Advice please

[georgefulton77]

Hi All,
My ex wife and I have a jointly owned property currently in 8 grand negative equity. she left our marital home and bailed on all mortgage payments and entered into a scottish trust deed to dischargse her from joint credit card/loan debts etc.
I have & can prove I have been the sole payer of the mortgage and all expenses/upgrades relating to the property. we have since gotten a simplified divorce so I guess it would not coe under matriminial law.
I want to do an exchange of parties to get her off as I am remarried and wish to cut all ties but my ex is saying that she is intending to sit tight till equity builds and then cash in even if it takes years! given she has contributed nothing for 3 years & also lumped me with all the debt I find this really hard to take & its stressing me, my new wife and family out no-end.
What can I do?
Thanks

[bednobs]

probably not a lot. it is a joint asset, and presumably she was paying her part till 3 years ago./ Even if she wasn't, it's still in joint names, so she would most probably be entitled to 1/2 and rise in equity. She could probably even get a court order for you to sell it if she so desired. You could offer her a payout now to get rid of her. I don't really understand why joint assets weren't sorted out with the divorce

[tonywiltshire]

If your home is in negative equity of around £8K and you alone are paying the full mortgage, not just your part (the mortgage provider does not care who pays the mortgage as long as it is paid) I doubt they will release your ex-wife from the mortgage document and therefore the liability of the debt. When/if the equity builds up if there are mortgage arrears the mortgage provider may try to obtain a repossession order and can apply back to the court for bailiffs to execute a warrant for possession of the house and sell it; it is unlikely they will do so whilst the market is depressed. Under English law any debt in your joint names is the responsibility of you both not just your part, the full amount of the debt. It is also possible for other creditors, in the appropriate conditions, to apply to the court for a charging order, against the property which would have the effect of turning an unsecured debt into a secured debt.

The above is the position under English law, you would need to explain the differences under Scottish law and the steps you say your ex-wife has taken to reduce her liability.