Joint Owned. Mortgage in both names.

[Dharmadad]

Thats correct.

[Joanna Connolly Solicitors]

I think I might have fundamentally misunderstood the nature of this forum.

I suspect this thread can be closed, deleted or otherwise marked as redundant.

I have the same question on another forum now.

You said in post # 23 that you had instructed a solicitor to deal with this issue >

Thanks and I really didn't mean to seem impatient - I am just at a cross-roads and need to make some pretty big decisions that have little recourse once made. Hence needing as much advice as possible. All of the options you mention all have negative caveats I am afraid. I am too old (by mortgage standards) to re-mortgage once my CRA file is clear so thats not an option....I won't go on. I am in touch with a solicitor now and hoping to get an amicable solution to this.

[The Tech Clerk]

I paid a mortgage all the time except when oput of work a month and the other one paid the one month - split up and she was awarded 50% as joint owner even if joint cohabitated it seems.

[Dharmadad]

I think I might have fundamentally misunderstood the nature of this forum.

I suspect this thread can be closed, deleted or otherwise marked as redundant.

I have the same question on another forum now.

[Dharmadad]

What is the process in terms of courts in a circumstance as mine. Would they really grant her 50% of the equity after her paying nothing, the mortgage coming out of my account for 11 years and even the loan to get the mortgage in soley in my name.....

[Dharmadad]

Thanks and I really didn't mean to seem impatient - I am just at a cross-roads and need to make some pretty big decisions that have little recourse once made. Hence needing as much advice as possible. All of the options you mention all have negative caveats I am afraid. I am too old (by mortgage standards) to re-mortgage once my CRA file is clear so thats not an option....I won't go on. I am in touch with a solicitor now and hoping to get an amicable solution to this.

I just want to sell. With a percentage of the equity that reflects the fact that I and I alone have paid the mortgage since it started in 2006.

And yes, it was/is remarkable that she responded after nearly eight years of me trying.

The whole thing has been a sha, from the moment she left and recindered any responsibility for the mortgage leaving me to manage it all - which I have done - and its not been easy I can tell you.

Thanks again for your help and patience.

[Joanna Connolly Solicitors]

I don't want to sound impatient but its four days since I posted my last comment.

Since then it's been a weekend when the volunteers may have commitments.

I'm not sure what help can be given. Your thread started with the issue of lost contact with your ex partner and you needed to know if there was a (legal) way to remove her from the mortgage (and deeds).

Then 48 hours later you say you made contact with her and also say that's she's willing to play ball and be removed from the mortgage (and deeds).

The next hurdle is to find a way to replace her on the mortgage since the fact that she's willing to walk away doesn't mean the lender has to accept that, since the mortgage was lent based on underwriting both of you. They will want the security of knowing they could chase her if you stopped paying.

Remortgaging was one suggestion because you wouldn't need her consent - albeit you would need her consent to come off the deeds. However since then you say that your credit file is not good with a CCJ or two and Defaults. This will hamper your chances of getting a mortgage at an attractive rate.

You now say your lender appears to be willing to continue to finance the property (internal remortgage?) based on you only but the monthly payments are killer. Presumably they've priced it based on your current credit status.

Only you can decide what to do next.

As you say you could sell up (there's a cost involved with agent's fees etc) but then you must consider what you'd do next since obtaining a mortgage on another property may not be simple or cheap (while you have CCJs on your CRA file).

You could of course rent for a while until your CRA file becomes clean again.

Or you could continue as you are (with manageable mortgage payments?) but attempt to get some formal/legal arrangement with your ex whereby she and you agree who is entitled to the £40k equity in the property in legal terms (the equity may increase as the years go by but it may also decrease according to market forces).

You could decide to leave things 'as is' until your credit profile improves, you could then ask your current lender to reconsider taking your ex partner off the mortgage at a later date.

So I probably haven't answered your question or solved your problem but at least you've got options to think about.

Di

[Dharmadad]

Not sure if anyone can comment or help me out here....???

I don't want to sound impatient but its four days since I posted my last comment. If this is not something anyone has experience of or is qualified to advise me with do please let me know?

Thanks again

[Dharmadad]

What happened when Landmark reviewed your mortgage "affordability" this week?




Di

Well, it was a very short conversation really. Once we established that in order to satisfy their criteria we would have to demonstrate we could pay the £1370 per month the mortgage payments would grow to and after they factored in their 'Stress Test' of 7.6 percent making potential monthly payments of ........... £1767 we errrr, gracefully declined!

Probably looking to just sell up now - hopefully my ex will carry on with her currently reasonable stance on this.

DD

[Joanna Connolly Solicitors]

What happened when Landmark reviewed your mortgage "affordability" this week?

I have an appointment for an 'affordability check' with Landmark Mortgages next week to discuss this.

My only concerns are that despite paying the mortgage on the dot for 8 years, the decision to allow her to come off the mortgage will be scuppered as a result of some negativity on my credit report

Di

[Dharmadad]

《Bump》 ?

