Verbally agreed to hand over apt - Now being asked to share loss

C

craig660

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Good Morning,

I am after some help desperately please. I will try and make this as short and to the point as possibly, but would really appreciate some help.

Just before the recession I bought a new build 2 bedroom flat with my ex girlfriend. Due to me going to university and my ex paying out two months rent whilst it was unoccupied I gave her the flat.

So for 5 years the flat has been hers and she has been looking after it and I have had no involvement in it. The only bad thing is that I kept my name on the mortgage.

She has now called me to tell me the house is in 4k arrears and that the flat is also in roughly 5-7k negative equity.

The mortgage is also on a variable rate and is not fixed and the tenant has just left yesterday without paying a months rent.

She has now informed me that I have to give her some money or provide a solution.

This is really unfair as she was happy when I gave her the flat and was due to sell it and make money. Now it has gone wrong she wants me to cough up or find a solution.

The sad thing is I have an appointment with the mortgage advisor booked for next Thursday, the plan was to get myself removed from the mortgage.

So what are my options:

>Take sole ownership of the flat and take on the debt ?

>Pay the 4k arrears and then fix the mortgage in both our names - she says she still wants the equity once it comes back as this is what she has put in

> Pay the arrears off completely and see if the bank will allow me to sign sole ownership of the house to her ? (Will this be dependant on her salary and neg equity)

> Any other options ?

I have an evaluation booked in today with Quirks and also still have the appointment with the mortgage advisor next week.

Any help would be greatly appreciated as I really don't know what to do.

Thank you in advance
 
Can you clarify whether there is a house and a two bed apartment involved ? Are you sure you meant 5 to 7k negative equity or 50 to 70k ?
I've changed the title to reflect the question - please avoid vague titles.
 
Apologies, I was typing the post in whilst I was panicking and thinking of a million other things

It is a 2 bedroom flat and the guess was 5-7k Negative equity.

But I think it may be closer to the 10-14k mark now I have had a look around, but I am having the flat valued tomorrow at 5pm.

I also have an appointment with the mortgage advisor for next Thursday. I have called the bank and requested for an extended appointment so I can seek all options available
 
The bank will only allow the names removed (either you or your ex) if the person taking on the apt passes the criteria for having such a mortgage. They will probably hold you both on it as it gives them a safety net to get the other if one fails to keep up the repayments. I would strongly urge to either sell it now and split the loss or one buy out the other,, both may not be possible depending though
 
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