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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

No one will tell me the worst case scenario

35 replies

MissHoneysHappyEnding · 14/03/2023 06:35

Post split. Ex has moved out, I am paying the mortgage. Trying to sell the family home. Three buyers have got to the same point of the process and pulled out (due to something out of our control). No way of me fixing this issue.
The bank have told me I don't meet affordability to have the mortgage in my name. I also have not great (not awful) credit.
So what happens? I mean can they force me to sell, and to who? I would love to sell! So if it gets to August and I have to remortgage in just my name, what happens? Can they put me on a higher interest rate due to risk?
I ring the bank and no one actually tells me anything concrete.

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Overthebow · 14/03/2023 06:37

You’ll probably go on to the SVR if you can’t remortgage. Your ex may not be able to come off the mortgage.

MissHoneysHappyEnding · 14/03/2023 06:39

@Overthebow but they can't force him too, right? I mean, it comes out of my bank.

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StatisticallyChallenged · 14/03/2023 06:42

MissHoneysHappyEnding · 14/03/2023 06:39

@Overthebow but they can't force him too, right? I mean, it comes out of my bank.

He can be named on the mortgage but it come out of your account. But it means that he still has liability for paying it. That doesn't mean you can't pay it, but it means if you didn't then the bank would expect him to, and both of your credit records would be impacted by arrears or defaults

JemimaTiggywinkles · 14/03/2023 06:42

They can’t force you to sell as long as you keep making repayments. Your ex will still be on the mortgage though, and so can force a sale.

If the issue keeps coming up and is something you can’t fix, you might be better off being upfront with potential buyers and price the house accordingly.

Iudncuewbccgrcb · 14/03/2023 06:46

whats the issue with the house?

MissHoneysHappyEnding · 14/03/2023 06:47

We have nightmare neighbours and there has been planning permission for a huge two storey building opposite.

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MissHoneysHappyEnding · 14/03/2023 06:49

@JemimaTiggywinkles we have been upfront but people love the house so much they think they can live with it but then decide they can't. It is an absolute steal for the area and size. Most three beds are 450K in this area and ours is on for 300k due to the two issues.

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Snugglemonkey · 14/03/2023 06:49

Oh dear. There is no way I would buy your house. I can see it being v hard to sell.

MissHoneysHappyEnding · 14/03/2023 06:51

@Snugglemonkey I've come to terms with this but I'm struggling to understand what the bank want me to do that I'm not doing already.

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Flower0503 · 14/03/2023 06:55

I have known someone buy a new build and the developer buy their house in a nightmare neighbour situation if thats worth investigating?

Mortimercat · 14/03/2023 06:56

MissHoneysHappyEnding · 14/03/2023 06:51

@Snugglemonkey I've come to terms with this but I'm struggling to understand what the bank want me to do that I'm not doing already.

If you are paying the mortgage, the bank won’t care what you do, you will just carry on as you are. All they are saying is that they are not letting your ex come off the mortgage, no bad thing for you really. When you reach the end of a fixed rate period or whatever it is you are on, the mortgage will automatically convert to their standard mortgage.

I don’t have any suggestions about house selling, that sounds like a nightmare situation, sorry.

Whatisthisanyidea · 14/03/2023 06:58

Builders buy these types of homes - why is the valuation so low?

There are ‘we buy any house’ options - worth asking the question of you’ve lost so much on the valuation over bad neighbours.

MissHoneysHappyEnding · 14/03/2023 06:58

@Mortimercat it is a bad thing as he won't be able to buy anywhere else whilst still on my mortgage.

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hockeysticks89 · 14/03/2023 06:58

What happens in august? The bank aren't your problem here as they won't remove your ex, so nothing will change if you can't sell and he'll remain liable for payments if you don't pay. They'll still offer you a product switch if your rate is due to end. Maybe you'll have more luck selling in the future when the new building is built

Mortimercat · 14/03/2023 06:59

MissHoneysHappyEnding · 14/03/2023 06:58

@Mortimercat it is a bad thing as he won't be able to buy anywhere else whilst still on my mortgage.

