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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31861
Experience:  Over 5 years in practice
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I am currently living in a house with my current wife, however,

Customer Question

I am currently living in a house with my current wife, however, the house is owned by me and my ex-wife.

Just prior to my divorce, I was living elsewhere and my ex was living in the property however, the planned sale of the house fell through and my ex essentially wanted to dump the house for repossession as she wanted (and now does) live with her new partner in a rental property. To avoid repossession, I moved back in and have now lived here for 17 months, paying just the mortgage interest.

My ex-wife wants still wants to sell the house, splitting the selling costs (which I can't afford) with me. I would then move into a rental property. The house has approx £40k negative equity and we'd pay the mortgage company (NRAM) back as part of the deal (we previously had this agreed with NRAM on the previous sale)

My ex-wife has little disposable income so would be paying approximately 25% of what I would pay back to NRAM (I will have to go into an arrangement with my other creditors) to cover the negative equity though says she would 'make up the difference' at some point. Mortgage is 4.99%, NRAM's 'deal' for the neg eq. is at 12.99%

Can you advise what my position / options are?
Submitted: 4 years ago.
Category: Law
Expert:  James Mather replied 4 years ago.

Hello, I am Law Denning and I am a practising solicitor in a High
Street practice. I have been an expert on this website in UK law since 2008.
During that time, as you appreciate, I have answered thousand's of questions from satisfied users on a variety of subjects.
Because we are all in practice with clients and court and other users, I might not always respond in
minutes, particularly evenings and weekends. Please bear with me in that case.

It is my pleasure to try and assist you with this today. Please bear with me while I gather some further information from you in order for me to be able to advise you fully.

Do you have a specific question?
Expert:  Clare replied 4 years ago.
Hi
Thank you for your question
Just to confirm NRAM will still offer this deal?
Claire
Expert:  Nicola-mod replied 4 years ago.
Hello,

Just a quick reminder, there is an information request here from the Expert. This means they need to know more details before they will be able to give you a full answer.

Thank you,
Nicola