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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34278
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I have a joint mortgage with my wife which we separated 4

Resolved Question:

Hi,
I have a joint mortgage with my wife which we separated 4 and a half years ago. My Ex Wife still lives at the marital home whilst i am still paying. There are no children as they are all grown up. My question is if the house was repossessed and after paying the lender back and all the court fees, solicitor fees are fully settled etc. once the lender has sold the property and there is surplus money for example £20,000 what happens to this money?
Kind regards
James
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

How much is the house worth and how much is outstanding on the mortgage?

Why do you not simply force the sale of the property?

Customer: replied 1 year ago.

Hi Clare, the house is worth about £130K and on mortgage is £70k. The main reason is it will be a long drawn out procedure and very costly. the main reason is that my wife does not reply to any correspondence, hence mediation, the mortgage lender and me.

Kind Regards

James

Expert:  Clare replied 1 year ago.

Given that repossession will cost many thousands of pounds - and will take many months in fact starting a divorce and obtaining an Order for sale will be relatively cheap and likely to be sorted within a year

In the event that there is a repossession the proceeds of sale will be held until you and your wife agree how they should be divided between you

I hope that this is of assistance - please ask if you need further details

Clare and other Property Law Specialists are ready to help you
Customer: replied 1 year ago.

Hi Clare,

Thanks for your response. In this scenario who holds onto the funds the (lender}?

Kind regards

James

Expert:  Clare replied 1 year ago.

The lender to start with - although they will send it to be held in Central Court funds if the matter drags on

Customer: replied 1 year ago.

Thank you for your reply!

Kind regards

James

Customer: replied 1 year ago.

Hi Clare, If my home is repossessed would this have an impact on my current credit card circumstances even thou i have not missed any payment nor will i in the future? In other words if I was to purchase an item within my credit limit this will have no effect? I am aware that if i was to apply for further credit that it would have an effect.

Kind regards

James

Expert:  Clare replied 1 year ago.

It will not impact on your current Credit Card - although you may find that they lower your limit.

Customer: replied 1 year ago.

Hi Clare, thank you for your reply.

Does that mean the C/Card companies will be informed of my repossession?

kind Regards

James

Expert:  Clare replied 1 year ago.

It will be noted on your credit record

Customer: replied 1 year ago.

Thanks for your reply clare!