I have a joint mortgage with my ex, we're in negative equity and now he wants to sell. I don't want to sell, can he make me?
The property is being rented out and the rent is paying the mortgage but now he's decided he wants to sell. Can i make him pay the losses if he wants to sell or can i just refuse to sell? I cant afford to pay half of the losses, estate agent, solicitors fees etc.
Tricky situation, you have my sympathies.
You can refuse to sign the sale papers, and it would be very difficult for him to sell it from under you. In addition the lender may block the sale unless sufficient extra cash is available to settle the full mortgage debt (although they may take the view that something is better than nothing).
I would perhaps also suggest speaking to the lender, and any other parties and making them aware of your inability to cover any shortfall.
However conflict is not a good way of running a business (and a rented property is effectively a small business). I would strongly recommend working towards an agreed solution - why does your ex want to sell? Currently rates are extremely low, but they will rise at some point, and we don't expect significant growth in house prices for some time, so selling may crystallise a loss, but it may be a smaller loss than later.
Sit down with an independent third party (IFA or debt counsellor) and work through your situation - there are lots of different factors which would have an impact.
Good luck. | 07.06.11 @ 08:11