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Probably a slightly odd situation to most,

  • Eclipse65
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18 May 12 #331308 by Eclipse65
Topic started by Eclipse65
We''re in the beginnings of starting down this road and I could seriously do with some advice on what is an unusual situation and our FMH

We''ve been together about 26 years, living together for 25 of those, the last 8 of which we have been married. Where part of the crux comes in is there''s an age gap, of some 18 years. I''m 47, she''s 65.

The house has a mortgage and a second mortgage and in the current economic climate is probably in negative equity. The original mortgage is in my name only, the second mortgage is in both names (they insisted on the application it was done that way).

I''m perfectly happy for her to have the house, I''ve no wish to contest that at all, I''m not even interested in any profit if there was any to have. I just want out of the whole thing. I''ve read on the Citizens Advice website that a married partner can make the mortgage payments and the lender cannot refuse the payments.

I''ve heard of scenarios where one party has simply signed over the house (and obviously the mortgage) to the other party (I presume with the permission of the mortgage lender(s)) but it''s not like my soon to be ex'' is going to be granted the remaining 15 years on the mortgage at 65 years of age.

Anyone ideas of how we could resolve this scenario?

  • hawaythelads
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18 May 12 #331312 by hawaythelads
Reply from hawaythelads
Both mortgages(LOANS secured against the value of the property) are in your name.
As you say there is no equity in the house.
So you and her actually own nothing.
The mortgage lender actually owns your property.
You have signed up for these mortgages.
Therefore you will have to
a)Keep paying the monthly repayments yourself and stay in the home with her.

b)Keep paying the monthly repayments and move out of the home.
Then having to also find your rent payments.

c)Get an agreement that she will pay you the money each month for the monthly mortgage repayments if you move out.But I would suspect that would have to operate on trust.

d)Stop making any monthly payments to the mortgage lender in which case the home will be repossessed making you both homeless.

There''s your options.
As you have quite rightly stated NO financial institution lends to a 65 year old with 15 years to run on a mortgage.

What a very tragic position your wife finds herself in as a pensioner.
A cautionary tale of warning to all the current day encouragement by the media to women out there to be 45 year old cougars who think a 27 year old toy boy is a better option than a slightly knackered bloke their own age.

  • Eclipse65
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18 May 12 #331335 by Eclipse65
Reply from Eclipse65
Thank you very much for your advice, very much appreciated.

What''s not quite so appreciated is your opinion. Yes it is unfortunate and very regretful and nothing has been done untoward, it''s just one of those things. Like many of these things there''s plenty of complications and faults on both parts and I feel your ''opinions'' shouldn''t be here.

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18 May 12 #331365 by cookie2
Reply from cookie2
e) She takes over ownership of the house, but the mortgages have to stay as they are (since she does not earn enough for the lender to put hem into her name). In your Consent Order she indemnifies you against the mortgage lender for the mortgage payments (meaning that she is solely responsible for making payments). If she cannot afford these payments then she may have a claim for spousal maintenance against you, this would depend on the figures involved. If she can''t afford to pay the mortgage even with SM then the house would have to be sold or repossessed.

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