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my ex is in it. We took out a secured loan against the house to do the house up with, there’s about £20k left on that and about £30k of equity in the house.
When I found out she was being naughty and buggered off 18 months ago the agreement (not in writing) was I’d pay the loan and she’d pay the mortgage and live in the house.
Now im trying to save for a decent house for myself and in a better place mentally and financially I’m wondering what I should do.
any advice on what my rights are?
Arson?
Ask Shakin Stevens
If she wants to remain and you voted out, if I'm honest I can't see it going that well.
Ha ha! Tremendous!
New patio?
What's the house value?
Do you mean £30k mortgage or that your (e.g.)£100k house has £70k mortgage?
Do you have an item to sell to reduce loan (e.g. Car)?
Sorry for being sensible...
I’m actually after sensible but love the wit!
the house is worth about 130 and there’s about 98 left on it, thevloan has about 20k left.
Ive been an idiot and done what all blokes do and just move out without thinking.
So there’s about £5k each in the house if you’re lucky?
Give her £5k to move out and move back in or demand £5k off her to call it quits.
I'd get it sold and split 50:50 whatever was left (after you've settled the loan), no clue where you stand if she doesn't want to sell it though. Obvious thing would be for her to take on the loan as well (or pay it off in full if she has savings) and then it's a case of whether you just suck it up and walk away or look for the £5kish you would have ended up with net if it had sold (bear in mind if your equity doesn't include selling fees you might not have ended up with £10k to split anyway). I'd probably float the second idea and if she seemed she was going to fight paying anything other than the loan I'd probably just walk away rather than go through any legal hassle.
are you jointly liable for the mortgage? If you are there may be issues in getting another one for your new house, plus you will be on the hook for the mortgage should your ex decide not to pay into it.
I would have to agree with the sell up argument especially as you are trying to get on with your own life.
I’ve moved out as I have another house in my name luckily. She probably can’t afford to get a mortgage on her own so won’t want to sell. I just want my name off the mortgage and the loan payed off. Just don’t know where I stand legally.
You're a nutter for agreeing to it in the first place. I'd go see someone for proper advice, even if it cost me a few quid.