Ask the experts
About our experts...
At John Charcol, we are constantly asked for advice by borrowers on what they should do when it comes to mortgages. As such, we created this section so that you can submit your questions to our experts. The answers are provided by a number of people who have years of experience in the mortgage market. The team is led by Peter Woodward who spent his formative years as an underwriter with one of the major UK lenders and the last 10 years in our Technical Department along side Ray.
So please do submit your question and we will do all we can to answer it as quickly as possible
Please be aware that these answers can only be generic and no personal recommendations can be made.
Posted on 20/08/2010
My wife and I separated 3 yrs ago and she has applied to the Land Registry under LRA 2002 to protect home rights under FLA 1996. First what does this mean and secondly, if I sell the house of which I am the sole name on the mortgage will she be due any of the profits?
Categories: Legal matters, Separation or Divorce
Posted on 11/08/2010
I am in the process of separating from my husband but we still live in the same house. We have a joint mortgage on our house and I would like to buy him out. However, he has told me he does not want to move out, but he can't afford at his income and age to buy me out. My only option seems to be to put the house up for sale. What is my legal position as the joint mortgage holder in this situation?
Categories: Separation or Divorce
Posted on 26/07/2010
I split up with my ex partner 4 and a half years ago - he left the flat that we have a joint mortgage on. Since then I have had no contact with him. He has not helped with any mortgage payments or repairs etc. Recently he contacted me and asked about selling the property so that he can have his half of any profit made. Will he be entitled to half or anything at all?? I heard he has been travelling around australia whilst I have been struggling to pay the mortgage. For all he knew the property could have been repossessed!? Luckily I have been able to pay the mortgage in full and on time every month, but I dont feel that he should be entitled to half of the profit when he hasnt paid a penny in over 4 years. The profit from sale would only be in the region of about £10,000 (minus legal fees, estate agent fees etc!)
Categories: Separation or Divorce
Posted on 18/07/2010
I have a house with an ex partner which I moved out of about 4 years ago. She still lives in the house with 3 children, 1 of which is mine, but the mortgage is never paid on time. It is always late with a £35 fine each month and it has been close to getting reposessed before. It is currently over 2 months behind again. I understand the fact that I cant sell the house because of the children, but my credit rating is getting battered and I would like to buy my own house with my current partner. This just seems impossible at the minute.
Is there anyway I can protect my credit rating or at what stage could I sell the property? She is currently living there with a boyfriend, does this make any difference?
Categories: Bad credit, Separation or Divorce
Posted on 12/07/2010
My husband has moved out of the property we jointly own and makes some payment towards the mortgage. We have two children together and are married. I just need to know if he should legally be paying maintenance for his children in addition to the payments he makes towards the joint mortgage?
Categories: Legal matters, Separation or Divorce
Posted on 10/07/2010
My daughter has a joint mortgage with an ex partner who has taken money out of the mortgage account and has disappeared. This caused arrears as she didn't know that he had done so. She has cleared the arrears and been to see the mortgage company and they say they can do nothing to help as she is paying the mortgage. She wants him out of her life and off the mortgage, what can she do? This seems an untenable situation as he will still be legally able to take half of any profit if the property were to be sold only she can't do that either can she without his agreement? What avenues are left open to her, she is working an extra job to keep up the mortgage payments?
Categories: Separation or Divorce
Posted on 01/07/2010
My friend has moved out of his home after his wife asked him to leave due to drifting apart. It is a joint mortgage but he hasn't contributed for 6 months, however he has been paying child maintenance at 20% as asked for by his wife (ex? - they are only separated) As he bought most of the contents in the house, and paid his share of the mortgage up until being asked to leave, will he still be able to claim his share of the house if she decides to sell? Or should he have kept paying towards the mortgage to ensure he keeps his rights to his share?
Categories: Separation or Divorce
Posted on 19/05/2010
My ex husband moved out of the marital home in Feb 2009 and we were divorded in Jan 2010. I remained in the marital home, he lives with his parents. The house has been up for sales since Jan 2010. I struggled to recieve his half of the mortgage payments for a while, but since the divorce he has paid regularly and on time. I have not recieved his mortgage payment again this month and as this house was bought based on both salaries i cannot afford it alone. I just wondered where I stood and what I could do next?
Categories: Separation or Divorce
Posted on 18/05/2010
I have recently split from my partner and we have a joint mortgage together on a house we bought less than a year ago. He wants out as soon as possible so he can move into rented. The house has not increased in value since we bought it last year and if we sell now with the penalty of coming out of the mortgage early and estate agents and solicitors fees we stand to lose money. We are getting the house ready to sell at the moment. By the time it is ready to sell I will be able to afford the mortgage repayments on my own and have been offered the money by friends to pay him back his deposit and effectively buy him out. (He will get less than his deposit back if we sell at what we paid for it once all the fees are taken into consideration).
