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where do i stand?
3 Answers
me and partener purchased our council house 3years ago. However it is my name only on the deeds and his on mortgage. we are now experiencing problems and he says the house is his? I think its both one cant sell or keep without the other?
Answers
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You are in a very messy legal situation as you are in a position that is impossible to achieve in theory .
If your name is the only one on the deeds then you are the owner.
If his is the only name on the mortgage - well it can't be. You can't have a mortgage on a property you don't own.
If that's really the case someone has messed up big time on the paperwork - you could sell the house, pocket the money and leave him saddled with the debt.
If you are saying there are two names on the mortgage that's more feasible - you as owner can still sell without his permission but will have to repay the whole mortgage.
Poor sod.
If your name is the only one on the deeds then you are the owner.
If his is the only name on the mortgage - well it can't be. You can't have a mortgage on a property you don't own.
If that's really the case someone has messed up big time on the paperwork - you could sell the house, pocket the money and leave him saddled with the debt.
If you are saying there are two names on the mortgage that's more feasible - you as owner can still sell without his permission but will have to repay the whole mortgage.
Poor sod.
Have to agree with dzug. You cannot sell the house without the mortgage being paid off. You need to work out how much equity is in the property and see if you can pay him off with 50% of it and therefore keep the house.
Normally if a mortgage is in joint names then the house should be held in joint names. If he was default on the mortgage then the lender could still come after the house whether you hold it in your name only.
I would try and find a reasonable solution to this rather than fight through solicitors. From experience this is costly both financially and emotionally. You do hold the cards with it being in your name only. You could speak with your lender and see if they would be willing to lend you the equity to pay him off and you continue with the mortgage in your name only.
Normally if a mortgage is in joint names then the house should be held in joint names. If he was default on the mortgage then the lender could still come after the house whether you hold it in your name only.
I would try and find a reasonable solution to this rather than fight through solicitors. From experience this is costly both financially and emotionally. You do hold the cards with it being in your name only. You could speak with your lender and see if they would be willing to lend you the equity to pay him off and you continue with the mortgage in your name only.
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