Posted on: 12th Apr, 2012 03:01 pm
Forum discussion
Hi there, I have found myself in a predicament and was wondering if anyone had any advise or experience in a similar situation.
As a first time buyer, I bought a house with my ex partner 3 years ago. She does not work due to disability but inherited some money which we used for a deposit.
She paid £25,000 for a deposit and I secured a mortgage based on my salary. Joint names are however on the mortgage, deeds to the house and land registry. No agreement was made in terms of investment into the property when the mortgage was drawn down and I understand we hold it as joint tenantcy.Â
Since purchased we have pretty much split all household bills 25% by her 75 by myself. Â We have both invested time and money into renovating the property and increasing its market appeal and value.
The relationship has broken down and I am ready to move on.
Initially I looked into walking away, signing the house over and lossing out on my investment. However the bank  won't let me transfer the mortgage to her as she has no real income.
She wants to stay at the property and advised if I don't move out in 4 weeks she will change the locks and I will find my possesions in the front garden.
I can't afford to move out and rent whilst still paying the mortgage at the property and don't want to destroy my proud credit history by defaulting on payments.
The only option I can see viable is to sell, a topic she blankly will discus. The house was relatively cheap when purchased so negative equity should not be an issue.
Can I force the sale of the house? I never settled in the area, would not want to buy her out and she is not in a financial position to buy me out.
Am I correct that if sold I am entitled to half the equity once the mortgage has been repaid? She may Have put down the deposit, but i secured the mortgage and have ensured all mortgage payments have been.
Sorry for the essay, but any advise is always appreciated.
Hi there, I have found myself in a predicament and was wondering if anyone had any advise or experience in a similar situation.
As a first time buyer, I bought a house with my ex partner 3 years ago. She does not work due to disability but inherited some money which we used for a deposit.
She paid £25,000 for a deposit and I secured a mortgage based on my salary. Joint names are however on the mortgage, deeds to the house and land registry. No agreement was made in terms of investment into the property when the mortgage was drawn down and I understand we hold it as joint tenantcy.Â
Since purchased we have pretty much split all household bills 25% by her 75 by myself. Â We have both invested time and money into renovating the property and increasing its market appeal and value.
The relationship has broken down and I am ready to move on.
Initially I looked into walking away, signing the house over and lossing out on my investment. However the bank  won't let me transfer the mortgage to her as she has no real income.
She wants to stay at the property and advised if I don't move out in 4 weeks she will change the locks and I will find my possesions in the front garden.
I can't afford to move out and rent whilst still paying the mortgage at the property and don't want to destroy my proud credit history by defaulting on payments.
The only option I can see viable is to sell, a topic she blankly will discus. The house was relatively cheap when purchased so negative equity should not be an issue.
Can I force the sale of the house? I never settled in the area, would not want to buy her out and she is not in a financial position to buy me out.
Am I correct that if sold I am entitled to half the equity once the mortgage has been repaid? She may Have put down the deposit, but i secured the mortgage and have ensured all mortgage payments have been.
Sorry for the essay, but any advise is always appreciated.
Hi JamieBrooks,
You're one of the owners of the property and do have the option to sell it off. However, as she is also one of the owners, unless she agrees to the property sale, you won't be able to sell off the property. If the property is sold off, the loan needs to repaid first and then the rest of the money will be divided amongst both of you.
Thanks
You're one of the owners of the property and do have the option to sell it off. However, as she is also one of the owners, unless she agrees to the property sale, you won't be able to sell off the property. If the property is sold off, the loan needs to repaid first and then the rest of the money will be divided amongst both of you.
Thanks
Welcome JamieBrooks,
You cannot force someone to sell off the property. Both of you are owners of the property and both of you will have to agree in order to sell off the house. You should try negotiating with her and check out if she agrees to sell off the house. You can even take the help of an attorney to convince her for the property sale.
You cannot force someone to sell off the property. Both of you are owners of the property and both of you will have to agree in order to sell off the house. You should try negotiating with her and check out if she agrees to sell off the house. You can even take the help of an attorney to convince her for the property sale.