Property Reposession

[tuk367]

If a married couple separate who have two children and the property is in joint names, would the property be reposessed if the wife will not agree to sell. He has agreed to pay maintenance to the children.

The husband is the main wage earner and pays the mortage & bills, when he leaves the property and does not pay the mortage, (because he will have to find alternative accommodation) and the wife will not be able to pay the mortage, would the property be reposessed. The property is worth around �120,000.00 the mortage is �23,000.00, if reposessed would the property then be split between the joint names.

[bednobs]

the property will be repossessed if the mortgage is not paid. If it's sold by the motgage company, it will probably be sold for significantly less than 120 000 pounds. therefre it will be in both parties interest to sell an split the equity

[bednobs]

the proerty as such would not be split between joint names, as neither party own the property while it has a mortgage on it - the mortgage company do

[zebra]

As bednobs says the property will be repossessed if the mortgage is unpaid but there are also a few further points to consider.

If the property is sold and the equity split between the two parties then presumably the wife will have to then find alternative accommodation and pay rent which would probably be considerably higher than a �23,000 mortgage.

If she remains in the property what income will she have? If she will be claiming benefits she can apply for help with the mortgage after a qualifying period, legally she shouldn't have a problem staying in the property until the youngest child leaves education at which point the husband would be due his share of the property.

If they sell the property and she receives her share of the capital she would then have to use this to support herself/pay rent etc before she could claim benefits (once capital is below �16000.00 can claim at a reduced amount until it reduces further).

They need to carefully consider what to do especially due to the fact that they have a small mortgage and high equity.
Hope this helps?

[dannydingbat]

Possession will be granted by a Court as a last resort if all other options have failed. The lender cannot just turf everyone out and change the locks. Lot of water to flow under the bridge yet.