Sorry if this is the incorrect forum for my question but I am new to the site and unsure how to start a new post!!!
Hi All
Would be grateful for advice on the following.
I have a joint mortgage with my ex-partner (also joint names on Deeds etc.) We split over 2 years ago and I have been making all mortgage payments myself (currently on interest only and due to revert to interest and capital in April 2008). At the moment I can just about manage the payments but in April they will go up to €1,800 a month which I cannot manage. I rang the bank to see if I could extend the term of the mortgage however due to his age (42) it was declined. They suggested that I transfer the mortgage to my name and remove him from the deeds. At the moment the mortgage outstanding is €263,000. We would be lucky to sell the house for that in the current climate. In fact it has been on the market for 5 months with not one viewer.
I have applied to the bank for the equity transfer and it looks likely they will approve it as I have proven my track record by keeping up all payments myself. If approved I could extend the mortgage term and things would start get easier.
However, my ex seems unwilling to agree to this. I am worried the house will go into negative equity next year and told him this. I thought he would be happy to not have this worry. I have tried everything, I cannot sell it and I am really not comfortable to keep paying a joint mortgage by myself and then if say in 5 years the property had risen a bit in value, hand over half the proceeds when he has invested nothing (also I put up the original deposit of 30K from the proceeds of the sale of my previous property).
Any advice would be most appreciated. I have also offered the house to him but he doesn’t want it as he now has another mortgage and house with his new girlfriend and also is likely to lose his job shortly – I really think I am being fair here. I don’t want to continue with the current arrangement for the foreseeable. In addition I also have a loan of €20k which I am paying off (this was accrued as a result of being left to pay the mortgage by myself. The whole thing just seems really unfair. Am I being realistic and fair by offering to take on the mortgage especially when I run the risk of taking on possible negative equity? The house is probably already in negative equity by a few grand. I could have just walked away leaving him liable for his share of the mortgage but I honoured my responsibilities (both our responsibilities in fact). I am just about at the end of my tether with it all and any advice or comments would be appreciated.
HI there. this is my first time to post so im hoping i may get some advise.
i have 2 houses.
one is family home worth 460 (before the recession bit) with 60k still owing on the property.
the other is an old renovation project with potential for developement worth 260k with no mortgage.
sounds great ?? problem is, im flat stony broke. i dont know what to do.
i recently divorced and have to pay my ex his portion of house which is 155e.
i reckon solicitors fees are going to be in the region of 40k (had to purchase the freehold and had to go to court for that as well as the divorce.)
the capital gains tax if i sell the 2nd property is approx 40k and the freehold is 15k.
I have a lot of personal debt trying to keep up with everything on my own.
currently my income is about 25k per year.
i dont know if i should sell the 2nd house, if i do, i reckon ill still owe money and will not gain enough to get me out of debt.
im wondering if i should try to raise money from the bank and renovate the property, maybe even knocking down the old house and building 2 small townhouses?? would it be worth the grief or would i be putting myself deeper in trouble. any advise ? greatly appreciate it if you have. Cheers.
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