Bought house with ex-partner. What can I do?

G

guitarolan

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I bought a house with my partner in 2008. He moved out in 2011.

The house is in negative equity and he has been paying his half of the mortgage so far, but has been threatening to no longer pay (he doesn't want to pay for two places anymore), declare himself bankrupt or leave the country (he is not Irish).

He offered to buy me out but has now changed his mind. I spoke to lender who will not allow me to take on mortgage on my own, as obviously I cannot afford it.

I suggested to my ex-partner that we should get a mediator to help us out but he is not interested. I really am at a loose end here and do not know what to do about this anymore. He has no idea of the financial situation we are in as he thinks that all we have to do is state how much the house is for and someone will buy it at that price.

I have explained everything to him but he just doesn't take it in. I have a funny feeling that he is going to just disappear and leave me with this house. I have one person renting a room, which helps and am currently looking for someone else. He now wants to move back into the house but there is no way, right now, for us to live together.

I am not selling the house as I do not want to be in debt and will sell it when the mortgage equals the value of the house. What can i do?
 
Well... how much is owed on the loan and how long to do you think before the loan and sale value are remotely close to each other?
 
Mortgage is 330000 and a house similar to mine is asking for 199999. House has dropped significantly in value.
 
If your ex stopped paying can you afford the full mortgage. Can you afford it if the rooms are rented?

If your ex leaves the country you can be sure you will be fully liable for the mortgage.

If your ex does move in then maybe you should move out. 2 people who don't get along should not live together.

Have you discussed this with your bank?
 
Thanks for all the advice. I honestly feel that we would never be able to leave under the same roof but he just seems very blasee about the whole thing. I am fully aware of his rights regarding moving in but realistically, it would never work. I am trying to found some happy medium here but every option i offer, he just knocks it down straight away. I get the feeling he thinks he can just walk away from this, leaving me with a mortgage i cannot afford. I did speak to the bank about this and unfortunately, based on my salary, they would not allow me to take mortgage on my own. I have one room rented and looking for a third but am considering the suggestion above, regarding half one.
 
guitarolan said:
I get the feeling he thinks he can just walk away from this, leaving me with a mortgage i cannot afford.
Click to expand...

And this is precisely what he is likely to do. Especially as he is a foreign national.

The bank will not allow you to take on the full mortgage but if he leaves they will expect you to pay the full mortgage. If you don't or can't (and it looks like you are already struggling) then the bank will have to let you sell it. With a shortfall. You should try talking to the bank to see what can be done..
 
Hi
I was and still am in exact situation as you. I can afford whole repayments myself as we're on a tracker so ive stayed on in the house making full payments. After a year or two of him having same attitude as your ex - i got tough with him.
I listed these Option via email (or letter if suits you) :
1. ((F you can afford to pay full mortgage) YOU stay and get him to sign an agreement (drawn up by solicitor) where he waivers his interest in property until such a time you've paid enough off and bank will allow you to take on solely (some say this agreement might not stand up but i think it will if you have records and receipts for everything you've paid since you took on mortgage)
2. Sell and you both owe 50% of balance (€60k + debt might not be appealing him him)
3. He moves in and he signs agreement where he agrees to pay monthly payments and you waiver your interest (although you cant trust he'l stick to this)
4. rent out property and you both responsible for it (inc shortfall in rent, maintenance etc).

If he sees that you're relieving him of a huge debt then he might wake up! Otherwise threaten selling!! Still no joy then speak to a solicitor who can write to him and maybe give him a fright!
 
That's a fairly consise summary Purple 17 of the situation.

Be warned potential purchase of property where you are not married.
 
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