Issue is when I was in position to sell she wouldn't now she wants to and I can't due to funds. See my post above this reason why
Ex-partner is wanting to sell the house.
- Thread starter Droolinggimp
- Start date
They might do in future if his wife puts uni on hold and gets a full time job.
I don't understand why you didn't sell at the time? I mean if she wanted to keep the house and you wanted to sell it then she could either buy you out or you should have sold it then.
Caporegime
This may be an unpopular stance with you.
However you've got no divine right to this house, unless you're expecting inheritance to pay it off, you were always going to lose this house based on having an interest only mortgage with no payment vehicle. It's a blessing that you me be forced to do it now rather than later.
Sell up, free yourself and your ex from the mortgage regardless of your negligible equity.
However you've got no divine right to this house, unless you're expecting inheritance to pay it off, you were always going to lose this house based on having an interest only mortgage with no payment vehicle. It's a blessing that you me be forced to do it now rather than later.
Sell up, free yourself and your ex from the mortgage regardless of your negligible equity.
My wife has a ful time job. Ex couldn't afford to buy my out same with me. I had enough to pay a small deposit plus any extra from selling the house if there was any at that time.
Basically I wanted to sell she won't now she wants to sell and I can't.
Soldato
So you've got two incomes then?
I'm a bit surprised you can't switch mortgages in that case. Have you tried other mortgage providers?
I'm a bit surprised you can't switch mortgages in that case. Have you tried other mortgage providers?
Soldato
I guess if he's got no deposit and there's no equity in the house, he wont have much luck finding an alternative because he'd need a 100% mortgage?
Soldato
Ah yes, of course.
If your ex couldn't afford to buy you out when you wanted to sell it then you should have just sold it back then tbh...
Right now your ex seems to want to buy her own place, unless you're going to buy her out then the place you're in needs to be sold. She's well within her rights to want to sell an asset she owns 50% of and get rid of a mortgage she has no use for.
She is within her rights yeah, but she can't unilaterally force the sale, she would need a court order and they would take the circumstances into account.
If there was little to no equity in the house, I think it unlikely the court would enforce the sale in this case (IANAL
)Yes true I have assumed that, it was the talk of what happens with kids (although I also think the kids referenced aren't hers so I think potentially irrelevant).
I still think something intractable like this is likely to require a court order but perhaps not mediation etc.
To be honest in a world where the house isn't being paid down, OP will never own it anyway and can't afford to change anything I don't get why there's an intention to stay.
You can't afford it, get that boulder from round your neck and go rent, you're basically doing that anyway and then you get someone else dealing with all the maintenance issues etc rather than you trying to keep your ex's house in one piece??
Well yeah if they can't agree then she'd need to take OP to court to force a sale AFAIK.
Kids seem to be with OP and current wife, I guess court could take those circumstances into account though that would only likely delay the inevitable AFAIK.
Kids seem to be with OP and current wife, I guess court could take those circumstances into account though that would only likely delay the inevitable AFAIK.
I think I have a firm grasp on the situation now - and in my opinion there is only one reasonable course of action, and that is to sell.
You know that you cannot get a mortgage for the property completely in your name, which rules out the option of transferring the mortgage to you.
Your ex may be able to get the property transferred into her name, but this would then become her property, what would you expect to happen in this situation? Do you expect to continue to live there and pay rent? If so surely this becomes a buy to let mortgage and she'll incur a higher interest rate. She would effectively become your landlord, she would be liable for repair / upkeep on the property, and I would expect her to be able to set the rent at a fair rate, which may well be considerably higher than you are paying at the minute.
Or she gets the property transferred into her name, and then assumes residency in the property, meaning you're looking for a new place to live.
The only fair and equitable solution is to sell the property, other avenues are closed off due to your financial situation or would be unfavorable from the other parties point of view.
I know its a **** situation, but you need to face facts that realistically you cannot afford this house at the moment. Your interest only mortgage is a ticking time bomb, fighting this out through the courts is going to be a long and stressful process that you do not need hanging over your head with a young family, and it would be unfair to your ex and her ability to move on with her life to expect the current situation to continue in perpetuity.
