Can my Ex force me to sell the house?

[PinkFatBunny]

Afternoon Guys,

Split with my ex a while back. I still live in the house that is in joint names on the mtg. I pay the mtg and all the bills and always have done. House is currently £30k in negative equity.

She wants to sell the house as 'daddy' is giving her the £15k to pay off her bit of the -ve equity and also giving her the £20k deposit for another house. I don't have £15k to hand and cant transfer the mortgage to my name only as I now do contract work (token wage - high dividend/share payout) which high street banks tend to avoid, and cant got to a broker as that'll mean getting a new mtg for 120% of the current value of the house!

Can she force me to sell through the courts?
Any thoughts/suggestions welcome.

cheers
Adam

[Soovy]

PinkFatBunny said:

Afternoon Guys,

Split with my ex a while back. I still live in the house that is in joint names on the mtg. I pay the mtg and all the bills and always have done. House is currently £30k in negative equity.

She wants to sell the house as 'daddy' is giving her the £15k to pay off her bit of the -ve equity and also giving her the £20k deposit for another house. I don't have £15k to hand and cant transfer the mortgage to my name only as I now do contract work (token wage - high dividend/share payout) which high street banks tend to avoid, and cant got to a broker as that'll mean getting a new mtg for 120% of the current value of the house!

Can she force me to sell through the courts?
Any thoughts/suggestions welcome.

cheers
Adam

Not having much luck are you?

[GT03ROB]

Regretfully I think she can

[birdcage]

Allow it to be repossed unless she pays the lions share of the negative equity thus screwing her credit rating.

That said her request is not unreasonable and she can yes...

[PinkFatBunny]

Soovy said:

Not having much luck are you?

No mate I'm not. But there is always someone worse off than yourself and it's not very British to bask in self pity. Just don't want to get screwed over on the house though as its a lot money at stake!

Adam

[KrazyIvan]

You need to get some proper legal advice, and be prepared for a long stty battle in which the only winners will be the solicitors.

[anonymous-user]

PinkFatBunny said:

Afternoon Guys,

Split with my ex a while back. I still live in the house that is in joint names on the mtg. I pay the mtg and all the bills and always have done. House is currently £30k in negative equity.

She wants to sell the house as 'daddy' is giving her the £15k to pay off her bit of the -ve equity and also giving her the £20k deposit for another house. I don't have £15k to hand and cant transfer the mortgage to my name only as I now do contract work (token wage - high dividend/share payout) which high street banks tend to avoid, and cant got to a broker as that'll mean getting a new mtg for 120% of the current value of the house!

Can she force me to sell through the courts?
Any thoughts/suggestions welcome.

cheers
Adam

The mortgage company will want all of their money back if you sell the security. You are jointly liable for this debt including the negative equity. Point this out to her, so although it's nice of daddy to stump up 15K, you will still owe 15K 'between' you after the property is sold. Not you owe 15K and she's free and clear. That's assuming the mortgage company will release their charge over the property with 15K outstanding.

People really should understand the contract they are entering into when purchasing something as expensive as a house!!

[AAT1981]

PinkFatBunny said:

Afternoon Guys,

Split with my ex a while back. I still live in the house that is in joint names on the mtg. I pay the mtg and all the bills and always have done. House is currently £30k in negative equity.

She wants to sell the house as 'daddy' is giving her the £15k to pay off her bit of the -ve equity and also giving her the £20k deposit for another house. I don't have £15k to hand and cant transfer the mortgage to my name only as I now do contract work (token wage - high dividend/share payout) which high street banks tend to avoid, and cant got to a broker as that'll mean getting a new mtg for 120% of the current value of the house!

Can she force me to sell through the courts?
Any thoughts/suggestions welcome.

cheers
Adam

Agree to sell, but only accept an offer that will cover the mortgage amount you both owe. i.e. your current mortgage you owe £100k, the house is worth £70k (£30k down) agree that you will sell the house, but the price you get MUST cover the £100k. If this cannot be achieved then she will have to pay the £30k, or you stay in the house. Or get her to give you the 15k and fk off.

[sparkypups]

Bluequay said:

The mortgage company will want all of their money back if you sell the security. You are jointly liable for this debt including the negative equity. Point this out to her, so although it's nice of daddy to stump up 15K, you will still owe 15K 'between' you after the property is sold. Not you owe 15K and she's free and clear. That's assuming the mortgage company will release their charge over the property with 15K outstanding.

People really should understand the contract they are entering into when purchasing something as expensive as a house!!

I agree - the joint liability will still be £15k after her daddy's contribution and that means you both will still owe that £15k jointly.

She will not be able to get another mortgage unless this is paid off.

One way of getting round the issue of her getting a new mortgage is simply to rent the place out and you go off and rent somewhere of your own and sell the place when the negative equity is more palatable with your ex's daddy.

