Ex not contributing to mortage

J

jeggs

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I need some advice,

I bought a house with my ex partner in 2007. We broke up shortly after and house has been rented out ever since. The rent received does not cover the full mortgage so we both contributed the remainder.

She informed me 4 months ago that she will no longer contribute to the short fall in mortgage or to other expenses occurred (no reason was given). I am currently paying her part of the mortgage to ensure that my credit rating is not effected but I can't sustain this. I'm also worried what will happen if the tenant moves out.

Can anyone please advise? The house is approximately in 50k negative equity and I can't afford to buy her out as she is looking for 6k for me to do this. I have contacted a solicitor and the bank and have had no positive feedback.

Thanks
J
 
I said I would reply as you've had over 600 views but no replies! Although I understand your reasons for it, paying her half of the mortgage to save your credit rating is a false economy in the long run. You're actually paying down her debt and saving her credit rating. There's no easy solution to this, something has to give and I'm afraid it's your credit rating. I was in the same situation and I stopped paying anything more than the rent off the mortgage. It's the best way to get both your ex and the bank to sit up and take notice.
 
jeggs said:
The house is approximately in 50k negative equity and I can't afford to buy her out as she is looking for 6k for me to do this.
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Cannot believe she has the neck to look for you to buy her out.

Will your bank allow you to take or the full mortgage?

Is your ex earning? Can she afford to pay the mortgage?

Your choices are: continue to pay the mortgage, yes she will benefit, in that you are subsidising her share, for no financial benefit, but it does get you to the end game, which is sell once the NE is gone and this gets rid of the house and rid of the tie to the ex.

Alternatively you tell her you're having nothing more to do with the house, and let her have the problem, then the bank will come after whichever of you is more wealthy, that means whice one of you is earning enough in a good job to make it worth their while going after you.

Telling her you are not having anything more to do with this might make her wake up. If however she is on the dole, this is a pointless exercise.

The best solution would be you and her to agree a strategy. Do your best to throw as much salary at the NE as possible to get to a sale point. If that's not possible, agree with the bank to a sale with the NE of 50K being paid back by both of you, preferable at an interest rate comparable to your mortgage. That's 25K each with interest. Is this financially possible for you both.

Has the bank even suggested it to you? Of course they will suggest nothing right now, because people in unhappy relationships are not their problem, all they care about is that you are paying the mortgage.

Finally please confirm you are all up to date with your rental tax returns, in particular, PRTB and NPPR etc.
 
Hi there,

I was / am in a similar situation Jeggs.
Bought in '06 , broke up a couple of years later. Ex left the country , & I kept paying the mortgage in full, in order to protect my credit rating .
I requested the bank on numerous occasions to transfer the mortgage , €100K in negative equity into my own name.
They refused on the grounds that my salary was not enough to take on the whole mortgage - even though I could 100% prove I had been paying it in full.

Anyway - I reached the end of my tether two years ago & cancelled DD & started paying an IO amount. ( I saved the rest of the repayment in a different account)
I went into arrears. The deeper into arrears I got the more the bank wanted to talk to me. They wanted to meet with me - at last they wanted to hear what I had to say.

The upshot is that the bank have agreed for me to take over the whole mortgage , they have advised my solicitor of this & at the moment my solicitor is working on getting the deeds into my name only.

On the negative side , I have a bad credit rating with the ICB. If you do a search of my posts , you will see that this will not last forever though.

Jeggs/Lucuma I wish you both the best of luck. My experience from this whole mess was that the party who are trying to meet their obligations are the ones losing out. The ones who simply walk away from negative equity appear to get off scot free if their ex partner is a responsible individual.

While I am a straight individual; & don't advocate game playing - in this situation it appears you have to

Lucuma - I see you have reached some type of resolution.
Jeggs - feel free to PM me if you need more specific information
 
The upshot is that the bank have agreed for me to take over the whole mortgage , they have advised my solicitor of this & at the moment my solicitor is working on getting the deeds into my name only.
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Hi tunnellight! I take it that your ex-partner co-operated in the transfer of the mortgage/property to you. Without co-operation from the co-owner I can't see how the ownership of the property can be transferred into your sole name!
Jeggs! protection of your credit rating is important. However, given the scenario as presented you need to measure up the cost of this protection against the funds you are currently paying against a joint mortgage where you are shouldering the full debt. You will need to re-consider your options and the action taken by JTunnellight would appear to be a reasonable approach, until the joint issue is resolved.
 
Hi 44brendan,

The ex did finally sign a transfer form for the bank - but I had been advised that I might have to go the court order route if this was not forthcoming
 
The ex did finally sign a transfer form for the bank - but I had been advised that I might have to go the court order route if this was not forthcoming
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Yep, I thought so! these type of joint ownership cases are virtually impossible to resolve without agreement.
 
Jeggs,

Where is the €6K figure coming from?

It should be the other way round - she should pay you money as you will essentially take on her negative equity.........
 
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