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How can I get out of my joint mortgage?

by andreajane 21 February 2011 |

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I took out a joint mortgage 3 yrs ago with my partner. I put up the £14k deposit, and pay the whole mortgage every month plus all utility bills etc from my sole bank account. We have split but both live in the house as neither can afford to leave. There is minimal equity. If I left he wouldnt pay the mortgage and house would be repossessed. If he left I could continue to pay the mortgage. I dont earn enough to take over the whole mortgage with the building soc. He doesnt work, I do. What are my options to make the break?
We bought the house to renovate, it is ex council so wouldnt sell easily or quickly. It is 80% done but not in a good state yet to sell for a good price. A similar house has been for sale for over 2 years. Do I have to stay here with him and continue to pay for everything whilst he earns nothing and contributes nothing?

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824

MikeGG1 posted
If there is a default, the Building Sc can go for whichever of you ithe better candidate or both of you. At the moment it looks like they would go for you.
You must finish the work and get the place sold, even if you lose a little in the process. The debt would be higher if you defaulted.
Can't he finish the work if he hasn't got a job? It doesn't need to be a luxury finish, just presentable.
Doesn't he make any contribution from his unemployment benefits? Do they know you have actually split, although living in the same house? It can help with the benefits.
Mike
Posted on 21 February 2011 | Love 0 loves Report
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andreajane posted
we have no money for even the basic of finishes. i have done all labour myself but need flooring etc. am paying mortgage but at the cost of defaulting on other direct debits.....robbing peter to pay paul has got nowt on me at the moment! what do you mean if there is a default? he refuses to sell so dont think i can do it without his agreement?
he makes no contribution at all-his benefits keeps him in cigarettes and petrol! i pay the bills and buy food so he is laughing really.
Posted on 21 February 2011 | Love 0 loves Report
159

JoeEasedale posted
It looks like to draw matters to a close you might be best to move out and tell the building society that you will not be paying any more. They will reposses and sell. Keep them in the loop though. Tell them the problem and your plans. Having them onside will help a bit, and its not their fault after all.
You will be liable for any shortfall of course, but by the sound of it things are only getting worse anyway, and with house prices expected to drop over the next few years, getting out now may be the best thing.
If you are in Scotland, the rules re equity are different so say so.
You might want to post a statement of affairs on dealing with debt board on the fool.co.uk, where there are a number of experts who may have better ideas as to how you can go forward.
Posted on 22 February 2011 | Love 0 loves Report
824

MikeGG1 posted
When you bought the house, did you have a Declaration of Trust included? That should have allowed for what would happen in the event of a split. Your solicitor should have asked you at the time.
If you did have one, what did it say?
Mike
Posted on 23 February 2011 | Love 0 loves Report
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andreajane posted
No declaration of trust...certainly wasnt asked about that. There is a proviso that on the sale of the house I get the first 14k of any profit as i paid that as a deposit, but doesnt help if I cant sell it....thats another reason I am loathe to walk away....I will lose my 14k.
Posted on 23 February 2011 | Love 0 loves Report
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ckm4328 posted
If there is a proviso there is a Declaration of Trust. This should set out what happens in the current circumstances and you may be able to force a sale if you want to. See if you can get a free 30 minute appointment with a solicitor to discuss.

Citizens Advice may also be able to help.

Have you asked the mortgage company if they will take him off the mortgage if the property is transferred into your name. Is there any family who might be able to help you out?
Posted on 25 February 2011 | Love 0 loves Report

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