Getting name off joint mortgage - advice needed
Bit long winded, please bear with me....
Bought house jointly in December 2007 (£195k, 100% repayment mortgage, 5 year fixed mortgage)
I contributed 50% to the mortgage and household bills while living there.
We split up in August 2008 – I moved out of the house, stopped contributing financially immediately.
My ex has continued to pay the mortgage himself ever since we split and lives in the house with his new partner and child.
Currently the house is worth in the region of £175k.
I now wish to get a mortgage but cannot, as my ex’s house still has my name on the mortgage. Recent discussions with him haven’t got me anywhere really, so I want to know my rights and to see if I am being reasonable.
The building society have agreed to the mortgage transfer (he earns much more than I do) but he has said he won’t sign the transfer papers unless I pay him to as he wants to keep me 50% liable as the house is in negative equity.
I have agreed to pay the mortgage transfer fees (about £200) and relinquish all rights to the property all I want is to get my name off it, I don’t want a penny from him!
He has said he is happy to continue paying the mortgage till the 5 year term is up to ensure there are no penalties to pay but he insists that when the 5 year term is up and the house is sold I will have no rights to any of the (at that stage you would expect) positive equity. – I am pretty sure I do have rights
So. To get my name off the mortgage now he wants…
(His words:- Half of what would be the costs if the house was sold, it is only because I am looking to carry on living in the house that the house isn't going to be sold. I am planning on staying here as it is the easiest and cheapest option for me, if I did chose to not stay then of course the house would be sold and you'd need to pay half the dispersant fee, so that is what I'm looking at from you. )
Half the current negative equityHalf the solicitors fee’s (which would only be payable if the house were sold which is isn’t being)Half the redemption fee’s (which would only be payable if the house were sold which is isn’t being)Half the estate agents fee’s (which would only be payable if the house were sold which is isn’t being)
Now I feel sick to death of his attitude and have said I am happy to wait till there is neutral or positive equity and force a sale. I am entitled to a % of any positive equity upon sale.
Does anyone know what I would be entitled to?
Am I being fair or reasonable?
How can I get him to see that signing over now is the thing to do?