Mortgage/debt issues...

madachab

Hi

I originally posted this on the mortgage board and got some useful replies, I was also advised to post on here...

Approximately 18 months ago, I split up with my girlfriend of 13 years. We have a joint mortgage (currently £222,500 with not much equity in the property due to remortgage 2 years ago). As I moved out of the house into rented accomodation, I no longer pay towards the mortgage, but I know that she is keeping up the payments ok. The split was not particularly amicable, so communications were (and still are) a little hostile.

I really want to try and pick myself up again financially, so I want to know how to go about removing myself from this mortgage. My ex says that there is no way she wants to sell the house, and also that she has taken legal advice and been informed that there is no way I can force her to sell the house. So this is my first question, is she correct in saying that I cannot force a sale? I am asking here first before spending money I don't have on legal fees...as due to a dip in my self emloyed working hours for 6 months last year, I also now find myself with £-27,500 of credit card debt and not able to switch to low interest cards due to a less than perfect credit rating.

We also have a join bank account with Halifax, which appears to be overdrawn (according to data from CheckMyFile.com). Do I need to go through a legal process to get my name removed from this also?

I'd really like to get going somehow, but don't really know where to turn without incurring too many legal fees as mentioned above. Any advice would be gratefully received.

Thanks for listening/looking.

yourstruly

Hi there,

Sorry to hear about your situation. When I split with my ex some years ago now, he had his solicitor send me a document which I had to sign to release myself from the mortgage and signing the place over to him. We agreed that we would split the equity so eventually I received a cheque with a letter from his solicitor confirming that it was full and final settlement and I had been released.

In the first instance I would advise you to speak with someone from Citizens Advice, how long did you live togther?

If there is any equity in the property at all it would be worth finding out what your options are before signing the place over. Do you have children together cause that can also make a difference?

madachab

Thanks for the reply.

We lived in together for 13 years in all, the last 3 in the mortgaged house.

Although my ex is paying the mortgage on time, I don't think the mortgage company would allow her to take on the mortgage herself due to her income.

I agree that it would be worthwhile finding out if there is any equity, especially bearing in mind my current debt!

We didn't have children, so that's not an issue.

Badger_Lady

No, you can't force a sale... I was in your ex's position last year, and couldn't even sell my own home because my ex (who didn't live there and didn't pay the mortgage) refused to sign the paperwork :rolleyes: We only finally came to an agreement through beer and persuasion.

You could certainly talk to her about an equity transfer - but that does depend on her a) having the money to buy you out, and b) her being able to take on the mortgage without you.

If your ex is only just coping to pay for her mortgage there (as indicated by overdraft, perhaps), then you're in a pretty sticky situation - the property may not be costing you anything, but neither can you withdraw any cash from it.

Is it worth getting in touch with a Solicitor to discuss your options?

madachab

I think I will get in touch with CAB to see what they can suggest, and after that, perhaps consult a solicitor to find out where I stand legally. I do wonder whether I should inform the mortgage company, but worry that they'll foreclose and leave me with an unpleasant mark on my already cloudy credit file?

Not much chance of her being able to take over the mortgage on her own, so it does look a bit sticky at the moment!!!

Badger_Lady

What were you planning to tell the mortgage company? They won't care that you've moved out, as long as you're still financially liable for the mortgage (and she's still living there). You're effectively her guarantor.

CAB is a good move

madachab

hmm...fair comment.

I'll see what CAB say.