manphibian Posted May 12, 2012 Share Posted May 12, 2012 Ok, well at the moment i'm splitting up with my gf..... all very sad etc.. Now we have a house together, which having bought 5 years ago, is pretty likely to have no, or more likely negative equity :/ So, i'm just wondering if any of you know what the deal is here.... Lets say that the house is worth 10k less than what we owe.. Obviously if we sell it, we will have to find 10k between us to pay off the mortgage... Which doesn't sound too attractive Now i could afford to take it on myself, but if i go to Santander and ask to get her taken off the mortgage, does it just carry on as before, or do they make you take out a new mortgage? As obviously they're not gonna lend me 105% of the value of the house? :/ FML Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted May 12, 2012 Share Posted May 12, 2012 Sarnie is your man for all things mortgage related Quote Link to comment Share on other sites More sharing options...
Wasso Posted May 12, 2012 Share Posted May 12, 2012 Have a chat with Liam (Sarnie) from the consensus on the forum and his assistance he can provide you some advice or maybe provide a solution. Quote Link to comment Share on other sites More sharing options...
glrnet Posted May 12, 2012 Share Posted May 12, 2012 +1 Sarnie is your man for all things mortgage related Quote Link to comment Share on other sites More sharing options...
Builder49 Posted May 12, 2012 Share Posted May 12, 2012 In my recent seperation, I agreed to buy my wife out of the property and give her the 50% share of the equity she was entitled to (£126000, GULP) The mortgage company just transfered the mortgage into my name, obviously with a charge to cover admin, £350. Don't know it that would work in all cases though, so Sarnie's your man. Quote Link to comment Share on other sites More sharing options...
Zugara Posted May 12, 2012 Share Posted May 12, 2012 She will need to come off the deeds and mortgage transferred to your name. Quote Link to comment Share on other sites More sharing options...
manphibian Posted May 12, 2012 Author Share Posted May 12, 2012 She will need to come off the deeds and mortgage transferred to your name. hmmm, yeah in theory... But i'm not sure if the lender would go for it, as there's no equity...? Quote Link to comment Share on other sites More sharing options...
Zugara Posted May 12, 2012 Share Posted May 12, 2012 Keep it and rent it out? Quote Link to comment Share on other sites More sharing options...
Builder49 Posted May 12, 2012 Share Posted May 12, 2012 Keep it and rent it out? No good if you need another mortgage for another house and your income doesnt stack up to get one. Plus sometimes a clean break from an ex is necessary.. Breaking up is hard enough in itself without the added complication of being financially linked in the future !!!! Quote Link to comment Share on other sites More sharing options...
Sarnie Posted May 12, 2012 Share Posted May 12, 2012 Thanks people, PM replied to Quote Link to comment Share on other sites More sharing options...
Builder49 Posted May 12, 2012 Share Posted May 12, 2012 Marriage guidance advise @ £80 per hour......... With my experience I'd be loaded..... Quote Link to comment Share on other sites More sharing options...
Maccaman Posted May 12, 2012 Share Posted May 12, 2012 Marriage guidance advise @ £80 per hour......... With my experience I'd be loaded..... I'm not sure you could give guidance, more like avoidance Quote Link to comment Share on other sites More sharing options...
Keyser Posted May 13, 2012 Share Posted May 13, 2012 Marriage guidance advise @ £80 per hour......... With my experience I'd be loaded..... Hi Builder49 - I was just wondering after reading some of your posts and the comment above, would that be "Don't do it your better off single" ................... "next" EDIT: - To OP Good luck manphibian hope you get it sorted Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted May 13, 2012 Share Posted May 13, 2012 All possible I'm sure as the lender will just want their money each month, just a question of either paying off your partner or getting what is owed off them... You could of course just dig a hold and get Builder49 to do you a lovely new patio :wink: Quote Link to comment Share on other sites More sharing options...
Ekona Posted May 13, 2012 Share Posted May 13, 2012 Been through the same myself many years ago, although we weren't married and there was equity in the house. I re-mortgaged to be able to give the Ex her deposit + profit on the house + value of what she'd bought back, changed the mortgage fully into my name and carried on. Still at the same address now. Bit trickier if you're in negative equity, but if she can't fork out for her part of the negative equity needed to sell the place then you're going to have to come to some arrangement between you. Obviously if you just take the house over then she loses out as she'll have no money or property at the end of it, but if she's not that bothered then you're laughing. If she decides to go mental and stand her ground then worst case you'll end up defaulting and both being screwed, as the alternative is for her to still be entitled to 50% of the house despite you paying the mortgage all by yourself. Not an easy situation for either party really, and I really hope it all works out for you mate. Quote Link to comment Share on other sites More sharing options...
manphibian Posted May 13, 2012 Author Share Posted May 13, 2012 Well fortunately we're still on great terms and i really don't think that will change, which is good. I think plan A is to sell the house if poss, so i'll do a few jobs and get it valued. If it turns out in negative equity, then i think i'll have to take it on myself, but wouldn't be able to do it officially, as i'd have to get the mortgage down to 90% of the value, which is not possible. I would take it on myself until it becomes sellable, then when it sells she would get half minus the payments she hasn't made... That's the theory anyway Quote Link to comment Share on other sites More sharing options...
soimafreak Posted May 13, 2012 Share Posted May 13, 2012 Personally i'd cut her out now if possible, but make sure you get the money out of her that she owes, if it's in negative equity by 10k then she owes you 5k to take the house off of her hands. Also have you considered renting the odd room out? I know a few people that have done that and makes enough to cover most of the mortgage which should help, and quite often they'll only be there mon-fri for work. either way good luck with what ever happens Quote Link to comment Share on other sites More sharing options...
Ekona Posted May 13, 2012 Share Posted May 13, 2012 Well fortunately we're still on great terms and i really don't think that will change, which is good. BWAHAHAHAHAHA SWT mate, never forget that. Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted May 13, 2012 Share Posted May 13, 2012 I'm on good terms with all my ex's Quote Link to comment Share on other sites More sharing options...
Ekona Posted May 13, 2012 Share Posted May 13, 2012 Yeah but you're an exception in all things Quote Link to comment Share on other sites More sharing options...
Ricey Posted May 13, 2012 Share Posted May 13, 2012 The neg equity is unlikely to affect the lenders decision......your ability to service the mortgage within their standard lending criteria is the main issue. Basically look at it like this.....if they would give you a new mortgage on your if you applied now then they'll approve the transfer of equity application on your existing account. There is also the option of putting your mum, dad, brother .....new bird......on the account to help with the affordability issue. Negative equity is best avoided if possible as you can be persued for the full whack notnst half of it......your jointly and severally liable.....ie she tells the bank to **** off then they come after you for the full 10k (obviously also works the same way for you) Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted May 13, 2012 Share Posted May 13, 2012 Yeah but you're an exception in all things It has been mentioned Quote Link to comment Share on other sites More sharing options...
Builder49 Posted May 13, 2012 Share Posted May 13, 2012 Marriage guidance advise @ £80 per hour......... With my experience I'd be loaded..... Hi Builder49 - I was just wondering after reading some of your posts and the comment above, would that be "Don't do it your better off single" ................... "next" Nope id never advocate single... Even after 3 wives (and can i just say 2 of these had affairs!) I still believe in marriage ! And I agree with SpursMadDave, I'm still on good terms with all my ex's, life is too short to bear a grudge, plus it uses up too much energy. Just face the fact that its over and move on.... Quote Link to comment Share on other sites More sharing options...
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