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Query in relation to House ownership after split

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  • 25-01-2012 1:28pm
    #1
    Beta Ray Bill
    Registered Users Posts: 3,641 ✭✭✭


    Hi

    I have a Friend that was in a long term relationship (13 Years)
    They have since split but there is an issue over house ownership.

    They took out a Mortgage on a house 5 years ago and after 2 years of living in the house he left.

    My Friend is now living in the house for the last 3 years and been paying the Full Mortgage by herself.

    She wants to get her Partner off the Mortgage. He only contributes to his share of the Life Insurance and 50% of the management fees on a monthly basis. The House is in negative equity at the moment.

    What is the procedure here?
    I know possession is nine tenths of the law and he has contributed very little towards the house.

    She cannot afford to sell as they will lose thousands on the house.

    Obviously contacting a Solicitor has to be done but what I would like to know is does any one have experience with this kind of Issue?

    Thanks
    G.


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    #2
    whippet
    Registered Users Posts: 7,686 ✭✭✭whippet


    get on to a solicitor.

    Regardless of who actually contributes to the mortgage payments it's a joint mortgage and he still owns half the house and half the debt on the house.

    The bank will not care who actually contributes to the mortgage payment .. only that the payment is made !


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    #3
    Beta Ray Bill
    Registered Users Posts: 3,641 ✭✭✭Beta Ray Bill


    whippet wrote: »
    get on to a solicitor.

    Regardless of who actually contributes to the mortgage payments it's a joint mortgage and he still owns half the house and half the debt on the house.

    The bank will not care who actually contributes to the mortgage payment .. only that the payment is made !

    This is what I thought

    Obviously this will need to go through the Legal Process
    I'm just looking for the experiences of others that may have been in this situation.

    G.


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    #4
    Cuddlesworth
    Registered Users Posts: 13,994 ✭✭✭✭Cuddlesworth


    From my understanding the negative equity is the problem. She will have to try get the bank to agree to a sale and a split personnel loan equivalent to the remaining left on the mortgage. That's not going to be easy.


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    #5
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    grahambo wrote: »
    Hi

    I have a Friend that was in a long term relationship (13 Years)
    They have since split but there is an issue over house ownership.

    They took out a Mortgage on a house 5 years ago and after 2 years of living in the house he left.

    My Friend is now living in the house for the last 3 years and been paying the Full Mortgage by herself.

    She wants to get her Partner off the Mortgage. He only contributes to his share of the Life Insurance and 50% of the management fees on a monthly basis. The House is in negative equity at the moment.

    What is the procedure here?
    I know possession is nine tenths of the law and he has contributed very little towards the house.

    She cannot afford to sell as they will lose thousands on the house.

    Obviously contacting a Solicitor has to be done but what I would like to know is does any one have experience with this kind of Issue?

    Thanks
    G.

    First thing is talk to a solicitor to get it sorted, a transfer order will need to be drawn up transferring the property into her sole name provided the boyfriend consents to this of course.

    The transfer order will need the consent to transfer from the bank the mortgage is with and they will only do this if they are happy that she can afford the repayments on her own. So she will have to go through the same process she went through when taking the mortgage out in the first place.


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    #6
    Cuddlesworth
    Registered Users Posts: 13,994 ✭✭✭✭Cuddlesworth


    donalg1 wrote: »
    First thing is talk to a solicitor to get it sorted, a transfer order will need to be drawn up transferring the property into her sole name provided the boyfriend consents to this of course.

    The transfer order will need the consent to transfer from the bank the mortgage is with and they will only do this if they are happy that she can afford the repayments on her own. So she will have to go through the same process she went through when taking the mortgage out in the first place.

    That's if she is happy taking on board both his and her negative equity in the property. I wouldn't be.


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    #7
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    Cuddlesworth wrote: »
    That's if she is happy taking on board both his and her negative equity in the property. I wouldn't be.

    Neither would I but then if she is already paying the mortgage herself she has basically done this only there is no legal documents to back it up. I suppose she has to decide if she wants to remain in the house and pay the mortgage herself or if she wants to cut her losses and sell then hopefully come to some arrangement with the bank for the negative equity portion remaining after the sale.


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    #8
    whippet
    Registered Users Posts: 7,686 ✭✭✭whippet


    Cuddlesworth wrote: »
    From my understanding the negative equity is the problem. She will have to try get the bank to agree to a sale and a split personnel loan equivalent to the remaining left on the mortgage. That's not going to be easy.

    it is virtually impossible in this day and age to get the negative equity portion transferred to a unsecured loan.


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