I said for you it is no bad thing.

Snugglemonkey · 14/03/2023 07:00

MissHoneysHappyEnding · 14/03/2023 06:51

@Snugglemonkey I've come to terms with this but I'm struggling to understand what the bank want me to do that I'm not doing already.

I think it probably works to your advantage. As op have said, if the mortgage is being paid, why would they not let the situation continue.

I don't see your home as saleable until that build is completed (though the neighbour thing is still enough to put off many). Might you be in a better financial position by the time that is completed?

ZeldaWillTellYourFortune · 14/03/2023 07:00

What's the issue with the neighbours?

MissHoneysHappyEnding · 14/03/2023 07:01

@Whatisthisanyidea builders will only offer 250k which won't allow me to buy anything in my area (close to school and work). I'd rather stay and just put up with it rather than move somewhere where my life would be made more complicated due to long commutes. But I don't know if this is even an option :(

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NumberTheory · 14/03/2023 07:02

Pretty sure your Ex can't just take himself off the mortgage. It's a debt he signed up to and he would need to pay the mortgage company their money back or have someone else take over the debt in order to be relieved of it. So if the Mortgage company aren't prepared to have you take it over and no one will buy it, your Ex can't come off the mortgage and it will continue along on the terms it was set up on in his name.

Assuming you are going to be splitting any equity, it would probably be best to talk with your Ex about whether to lower the price you're prepared to accept to try and secure a sale.

The mortgage company can, in some circumstances, call in their debt, which if you can't sell yourself or pay them back would mean repossession and then they sell (often at a much reduced price with you getting little back or even, potentially, still owing them money if the sale is for less than the mortgage amount). I suppose that's a horror story "Worst case" scenario. But I've never heard of that happening in a break up situation where the mortgage is being paid.

I think your most likely worst case is that Ex gets a court order requiring you to sell by X date then, if you fail to meet the date, he might be given authority to be the sole approver of any sale. It would still have to sell, though. Which seems to be the tricky bit. It's not that you're dragging your feet which is what an order like that would really be useful for.

If you were still a couple and trying to sell he'd be stuck because of the problem with selling, and he's stuck now. Your Ex doesn't get to simply duck out of that difficulty because he left.

Having said all that, I'm not a lawyer and you should probably talk to the lawyer handling your divorce to see what a court might actually order.

MissHoneysHappyEnding · 14/03/2023 07:03

@ZeldaWillTellYourFortune he shouts out his window at any prospective buyer. Smokes weed and leans out of the window if we are using the garden, just watching and frowning. Council won't do anything.

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MissHoneysHappyEnding · 14/03/2023 07:04

I should add that ex is being understanding about house sale and is willing to stay on mortgage but I'm the one who really wants him off (so I have my life back).

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Changingplace · 14/03/2023 07:08

Flower0503 · 14/03/2023 06:55

I have known someone buy a new build and the developer buy their house in a nightmare neighbour situation if thats worth investigating?

This, most new build developers will buy the house as part of the deal, look into this option.

MissHoneysHappyEnding · 14/03/2023 07:09

I wouldn't be able to afford a new build in my area. Im looking at two bed flats.

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Changingplace · 14/03/2023 07:14

hockeysticks89 · 14/03/2023 06:58

What happens in august? The bank aren't your problem here as they won't remove your ex, so nothing will change if you can't sell and he'll remain liable for payments if you don't pay. They'll still offer you a product switch if your rate is due to end. Maybe you'll have more luck selling in the future when the new building is built

I’m assuming in Aug the OPs fixed rate comes to an end, but they won’t give her a mortgage on her own so it’ll stay in joint names.

OP if you’re still on good terms with your ex it would be worth discussing with them trying to get a new joint fixed rate while you continue to try and sell.

Its in nobodies interest for the mortgage payments to become unaffordable and potentially to get into arrears.

Is your ex still contributing to the mortgage payments while you try to sell?

MissHoneysHappyEnding · 14/03/2023 07:17

@Changingplace he isn't paying towards it but that again is my choice.

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