Negative equity with ex. Getting married, what can I do?

N

Negety

Guest
Hi, I hope someone can put some light on my situation.

My ex and I have 2 houses. One I live in with our son. I have paid the full mortgage for 3 years. I'm on good money so I can afford it. Negative equity of about 150k ( although could be more or less in this market)

The other house is rented out on an interst only tracker so actually making a surplus. Negative equity of about 100k.

So while we are in lots of negative equity we are in a good enough situation.

However, I am getting married in June. My ex and I have a gentlemans agreement. He gets the profit making property as he couldn't afford to pay the other one.
I pay the other one. By our agreement we are supposed to have as much rights as possible to our properties. However, he is not always rational and is now saying my husband can't move in to the house I've been paying for 3 years.

Now the fun bit. Despite me paying for 3 years and very lucky to comfortably pay it, the bank says they can't put the mortgage in my name! Also they said I might have a chance if I pay 50k but once they heard there was a second property they basically said no chance.

They said it was too risky for them. However, I'm supposed to happily pay more than 2k per month with the risk that my ex can get awkward at any time.

Anyone got ideas or suggestions to make my situation more secure?

Any advice would be welcome. Happy to go to a solicitor too but I don't know any good ones.
 
Welcome to AAM Negaty.

No your ex cannot prevent your new husband moving in in the way you outlined on the other thread. But you need to see a solicitor about what you can and cannot do.

Property 1, you live in and have paid the full mortgage for 3 years, what about prior to that.

Property 2 Investment. How is the capital on this to be repaid, and what happens to the 'profit'?

Where does your ex live?

What do you mean by you both have rights to each property?

Are the mortgages with the same bank and could you name which bank please.

Best solution would be for each of you to take the property you live in and he to take the other. Can you post up facts and figures. Value, mortgage, interest rate etc.

Does your ex work in a good job.
 
I presume both properties are in joint names?

The nominal negative equity is €250k.

In reality, the negative equity on the investment property is less because there is a cheap tracker. Without the figures, it's impossible to estimate this.

But let's say you have negative equity of €150k and the other has €50k.

This is what a fair solution should be...

1) He pays you €50k
2) Each property is put into your separate names
3) Each mortgage is put into your separate names

In practice, I doubt if this will happen

1) He probably doesn't have €50k
2) He will dispute that it's worth €50k for him to be released from the negative equity in your property.
3) The banks won't allow you to split the properites, as in effect, he is guaranteeing your mortgages and you are guaranteeing his.
4) He doesn't seem to want to cooperate.

As Bronte says, put up the figures for both properties - value, outstanding balance, interest rate and lender.

Brendan
 
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