joint mortgage, split up, negative equity

[odbball]

Hi all,

I'm sure this a very common legal concern!

My wife split from her ex partner 3 years ago. They jointly owned a property. He moved out immediatley when they split up and paid not a penny more on the mortgage. He was happy to walk away at teh time as the house was in negative equity. At the time my wife was unable to re-mortgage to remove him from the deeds/mortgage as her salary was not enough to re-mortgage.

We now live in this house, and we have taken steps to remortgage to remove his name. Initially the ex said "no problem be good to get it all sorted". But he has now changed his tune and is stating he has taken legal advice and wants to claim his part of the investment.

The financials at the moment are;
House purchased for £160k
Mortgage left on Property £146k
Currently valued at £150k

Big question is - what is he entitled to? Does the fact he has paid no mortgage for 3 years come into it?

We did want to continue living here, but will sell if it means he gets less (I will cut my nose off to spite my face!!)?

I plan to get legalk advice on Monday, but the text saying he has taken legal advice arrived thsi morning, and i'm keen to get a feel for where we stand.

thanks for your help

[enquirer]

Re: joint mortgage, split up, negative equity

Without a great deal more information, it's difficult to venture an opinion. Much may depend on the terms of the divorce (you say 'wife', so marriage is assumed).

[odbball]

Re: joint mortgage, split up, negative equity

Hi, we are married, but my wifes was not married to her ex. My wife and her ex were living togther unmarried.

I'm happy to supply as much information as required to get an opinion. As i say i will get legal advice on Monday anyway, so welcoenm all opinion until i get that legeal advice.

[MissFM]

Re: joint mortgage, split up, negative equity

How did it go, Oddball?

I would'nt've thought there would be any liability at all in the circumstances but would love to know what your legal advice was. :tinysmile_kiss_t4:

[Crazy council]

Re: joint mortgage, split up, negative equity

Have seen similar circumstances, and the judge accounts for any payments made by either party, improvements and maintenance, Considerations of who paid the deposit and how much, and uses them to decide fair percentages.

They will take some off for the fact your living there, but they also account for general maintenance of about £ 1000 per year.

The judge also has to consider costs of sale, and takes that off any percived equity before making the calculation.