adding new partner to deeds where there is negative equity

[purple17]

Hi
I currently have a joint mortgage with my ex bf.
Im getting married to a new partner soon who is living in the house with me and paying half the mortgage and will continue to do so after marraige.

House in 150k neg equity but all up to date, ex bf contributing nothing to mortgage for past 3 years now but bank wont remove him from house as my salary is not sufficient. Cannot add new partner to mortgage as he already owns a property and bank wont allow either.

Is it possible to add new partner jsut to deeds of house once we're married and if so does the other joint holder (my ex bf) have to agree or sign something for this to happen?

 

[Brendan Burgess]

Why would you want to add your new partner to the house or mortgage?

Your house and mortgage is a liability and will probably be so for some time. You and your ex jointly owe the shortfall. He should be contributing to the mortgage repayment to get rid of the shortfall.

Leave your new partner out of this mess, at least, until the negative equity has been eliminated either through repayments or capital appreciation.

What agreement have you reached with your ex? He owns half of the house. If you pay off the mortgage, he can come along and reclaim his half of the house unless you sort it out now. He should pay €75k to be released from his liabilities.

 

[purple17]

Why would you want to add your new partner to the house or mortgage?

Your house and mortgage is a liability and will probably be so for some time. You and your ex jointly owe the shortfall. He should be contributing to the mortgage repayment to get rid of the shortfall.

Leave your new partner out of this mess, at least, until the negative equity has been eliminated either through repayments or capital appreciation.

What agreement have you reached with your ex? He owns half of the house. If you pay off the mortgage, he can come along and reclaim his half of the house unless you sort it out now. He should pay €75k to be released from his liabilities.

My new partner wishes to be added after we're married regardless of how much neg equity. He doesnt want to be contributing to a mortgage if he has no right or name on the property.
Even if we dont go down that route, how can I make my ex contribute to the mortgage repayments or pay to be released from liabilities? If he doesnt pay his half im just as liable.

Im trying to sort it out now and Ive asked for him to meet with me or sign an agreement where he waivers his interest in the property until such a time bank will allow me to take it on. He refuses to acknowlege or engage with me about the house or sign anything, meanwhile im paying for it all including paying down his share of the shortfall!

I really dont know what to do!

 

[44brendan]

My new partner wishes to be added after we're married regardless of how much neg equity. He doesnt want to be contributing to a mortgage if he has no right or name on the property.

Fair enough, but in practise this is not going to happen. The Bank would need to agree to his name being added to the title deeds and the existing co-owner would also need to agree and co-operate.

Even if we dont go down that route, how can I make my ex contribute to the mortgage repayments or pay to be released from liabilities? If he doesnt pay his half im just as liable.

In theory you can take a personal action against him. However, such a strategy would be expensive and unlikely to give you the desired outcome. The bank have no interest in him if they are getting their repayments. It's not a nice position to be in, but there's no easy outcome.
Without his co-operation you are caught in a trap and should seriously consider looking at alternatives.

 

[purple17]

The bank have no interest in him if they are getting their repayments.

So If they were not getting repayments would they then have an interest in him?
I asked this question in another thread and was basically told I shouldnt go down this route.
I dont know what alternatives are

 

[Brendan Burgess]

Hi purple

I have raised this very problem with a number of TDs. You are in a really terrible position. Your ex can just walk away from his liabilities. He can wait until there is equity in the house and just come back and claim it then.

Let's say that the house is worth €100
Mortgage €250
Negative equity €75k

If everybody cooperated...
Your ex would give the bank €75k
Your new partner would take over €50k of the mortgage.

But presumably, he can't cooperate because he does not have €75k.

It may be that you talk to the bank and insist on them repossessing the house. They will pursue you both for the shortfall. You might get them to agree that you will pay half the shortfall if they free you of the balance. It's unlikely but it's worth asking for.

You should also hassle your TDs about this. The Personal Insolvency Bill is going through the Dáil at the moment and it needs to cater for situations like this which are impossible to solve under current legislation.

But your new partner should not be contributing to the mortgage.
In fact, you should as a minimum, drop down to paying interest only on the mortgage until you have this sorted out.

Brendan

 

[PaddyBloggit]

He refuses to acknowlege or engage with me about the house or sign anything, meanwhile im paying for it all including paying down his share of the shortfall!

Follow the good advice given here as your ex. will cause you great problems later on if you don't take steps to sort things now.

All you are paying into the mortgage now will be for naught if he comes back for his share later on.

Sort it now.

 

[Bronte]

My new partner wishes to be added after we're married regardless of how much neg equity. He doesnt want to be contributing to a mortgage if he has no right or name on the property.
!

Has he really thought this thru? I think you both should get legal advice.

Can you pay the mortgage on your own, no way do you want a new person added to what is already such a mess.

Would your new husband selling his property, paying down the negative equity on your home, then forcing your ex off the deeds, and then adding your new husband to the deeds be a possibility, some things to ask your solicitor.