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Alex J.
Alex J., Solicitor
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Experience:  Solicitors 2 years plus PQE
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I jointly own a property with my ex girlfriend neither of us

Resolved Question:

I jointly own a property with my ex girlfriend neither of us live in the property anymore, and we are not in communication with each other , the mortgage has gone into arrears , i have heard she is applying to the courts for bankruptcy , how is this going to affect me , my current assets , pension ? my credit rating ? I am in contact with the mortgage provider to try and sort things out but she holds the keys to the property and is not playing ball .
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

As joint mortgagees this means you are jointly and severally liable for the mortgage. As long as you keep servicing the mortgage it wont effect your credit rating. As the mortgage is currently in arrears you need to pay it out of arrears and continue servicing the mortgage to otherwise this will effect your credit score..

If she has been made bankrupt she will be forced to sell the house. The proceeds from the sale will be used to repay the mortgage and then divided between the two of in the whatever proportion you agreed to own the house.

What you should do is get the evidence you have to show what deposit you paid towards the property.

The alternatively would be if she goes bankrupt she wont get a say in the property any and you could buy her share off the trustee in bankruptcy.

This wont have any effect on your pension etc unless you go bankrupt or the property is part of your pension.

Does she have any children living with her at the property?

Kind regards

AJ
Customer: replied 2 years ago.


No there is no children involved and she is not living in it either , we both have our own homes now , the property was a guest house and she has had full management of it since i left her back in 2008 and she has been servicing the mortgage with the money from the business. There are rent paying tennants still in the property but for some reason she is not using the money to pay the mortgage ? I dont really know wots going on as she wont speak to me .

Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

If you wanted to force the issue, the only thing you can really do is go to court and try and get a court order forcing her to agree to sale of the property.This would be on the basis that you were in a business partnership together which has since dissolved.

If she goes bankrupt that is what will happen anyway, the property will be sold.

The other point is if the mortgage is not paid you risk the mortgage company stepping and appointing receiver. The result of this is she wont get any of the rental income as it will be paid to the receiver.

Kind regards

AJ
Customer: replied 2 years ago.


so the worst thing that can happen to me is that it will affect my credit rating if the property is repossessed or delt with by the receivers. , What about equity in my current home , can the receivers force me to sell my current home ?

Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

They will only force you to sell your current home if there are arrears on the mortgage after the property has been sold and there is a shortfall.

They could then come after you for the shortfall. They would need to obtain a Judgment and apply for a charging order in order to force a sale.

If there is a shortfall (and if you have children at your home) they are unlikely to force a sale as quite simply this looks bad on the bank, making people with children homeless. They will more likely try and agree a repayment plan with you. This wont necessarily effect your credit score.

Kind regards

AJ

Alex J., Solicitor
Category: Law
Satisfied Customers: 3519
Experience: Solicitors 2 years plus PQE
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Customer: replied 2 years ago.


Thanks Alex thats put my mind at rest for now , I just hope she sees sense and helps get the property on the market .

Expert:  Alex J. replied 2 years ago.
Hi,

No problem.

I wish you the best of luck.

Please do not hesitate to contact me if I can answer any follow up points.

Kind regards

AJ

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