.....anyone?

:/

[Dharmadad]

Or she's aware that there's £40k equity in the property and is seeking advice as to whether you would have to buy her out if you want her off the mortgage and the deeds.

She may be responsible for half of the mortgage/loan, but if you stop paying it the property may be repossessed and since it has ample equity it's unlikely there would be a shortfall following a quick sale or auction by the lender.

I expect you'll have to wait for the CCJ to fall off your CRA file before you can get a remortgage. Ditto the defaults. However Landmark may consider removing your ex partner from the mortgage if you can persuade her to voluntarily remove herself from the deeds.

Have you considered whether those other debts which you're currently paying off may be unenforceable?

Di

Hi Di,


Well, if she wants to pursue a more aggressive approach having had NOTHING to do with the mortgage for 8 years and having NEVER contributed at all over the whole period then I am afraid our response would be less than compliant - lets put it that way.

Al the debts are within the Statute Barred period and are all compliant with the Consumer Credit Act (unfortunately) I am paying them off slowly.

Yes, it would be nice to wait for the defaults to come off but that would take me past an age viable to mortgage.

We're currently paying nearly £800 per month so a remortgage with a non-high street lender might be more realistic. That way (correct me if I am wrong) we would not need a signature or her being involved at all?

BW

DD

[Joanna Connolly Solicitors]

there is currently around 40k equity in the property if sold now.

. . . In terms of the debts history, the CCJ will be 6 years old next Oct and the defaults are all over 4 years old and only for a couple of hundred pounds - these i will pay off as I said. there is a credit card that's for 2k that despite being defaulted I am paying off monthly and have been for 2 years - in fact i have been making payments to all the debts for over two or three years now.

As you pointed out, my x seems very keen to just come off everything including the deeds. I have told her that I have no immanent plan to sell/rent the property - but I suspect she is aware of being responsible for half the debt and wants out!

Or she's aware that there's £40k equity in the property and is seeking advice as to whether you would have to buy her out if you want her off the mortgage and the deeds.

She may be responsible for half of the mortgage/loan, but if you stop paying it the property may be repossessed and since it has ample equity it's unlikely there would be a shortfall following a quick sale or auction by the lender.

I expect you'll have to wait for the CCJ to fall off your CRA file before you can get a remortgage. Ditto the defaults. However Landmark may consider removing your ex partner from the mortgage if you can persuade her to voluntarily remove herself from the deeds.

Have you considered whether those other debts which you're currently paying off may be unenforceable?

Di

[Dharmadad]

Well the good news is your ex partner wants out of the situation so that's a start. Although beware that if she takes legal advice she could be told to put a price tag on her financial exit, so keeping it amicable if possible.

What is the current LTV of the mortgage? The lower the ratio the more likely the lender will do business with you because of the (low) risk factor.

Would it make sense to include your wife in this situation if she has an income, since affordability could then be assessed on two incomes not just yours?

Or is the problem that you may have negative entries (defaults?) on your CRA files? I would expect Landmark to run a credit check even though you are an existing customer. However depending on how long ago those defaults were, it's possible that it won't necessarily have a detrimental impact on your financial assessment if you have a squeaky clean payment record with them (their predecessor) over the last eight years.

Di

Thanks Di.

Not sure what the LTV percentage is - but there is currently around 40k equity in the property if sold now.

Yes, I have a CCJ and a couple of defaults on my file - I only recently got my credit report back and didn't even know about two of them. One I have just paid off and the others I will pay off at the end of the month. Though I appreciate the 'default' will remain on my file I also understand it can only be positive for my rating to pay them in full.

In terms of the debts history, the CCJ will be 6 years old next Oct and the defaults are all over 4 years old and only for a couple of hundred pounds - these i will pay off as I said. there is a credit card that's for 2k that despite being defaulted I am paying off monthly and have been for 2 years - in fact i have been making payments to all the debts for over two or three years now.

As you pointed out, my x seems very keen to just come off everything including the deeds. I have told her that I have no immanent plan to sell/rent the property - but I suspect she is aware of being responsible for half the debt and wants out!

Thanks again,

DD

[Joanna Connolly Solicitors]

Well the good news is your ex partner wants out of the situation so that's a start. Although beware that if she takes legal advice she could be told to put a price tag on her financial exit, so keeping it amicable if possible.

What is the current LTV of the mortgage? The lower the ratio the more likely the lender will do business with you because of the (low) risk factor.

Would it make sense to include your wife in this situation if she has an income, since affordability could then be assessed on two incomes not just yours?

Or is the problem that you may have negative entries (defaults?) on your CRA files? I would expect Landmark to run a credit check even though you are an existing customer. However depending on how long ago those defaults were, it's possible that it won't necessarily have a detrimental impact on your financial assessment if you have a squeaky clean payment record with them (their predecessor) over the last eight years.

Di