Posted on 31 January 2011 by lyn
I have a joint mortgage with my ex partner. he is still in the property and I am currently living at my mothers. I am still however paying half the mortgage and the house is up for sale but not worth what we paid for it. My problem is my ex is reluctant to sell and will not drop the price as in his words "loves living in his bachelour pad". What are my options as I want rid and can't stay at my mum's forever yet can't rent a flat and pay half the mortgage?
Rather than sell the flat can your ex partner afford to buy your share of the property and get the mortgage transferred into his own name? Even if he can't afford to buy you out at this time it may be possible to register an interest in the property which would mean he had to pay you your share at the time of any future share. You would then just need to get your name removed from the mortgage in order to free up your options.
Transferring a mortgage into your ex partner's sole name may not be as straight forward as it sounds, to begin with he would have to agree and then the Lender would have to be satisfied that he can afford the mortgage payments on his own. If he can not then they will not release you from your mortgage covenants and the only option left to you would be to force a sale.
I recommend you speak to your ex partner about transferring the mortgage and property to his sole name and then seek independent legal advise depending on his response.
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