Hi
Any advice welcome on this situation.
Purchased a property with my ex boyfriend in 2005 for 312000.
100% mortgage
Property is on a tracker rate
NO ARREARS
Currently value aprox 170
Outstanding debt aprox 239k
In 2009 we split up and both moved out and rented the property due to negative equity.
We are both now married to new partners and I have 2 children,he has none.
In 2015 myself and my husband managed to get a 2nd mortgage and purchased a family home.
Myself and my ex have been amicable and always made up the shortfall on rent and split maintenence fees etc.
Due to rising rents my asked asked if he could move back in and he did so early last year.
At the time we purchased we did a co ownership agreement and put a clause in that should one party wish to sell the other had opportunity to purchase if they did not want to the property could be sold on open market. At the time we put this in negative equity didn't exist and it was to enable us to sell and move on without having to go to court to ger an order to sell.
He informed me of his intent to sell his share. I am currently not working. Therefore not in a position to purchase his share.
He is threatening to lodge proceedings in the court if I try to prevent the sale. I don't see the point in arguing this in court and racking up legal fees to loose when it's lack of finances is my issue.
Issue is I do not have the means to clear 50% of the negative equity and he is implying all shortfall is to be split.
I have savings of 7000 in credit union but 5500 is against a loan so really only 1500.
Other than I have no savings.
There is aprox 60k equity in my family home but of course this is half my husbands and as I am not working remortgaging wouldn't be feasible.
In case you haven't guessed we are no longer talking
Any advice welcome on this situation.
Purchased a property with my ex boyfriend in 2005 for 312000.
100% mortgage
Property is on a tracker rate
NO ARREARS
Currently value aprox 170
Outstanding debt aprox 239k
In 2009 we split up and both moved out and rented the property due to negative equity.
We are both now married to new partners and I have 2 children,he has none.
In 2015 myself and my husband managed to get a 2nd mortgage and purchased a family home.
Myself and my ex have been amicable and always made up the shortfall on rent and split maintenence fees etc.
Due to rising rents my asked asked if he could move back in and he did so early last year.
At the time we purchased we did a co ownership agreement and put a clause in that should one party wish to sell the other had opportunity to purchase if they did not want to the property could be sold on open market. At the time we put this in negative equity didn't exist and it was to enable us to sell and move on without having to go to court to ger an order to sell.
He informed me of his intent to sell his share. I am currently not working. Therefore not in a position to purchase his share.
He is threatening to lodge proceedings in the court if I try to prevent the sale. I don't see the point in arguing this in court and racking up legal fees to loose when it's lack of finances is my issue.
Issue is I do not have the means to clear 50% of the negative equity and he is implying all shortfall is to be split.
I have savings of 7000 in credit union but 5500 is against a loan so really only 1500.
Other than I have no savings.
There is aprox 60k equity in my family home but of course this is half my husbands and as I am not working remortgaging wouldn't be feasible.
In case you haven't guessed we are no longer talking