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can i get my ex off the mortgage any sooner than 6 months after getting out of my mortgage arrears?

by lucky8 15 March 2010 |

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after getting out of arrears with the mortgage, i have been told by my financial advisor that i need to keep arrears clear for at least 6 months before i can remortgage & get my ex off the mortgage.

i am trying to get together proof of all the money that i have paid for the house - as she never paid anything towards the house & will prob try to claim half of it & need to obviously be prepared incase she does!

does anybody know what chance she has of getting half of it, or getting me to buy her out, as i might be better off getting her to buy me out of it, as i have paid for it all, surely she cant be entitled to any of it?

any advice is very gratefully recieved!

thank you all in advance

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manzanilla posted
I am assuming there are no children to complicate matters.
Is your income sufficient to justify the size of mortgage on your single salary? If it isn't then you won't be able to remortgage, even if in practice you have always paid the mortgage. In this case, the only way to disentangle your affairs will be to sell the house.
If you have been paying the mortgage and she has been paying all the bills, then yes of course she will be entitled to some of the equity.
Have you considered mediation to try to resolve the split in an amicable
fashion? Otherwise there will be a four way split - you, her and each
of your lawyers...
manzanilla
Posted on 15 March 2010 | Love 0 loves Report
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lucky8 posted
she has never paid anything towards to the mortgage, she is in arrears with all the bills, we have been seperated for 2 years.
i am currently living with my finacee & she will be coming onto the mortgage (even though she already has her own!)
there are no children with my ex.
i am at present trying to rent the house out too to cover mortgage payments & the money i would be paying mortgage i was going to make overpayments with - but until she is off then i am not paying anything over, especially if she is entitled to half & hasnt paid anything towards it!
Posted on 15 March 2010 | Love 0 loves Report
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MikeGG1 posted
If she has been paying her share of the bills then she is entitled to some of the property.
However, how much has the price moved since you bought it and how much has come off the mortgage? The sum of those is the equity you both hold. From that you would have to deduct the costs of selling. That may not be a great deal and she might settle for a clearance of her share of the bills.
Mike
Posted on 15 March 2010 | Love 0 loves Report
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Swarbs posted
You will need to wait for six months to remortgage, especially in this financial climate.
Re: the split, I think you need to give a bit more information. Is she your ex-wife or ex-girlfriend? If she's your ex-wife, then this should all be sorted out by your
respective divorce lawyers. If she's your ex-gf then it depends whether she is on the ownership deeds for the property? If so how much equity does she hold? Is it 50:50 ownership? When did you buy the house and were you together when you did? Did you buy it yourself, or was it in joint names from the start? If she has paid for the bills then you will need to buy her out, probably by paying half of what she has paid - she used half of the gas etc and you used half. You then need to factor in how much her share of the property has gone up in value.
Posted on 15 March 2010 | Love 0 loves Report
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lucky8 posted
thank you. will get onto it immediately 2moro.
she is ex-girlfriend only
will keep you posted. thanks for all your help
regards
mark & sal
Posted on 15 March 2010 | Love 0 loves Report

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