REPOSSESION OF HOUSE

Hi I am writing this on behalf of a friend of mine, my friend is currently self repping and after a lot of threats and constant arguments with his ex, he has put an offer to her that she seems to think could work at last, the offer is that they both have 50/50 care of the children, he works away 3 weeks at a time and currently has the kids for the whole 3 weeks he is home in their fh, he would now like to move out as his he can apply for his Decree Absolute soon but wants to sort out finances first, he has suggested that they extend their mortage agreement some years in order to reduce the monthly cost, and he will pay half of the mortage and she pay half so a 50/50 split of the FMH, he moves out and buys his own place and she stays in the home where the children will not be disrupted, this agreement will be until the youngest child is 18, then his ex will either sell the house or buy him out, they keep their own pensions as hers is bigger than his anyway, he continues to pay cm as he has been, and they get a Consent Order to this affect stating a Clean Break, what he would like to know is if his ex who is know for spending large amount of money that she hasnt really got gets in to trouble and there was ever a threat to the house being repossed, where would he stand, he obviously will stay on the current mortage alongside his ex, who is likely to revert back to her Maiden Name therefore changing her details with the motage lender, if they are divorced and its official and she then gets into trouble, would his half of the FMH be safe from any possible repossesion?

Thank you for taking time to read this, he would appreciate any advice.

If theyhave a mortgge together they will have 'joint and several liability' - so the mortgage company can chose to pursue either or both of them for any unpaid mortgage payments or charges.

If the mortgage went into arrears the house could be repossessed (after all, you cannot repossess half a house)
However, they could have a deed of trust setting out how the balance of the sale proceeds were to be divided, and what proportion of the house each owned. It would be possible to include indemnities so that if one party eneded up paying more than 1/2 of the mortgage becasue the other had failed to pay, that person would be entitled to claw the extra payments back from the other party, or from the other parties share of the sale proceeds.

How good this security is depends on how much equity there is in the property and it might also be prudent to include in any agreement provision for the house to be sold in the event of either party missing (say) more than 2 consecutive mortgage payments.

The mortgage company would get their money back first, but any new debts which either party obtaiend with other creditors could only be secured or enforced agaisnt their dhare in the property.