Repossesion/Legal question

[Gary 23]

Apologies if this is the wrong forum for this post.
I have a property currently mortgaged with IIB. Its in my name and my ex-girlfriends name. I have been paying the mortgage on my own since we began the mortgage two years ago and my ex left a year ago.
She has never contributed to the mortgage in any way and refuses to do so.
I have been refused the mortgage for the home in my own name as i have been told that my income does not meet the requirements (although i have been the only person paying it for the last two years). I am considering defaulting on the payments and letting the bank repossess the house as i cant keep paying for it on my own for the next 33 years if i dont own it.
Can anyone give me any advice as to wheter i can legally get my ex to pay her share until we sell up or any other advice as to what i can do as i cannot see any options here.
Any help is appreciated

Regasrd
Gary

 

[mf1]

A few things.

In general, if at all possible, if the house will not sell, and if you can afford to keep paying the mortgage, then try and keep the house.
If your financial situation is likely to improve, then, if you stick it out, you may ultimately be able to get the mortgage in your own name.
If that happens, you would be trying to reach agreement with your Ex on her "share" ( plus or minus) that you were acquiring. If that failed, you would issue Court proceedings to "partition" the property. And if you then had a mortgage, you could take over the property. With allowances being made for all your additional payments.

Alternatively, sue her for her share of the mortgage. Although, she is likely to threaten to move back in or similar.

Handing back the keys is very much a last resort situation.

mf

 

[geld]

If you default on the mortgage, then you won't stand a chance of getting another one for any property purchases you may want to undertake in the near-medium future. Also, you have been putting your hard-earned money into the mortgage, surely you don't just want to throw that away? Also, if the bank repossesses and sells for a value less than what you owe them, you are still liable for the balance, i.e. for the difference between your outstanding mortgage and what the bank sold the property for, and they will most likely pursue you for this...there is another discussion on this board about 'handing back the keys' and the implications thereof.

 

[MentalNote]

mf1: Is there any value in Gary 23 getting together with his solicitor and drawing up a document to the effect that he is paying the mortgage in full, and getting the ex to sign it, so that at a later date it will be easier to get his fair share of any equity?

Gary 23: I think it is short sighted to try and walk away. Remember ultimately she is equally responsible for the debt and will be liable as much as you if you do walk away. However by the fact you are the only contributor to the mortgage means you will be entitled to a larger chunk of the equity (if any) farther down the line. By continuing to pay you also avoid destroying your credit rating. Handing back the keys is likely to result in you still owing a big wedge of cash anyway at this time, and not being able to get another mortgage later on. Best of luck with it.

In terms of getting your own mortgage have you tried gettting a guarantor to help you?