Second Mortgage

This is the most common issue amongst married couples. So how to resolve it, if it is not going well?

Suppose you have split from your partner. You have a joint mortgage but s/he hasn’t been making her/his share of the mortgage payments for the last 6 months. S/he also moved out of the property 6 months ago.

And not you are in the process of having him/her released from the mortgage. The property hasn’t gone up in value. If you ex refuses consent to be released from the mortgage, when the property does come of value, is s/he still entitled to 50% of the profit, even though you can prove s/he hasnt made any contribution to the mortgage and the fact that you continued mortgage payments (not s/his) have resulted in the profit in the first place?
You must get legal advise fast, it is a tricky one but legal will help you. And no, he will not, keep your payments to hand, the judge will give an order in your favour. You can have him ‘releaed’ as he has failed to pay his fair share, ither go to the Citizens Advice Bureau, or to the county court, they may be extremely slow, but have leaflets there, so they don’t have to work.

On the other hand, Talk to a specialist solicitor no matter what you are told on here. Equity law can be very complicated.

Yes, there is a remedy to get you out of this unfortunate situation but it will need a specialist to do it and it will depend on the strategy of your ex-partner. You might have to buy him out because he might try to claim an equitable interest in the property at its current value, even if the increase of value is very small.

if you continue as is s/he is entitled to 50% of the capital gain making a mortgage payment neither increases or decreases the value of the property. The market does. Keep in mind if s/he doesn’t live there s/he is not using gas, electric, water etc.

Those are your responsibility. Lets say including what you pay 350,000 for the house and so far s/he paid 50,000.00 and you sell the house for 500,000.00 you get 400,000.00 and s/he gets 100, 000.00. These are the problems that arise when you decide to play house. If you two are not ready to get married you shouldn’t be living together, let alone make a major purchase together.