooperate on selling

What is the plan for when the mortgage ends and the full repayment of the loan is expected by the lender?

Does your Ex at least understand that they will have to sell at that point if they cannot repay the loan?

Hoenir

Lender will ultimately proceed with reposssesion of the property. Whether it's now or in a few years time. 

The proceeds are technically his in accordance with the DOT. Though as the property is legally yours. There may well be Capital Gains Tax to pay on the gain for the period the property wasn't your home. 

luvchocolate

MWT said:

luvchocolate said:

Approx £70k
Ex has lived there since 2011

 He will not cooperate on selling

What is the plan for when the mortgage ends and the full repayment of the loan is expected by the lender?

Does your Ex at least understand that they will have to sell at that point if they cannot repay the loan?

He will not be planning ahead...if he is still alive will have to sell or it will be repossessed 

luvchocolate

Hoenir said:

Lender will ultimately proceed with reposssesion of the property. Whether it's now or in a few years time. 

The proceeds are technically his in accordance with the DOT. Though as the property is legally yours. There may well be Capital Gains Tax to pay on the gain for the period the property wasn't your home. 

It's a buy to let mortgages and it's never been my home..if my choice would prefer repossession sooner rather than later but it's out of my control 
Thanks for replying 

Hoenir

luvchocolate said:

Hoenir said:

Lender will ultimately proceed with reposssesion of the property. Whether it's now or in a few years time. 

The proceeds are technically his in accordance with the DOT. Though as the property is legally yours. There may well be Capital Gains Tax to pay on the gain for the period the property wasn't your home. 

It's a buy to let mortgages and it's never been my home..if my choice would prefer repossession sooner rather than later but it's out of my control 
Thanks for replying 

You could voluntarily hand the property back to the lender.