Split from partner. Help..

ddavis

Hi All,

I split from my partner 7 or 8 months ago.

I lived in our Joint Property for a few months whilst trying to buy her out, I couldn't so we put it up for sale in October and I moved into a rental property.

The mortgage is 700 per month on interest only.

Since moving out my ex has paid nothing towards the mortgage. I've had the odd promise of 100 - 150 here or there but nothing received.

Is there anything I can do? This is crippling me. We signed joint tenancy and the mortgage is in joint names.

Thanks
DD

chappers

Yes you can split the equity/loss in proportion to what you each paid into the property.
For example if all things were equal before then add up deposits etc paid by each of you for the purchase, with payments you have each paid towards the mortgage and work out each as a percentage of the total and that is the share of the equity/loss you will each get/pay. Obviously if there has been an uneven split at any point in the past then take that into consideration too.

Unfortunately with regards to her not paying her share now there probably not a lot you can do.
If there is cash left over at the end of the sale then you will get your extra mortgage payments back, when dividing up.
If however you think there is going to be a shortfall, and you are being crippled by the payments and don't care about your credit rating you could just stop paying the mortgage and hope you sell before repossession kicks in.
Have you spoken to the lender and explained the situation they may be able to do something to help, such as switching the mortgage to interest only whilst you sell up , making the payments more affordable.

Not sure what will happen if you come out of this, still with a shortfall on your mortgage, and your ex still refuses to pay her half of the remaining debt, as currently you are both jointly and severaly liable for the mortgage, which means they can chase either of you for the mortgage payments.

ddavis

If we signed joint tenancy should it not be a straight 50/50 split at the end, then I can subtract her missed payments? Is that how it would work?

Thanks

chappers

Providing all other things such as mortgage payments, deposits etc were split equally then yes apart from you should deduct only her half of the subsequent payments from her share.
If there was say an uneven deposit paid then this should be taken into consideration when making the split.

Gorgeous_George

Stop paying the mortgage and it will be repossessed. The lender will sell at auction and then chase you both for any shortfall. The shortfall will increase as interest and costs are added. Pay nothing unless she pays an equal amount.

This will damage your credit rating and you will not be able to secure a mortgage for some years. Don't worry about it, you probably wouldn't want one anyway.

There will be thousands more cases like this over the next few years. Do not let her walk away from her responsibilities.

Keep smiling.

GG

silvercar

You are both jointly liable for the whole mortgage.

Morally you may both be entitled to differing shares. Unless you both agree or a court decides otherwise, any solicitor will split sale proceeds 50:50.

If you get into mortgage arrears, both your credit ratings will be affected.

In the event of a repossession, the lender would take the arrears off the balance and then refund equity equally. If there was a shortfall, the lender would chase both of you and probably focus attention on the one more likely to have some money to pay off the shortfall.

Any lender would not be bothered who had paid which mortgage payment or who had chipped in a greater deposit.

Reach agreement with your ex or the only winners will be the courts.