not lived in house for 5 years as I left, on morgage but not contributed, now x wants to sell at a loss, will i still be liable for this?
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Q&A » Buying and selling property
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878MikeGG1 postedIt is generallly better to sort this out when you leave. Even if, for some reason, you decide to maintain joint ownership, it is best to make a binding agreement.
I presume that you were not married from they way you have put it, so, not having made an agreement, you need to see if there was a Declaration of Trust to deal with the issues that might arise on break-up. Un-married couples should always include one in their purchase deeds.
If there is anything then you would be obliged to follow that.
If there isn't then you both still own your original shares in the property, including the deposit. Unless it was bought as 'Tenants in Common' with a split other than 50/50, then you each own 50% of the proceeds after costs of the sale less whatever the balance of the mortgage currently is. If that is negative then you each have to contribute it.
It is possible that the deposit plus reduction in the motgage balance are enough to cover the loss on the sale.
Mike
Posted on 29 April 2012 |
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174JoeEasedale posted
Just being responsible for half the loss, is a good deal. As joint owner, you are also liable for half the costs of servicing the mortgage, though if X was still living there that could be offset against rent for your half.
Posted on 30 April 2012 | Love 0 loves
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0racechick81 posted
thanks for your replies, it is a bit more complex than that.. I left him 7 years ago, we have a child together, the day after i left he change the locks and till this day I havent had the keys. I havent contributed since then as am renting a house for me and our child, and not receiving any support off him. i have all the rents recorded and paid to keep the roof over both mine and my sons head. he also owed me £20000 for a business loan but didnt pay in which to clear myself I went backrupt in 2010 but was told my name would be taken off the house.. it wasnt as the account was in arrears. do I not have any leg to stand on taken the above into account?
Posted on 30 April 2012 | Love 0 loves
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878MikeGG1 posted
Is the business loan documented? If so, then thay can be taken into account when the 2 of you come to settle up.
You originally said 5 years ago and now you say 7 years. If it was that long ago, there should not be a loss, but is he selling it or is it the mortgage provider? They would only be interested in clearing their mortgage.
If there is a shortfall on the mortgage, the provider can chase either of you for the whole shortfall and they will go for whoever they think would be the most likely or both as they think fit. They wouldn't want to know about anything else such as that business loan.
Mike
Posted on 30 April 2012 | Love 0 loves
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