I am worried though that the mortgage lenders will not agree to me taking the mortgage on on my own. Based on my salary I am eligible for a mortgage of around £10000 less than I need according to the online mortgage calulators but I have very little outgoings bar the mortgage (which is repayment not interest only and I can afford to keep it at that) and can easily cover the mortgage and all bills while still having over £600 a month for frivolous stuff like going out. Is it likely there is any way they would accept me as sole owner or would I maybe need to look at paying the mortgage on my own, keeping my ex partners name on the property and approaching them again in a year when I have proved I have been able to make the payments on my own. If I did the latter would my ex be entitled to more than his deposit if in that year the house has increased in value?
I really can't afford to sell as I paid most of the deposit when we bought the house and would stand to lose a lot more money than my ex. He has too many outgoings to be able to afford the mortgage on his own and is happy for me to try and get it on my own rather than us sell and both lose out.
Categories: Separation or Divorce
Posted on 15/05/2010
Hi, I jointly own 2 properties with my ex partner from whom I split with in Sept 08, she wanted to stay in the main residence even though I suggested letting it, the other property is already a buy to let. We then came up with the idea of her having the house & myself having the flat, which the mortgage lender would not allow.
We would like to move on, but are now stumped as property values have fallen & I personally would like to hold onto the properties but not sure what to do. If I decided to buy her out and change mortgages to my name only would I have to re-apply or could I make her an offer and use a guarantor or maybe have someone else's name on the mortgages, or maybe just keep it as it is for the foreseeable future, what would you advise?
Mike
Categories: Separation or Divorce
Posted on 27/04/2010
Myself and my Ex partner have a morgage together. We seperated approx 1 year ago, but due to the downturn in the market at the time decided to keep the mortgage going until there was a better selling environment. Subsequently she has ceased paying her half to the current tune of £6000+. Although I am keeping up the payments money is now a real struggle.
Is there any way to either force her to pay her way or alternatively once the property is sold could I make a claim against her for withholding her share of the mortgage payments?
I fear that her blase attitude towards her future credit rating stops her paying and I don't want to plunge myself into debt with no way of recouping at the end.
Categories: Legal matters, Separation or Divorce
Posted on 26/04/2010
My husband and I have recently separated although we are still married at present, have a joint bank account and joint mortgage. I want to borrow more money on my mortgage to buy my husband out of his share of equity in the property (30% -£20,000) but I have been refused more borrowing due to my husbands not so good credit rating. Can I put the mortgage into my own name and then reapply for further borrowing or will my husbands record still hold me back?
Categories: Bad credit, Separation or Divorce
Posted on 19/04/2010
I have lived in the property for 12 yrs approx and bought it approx 7 yrs ago joint with common law wife...where do I stand on moving out, do I have to pay full mortgage or half?
Categories: Legal matters, Separation or Divorce
Posted on 15/04/2010
I was granted decree absolute in February after my wife committed adultery and walked out. However, the financial matters remain unsettled with neither party making a financial order.
We were married for just 200 days, and the key asset is the matrimonial home. I have now paid the last 13 mortgage payments, she has contributed nothing (we have only made a total of 36 payments and owned the house 3 years).
I don't want to have to pay the full legal costs of getting a financial court order, I want to just leave things as they have arisen - I have taken over mortgage payments, she has walked away and has indicated she doesn't want anything by way of settlement.
If I leave her on the mortgage and deeds what is the risk of her coming after her half in future? The house is heavily in negative equity now (i.e. at the point of separation) so there is no point in her doing this currently. Surely she can't wait 10 years until the market picks up, then come back in and make a claim once the value rises? What about the fact I'm paying the mortgage on my own?
And what if I decide to sell in 10 years. Does she still get half any equity even though by then I'll have made the vast majority of total mortgage payments. She would still be on the deeds after all?
Categories: Separation or Divorce, Special circumstances
Posted on 28/03/2010
My partner and I bought a house 4 years ago with the help of my father, we split up after 12 months and I left the house. My father continued to pay the mortgage on the understanding that my partner would pay him a sum every month (rent) which was agreed lower than the mortgage repayments, however my ex-partner now has a new man who has moved into the house and they have stopped paying anything toward the mortgage now owing my father in excess of £6,000 and she fails to respond to any calls and or txt messages. I'm afraid to tell my lender in case this results in a bad mark against me, but what can we do? Any suggestions please, my father can not keep paying ths mortgage.
Categories: Separation or Divorce
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.