Selling a house is not instant, there would be plenty of time to get your affairs in order and get the support you need (social housing, etc) - its not perfect and I'm sorry that you've ended up here but it seems the only reasonable solution.
Soldato
Best would be to just sell house and use the money you are paying the interest-only mortgage with to rent somewhere else. Then you and your ex can cut ties and both of you can get on with your lives afresh.
Soldato
Going by the above comments and from what I've been reading, selling the house is your only option. When that mortgage is up and with no equity, you'll have to sell to pay off the rest of the house (you can of course gamble that things will improve a lot in the next 10 years).
Does your mortgage allow for a 'mortgage holiday' ? If so, use that as a rental deposit and DO NOT SPEND IT. After all, once you have found somewhere to rent, you can probably keep that going for quite a while without a massive debt hanging over your head at the end of it.
I've been in a similar position to yours OP (even down to the interest only mortgage with NR). Selling up was the best way out (and moving to a much more affordable part of the country).
Does your mortgage allow for a 'mortgage holiday' ? If so, use that as a rental deposit and DO NOT SPEND IT. After all, once you have found somewhere to rent, you can probably keep that going for quite a while without a massive debt hanging over your head at the end of it.
I've been in a similar position to yours OP (even down to the interest only mortgage with NR). Selling up was the best way out (and moving to a much more affordable part of the country).
You say ex partner, which makes things no less awkward, the children aren't hers but your current wife's?
So, she's on the mortgage and therefore probably on the title too so legally she had an interest in the property, but no legal right to sell it or expect you to sell it. Don't ever use a monetary value when discussing equity and share, use a percentage instead (ie, you've paid x% in and she paid x%in so you'll get x% out of equity, etc). Technically, your wife, although not on the mortgage or title also has an interest in the property so it would require her say too.
Basically don't worry about it, there is nothing your ex can do until you decide to sell the property. To make it cheaply legal, get a Declaration of Trust drawn up. It costs about £200 and details the parties and percentage of interests.
So, she's on the mortgage and therefore probably on the title too so legally she had an interest in the property, but no legal right to sell it or expect you to sell it. Don't ever use a monetary value when discussing equity and share, use a percentage instead (ie, you've paid x% in and she paid x%in so you'll get x% out of equity, etc). Technically, your wife, although not on the mortgage or title also has an interest in the property so it would require her say too.
Basically don't worry about it, there is nothing your ex can do until you decide to sell the property. To make it cheaply legal, get a Declaration of Trust drawn up. It costs about £200 and details the parties and percentage of interests.
He's been on an interest only mortgage so no more equity has been paid off since their relationship broke down. He mentioned that his ex actually covered two of the mortgage payments for him too...
The wife having an interest and also objecting is a bit moot if the OP is objecting anyway.
I'm pretty sure that isn't true - she could go to court and force a sale, in fact she might just want to get him motivated by getting a solicitor to write a letter explaining that she'll take him to court and will seek to recover costs from him if he doesn't agree to a sale.
The children could complicate this and the OP might be able to use them to delay things AFAIK.
The ex is still financially liable if the op can't pay, so it'll have some effect.
They didn't. It was available as an option and people took it. Those people have to reapply (annually iirc) to continue on interest only rather than repayment.
Possibly some good news for the OP, here...
https://www.moneysavingexpert.com/n...s--no-reason-to-hang-around--on-new-rules-to/
https://www.moneysavingexpert.com/n...s--no-reason-to-hang-around--on-new-rules-to/
Associate
This was my point, she's in a terrible situation, locked into an interest-only mortgage for a house of zero equity alongside someone with whom she doesn't have any particular links, with all the disadvantages in credit and risk that that brings.
I'm not sure you've read the thread clearly, she didn't want to sell at the time of the split as the house was in negative equity. She was banking on house prices increasing. She now wants out but has pretty much no reasonable option available to her.
This was already established very early on, but there is no equity, so there is nothing for her to gain other than the removal of risk and other disadvantages. However, OP doesn't want to sell as it makes his personal situation much poorer and wouldn't have to sell against his will unless the courts were involved. Even then there is no guarantee that he will be forced to sell or buy her out.
It's a total mess and I'm shocked, but not really surprised that people get themselves into these situations.