[mcflurry]

AAT1981 said:

Or get her to give you the 15k and **** off.

I like that idea - she covers half the neg equity and walks away, you keep the house.
As long as you can cover the extra mortgage (£70 a month?), and the mortgage co agrees

[PinkFatBunny]

mcflurry said:

AAT1981 said:

Or get her to give you the 15k and **** off.

I like that idea - she covers half the neg equity and walks away, you keep the house.
As long as you can cover the extra mortgage (£70 a month?), and the mortgage co agrees

I thought he meant take her daddys £15k and f**k off to Vegas! ....Adam hangs his head in shame!

[rsv gone!]

mcflurry said:

AAT1981 said:

Or get her to give you the 15k and **** off.

I like that idea - she covers half the neg equity and walks away, you keep the house.
As long as you can cover the extra mortgage (£70 a month?), and the mortgage co agrees

Wouldn't be in her interest to do that unless her name came off the mortgage.

[PinkFatBunny]

I'm going to get my pants pulled down on this aren't I!

If anyone has a really nice house in Yorkshire that I can come live in that would be great. Must have a walk in shower and a big kitchen with gas ....non of this electric hob stuff. In lieu of rent I'll be bringing my motor with me (bh isn't getting that) which the owner can drive as the DVLA are very kindly looking after my license for the next 12months!

Adam

[surfymark]

rsv gone! said:

mcflurry said:

AAT1981 said:

Or get her to give you the 15k and **** off.

I like that idea - she covers half the neg equity and walks away, you keep the house.
As long as you can cover the extra mortgage (£70 a month?), and the mortgage co agrees

Wouldn't be in her interest to do that unless her name came off the mortgage.

I think this is a good idea. Get £15k from her, ask the mortgage company to remove her name from the mortgage and also get her name removed from the deeds. Shouldn't be too hard, I have done something similar myself in the past.

M

[Mattt]

Don't they normally need proof that the now sole owner can make the payments for 6/12 months before the other party will be released from the mortgage?

Certainly that's what I've seen happen to friends.

[PinkFatBunny]

Mattt said:

Don't they normally need proof that the now sole owner can make the payments for 6/12 months before the other party will be released from the mortgage?

Certainly that's what I've seen happen to friends.

I want the house in my name and if they could just remove her I'd be happy. But I'd guess they'd sit me down and point out that my existing mtg product (0.5% above base rate) is no longer suitable so force me to take out a new product (so they can get commission). Having looked at the current offering I aren't going to get better than 5ish% (so an increase of £600 a month) plus fees and not even sure how they'd deal with the negative equity or me running my own company.

Adam

[Tyson1980]

You must have really pissed her off mate.

My wife has already told me that if she catches my todger in another bird she will take me for everything i have.

[surfymark]

PinkFatBunny said:

Mattt said:

Don't they normally need proof that the now sole owner can make the payments for 6/12 months before the other party will be released from the mortgage?

Certainly that's what I've seen happen to friends.

I want the house in my name and if they could just remove her I'd be happy. But I'd guess they'd sit me down and point out that my existing mtg product (0.5% above base rate) is no longer suitable so force me to take out a new product (so they can get commission). Having looked at the current offering I aren't going to get better than 5ish% (so an increase of £600 a month) plus fees and not even sure how they'd deal with the negative equity or me running my own company.

Adam

They may do this but it is worth an ask. Just give them a call and say you would like to remove your partner's name from the mortgage and see what they say.

Mine just went away and "assessed" it, came back within a week or so and said fine! Didn't check anything else, just wanted a signed letter from the other person to say they were ok with it.

M

[Mattt]

Tyson1980 said:

My wife has already told me that if she catches my todger in another bird she will take me for everything i have.

Better not get caught then.

[Sarnie]

PinkFatBunny said:

I want the house in my name and if they could just remove her I'd be happy. But I'd guess they'd sit me down and point out that my existing mtg product (0.5% above base rate) is no longer suitable so force me to take out a new product (so they can get commission). Having looked at the current offering I aren't going to get better than 5ish% (so an increase of £600 a month) plus fees and not even sure how they'd deal with the negative equity or me running my own company.

Adam

As a mortgage broker I can tell you that they won't want to be trying to change your product, thats the least of their worries.

Their concerns will be:

Your negative equity

&

Your employment status/income

Ultimately, the lender needs to satisfy themselves (via their own criteria) that you, on your own can afford the mortgage. Having paid it on your own for X amount of time is not sufficient. You will need to satisfy them by providing evidence such as payslips/audited accounts or whatever it is that they accept for contract workers/ Directors.

As much as they would like you off the low rate your on, it's in no one's interest in ramping your payments up, as you will just default.

She can force you to sell, but the lender can refuse the sale if there would be an amount left owing after settlement as the security has now disappeared.

Personally I don't think there is much she, or you can do about the situation currently....