Hi. I moved out of the FMH over 2 years ago. My 3 children (ages 14 to 18) still reside with Mum at the FMH. Mum moved a new partner in within 2 weeks of my departure.
Problem is, we are in the final throes of the divorce (ancillary relief) and the house is a sticking point. My ex-wife asks me to sign over the house to her (no value, etc.) to facilitate a "cleanbreak" - yet she has regularly defaulted on the mortgage. Our Lender is unwilling to allow my ex-wife to take over the mortgage for 12 clear months after all arrears have been cleared. There are still arrears on the account and this situation has been ongoing since I moved out! I have my own new life with my own financial commitments and therefore am unable (and would also be unwilling as her new partner lives there!) to pay towards the mortgage. Furthermore, my ex-wife defaulted on a loan and has secured the arrears against the propery - and I picked up a CCJ for this.
Accordingly, there is an ongoing detrimental impact to my credit rating due to my ex-wife''s poor financial management of the mortgage. On top of this, I continue to worry about the stability of my children''s home since my ex-wife has come close to repossession a few times. I now live over 200 miles away from them, therefore moving in with me is not an option for them.
What can I do about this to release me from the mortgage, clear the CCJ, achieve Ancillary Relief and complete my divorce? Can I apply to the Court for an Order to sell the house and split the proceeds? Would they not look favourably upon this due to my children still residing there? How long will I have to wait before I can finalise my divorce and move on with my life? WHat other options are available to me as I am unable to move forwards with my life as I would be unwilling to involve any new partner with my current poor credit rating.
the only ways for you to be released from the mortgage are if the hosue is sold and the mortgage discharged, if the mortgage company agrees to release you, or if you wife were able (either alone or with her partner) to get a new mortgage and to pay off the old.
In terms of whether the court would order a sale, this would depend on whether the Judge felt that your ex would be able to rehouse herself and the children securely, and (if she would not be in a position to buy elsewhere) whether it appears to him/her that sale is inevitbale in any evnt due to the threatened repossession.
If the answer is no, then unfortunately the Court is likely to take the view that the children''s need for a home takes precedence over your need/wish to disentangle yourself from the old mortgage.
Has you wife mae enquiries about getting a new mortgage, jointly with her current partner?
I am not clear how you ended up with a CCJ - was the loan in joint names? If it was not, then you should not have had a CCJ against you, and any security for this would be enforcable only agaisnt your esx''s interest in the property.
if it was in joint names, unfortunately it will only be cleared once the loan is paid off, and it will remain on your credit record for some time.
Many thanks for your comments and advice TBagpuss.
The loan that was defaulted upon was indeed in joint names - foolishly, I accepted my ex-wife''s informal assurances that this would continue to be repaid (along with the mortgage) as I had left her with our previously joint and very successful business.
We are not on speaking terms and therefore I am unable to ascertain if she has investigated entering into a new mortgage with her new partner - I suspect she would be unable to as her credit rating would be significantly impacted by these arrears and her new partner was unemployed at the time of moving in and has since joined her as a business partner in my old business. Would this construe an inability to securely house our children if the FMH is sold? - Could I argue that my ex-wife could not securely house our children in the FMH anyway, if there is a continued threat of repossession or her payment history remains erratic?
My other thought is this - the FMH is 6 bedrooms and with my eldest shortly leaving home for University, could I argue that my ex-wife could reasonably be expected to downsize (as she only needs to accomodate my 2 younger children) and therefore be ordered to sell the FMH?