My partner and I are going to separate after 2 and a half years together, we have owned our home for two years and have a joint mortgage.
There are a few issues with this such as the house has negative equity however I am happy to take all that on and the mortgage payments but its a shared equity home and Barratt still own 15%; however I have 8 years to pay that back.
I have spoken with the bank and they are happy to move the mortgage in to my name at the moment but I do have to pay is a small fee, however to change the shared equity owned by Barrett we need a lawyer and it is looking like costing over £1500 minimum to do this and with the small fee from the bank there will be little change from £2000.
I have just entered in to a Trust Deed as our debts were getting out of hand and I cant see the bank or Barratt transferring the mortgage or shared equity debt once they find out about this. I simply do not have the money to pay all the legal fees and possibly get turned down at the end. Selling isn''t an option as we would be landed with a huge debt due to the fall in house prices.
What is the best way forward so I can keep our home? Can I get an agreement made that will mean in a few years when I am financially sound again, I can complete all the mortgage transfers and debts without having to involve my ex partner?