Trapped in shared ownership?

WSO

Well it seems (after a few cross words on his part) I've managed to talk him into selling up... just hope he doesn't change his mind.

Not sure if he'll be bringing her back in the meantime... probably will want to so I hope we can get rid as soon as possible...

What sort of costs can we expect? Do we need to put together a HIP to sell up - even if it's to one of these fast track companies?

silvercar

Fast sale companies will only pay 80% of a market value. I don't know for sure but I doubt they would be interested in shared ownership.

Jvic28

WSO wrote: »

I have a shared mortage (50/50) with my ex - only he has been spending a lot of time staying at his new partners place.

However, he now expects to split his time between hers and ours and expects me to allow her to stay for free since they won't owe each other anything for each others rent. However I have said that I would expect him to pay for 2/3 of mortage for days she stays over (mainly for the inconvience of me having to put up with them).

He didn't like the idea and said if she were to pay towards the mortgage then he would expect me to refund him for all the days he didn't spend at the house.

I was of the understanding that if the mortgage was shared then each of us is liable to pay half until it is paid, irrespective of where they spend most of their time. If this is the case then surely he can't ask me to effectively provide him free equity in the house just because he chooses not to spend his time there... can he?

I feel trapped, I can't afford to rent anywhere until my name is off the mortgage - but I don't want to share the house I pay half for without something for the inconvience and extra I'll have to pay for the bills.

I'd like to hear peoples thoughts please...

You can't expect her to pay for days when she is there but in the same vein don't want either of them there even though he owns (and pays) half. If he is paying his half then he has a right to have her stay over.

You're best option is to be sensible and try and have a grown up calm discussion with him about moving on. You can't go on to pay for this property together. It's completely impractical. I don't know how you'd go about it but both of you living there is not the answer.

x

Jvic28

WSO wrote: »

Well it seems (after a few cross words on his part) I've managed to talk him into selling up... just hope he doesn't change his mind.

Not sure if he'll be bringing her back in the meantime... probably will want to so I hope we can get rid as soon as possible...

What sort of costs can we expect? Do we need to put together a HIP to sell up - even if it's to one of these fast track companies?

Excellent news. Hope it all works out. Just be patient. There is a light at the end of the tunnel.

x

ixwood

Just say no. Moving her is in unreasonable IMO and you should refuse. What does the freak want to live there for anyway?

grey_lady

Is there no chance you could takeover the mortgage and get a lodger in to help pay for it?

WSO

grey_lady wrote: »

Is there no chance you could takeover the mortgage and get a lodger in to help pay for it?

Speaking to the lender they said if we wanted to change ownership to either of us then they would do a credit assessment on the person who wants it - seeing how its just under 90% LTV, outstanding balance is around 4.5x my salary and I have other loans to pay I doubt I'd pass it. Unfortunately they treat bringing in lodgers as a seperate issue and so it isn't likely to be treated as regular income for the sake of securing the mortgage.

Should the person who wanted it fail the credit assessment, then the mortgage would just stay as is.