Need a sale...

I have just signed up to this board as I was looking for advice on the internet and came across someone discussing a similar problem over a year ago. I was hoping for some advice as I am very stressed about my current situation.

I split from my partner 4 years ago (we were not married). We owned two houses at the time. One that we lived in and one that we rented on a buy to let mortgage. We now have the latter buy to let house only and my ex is living there. Our mortgage tie in period is now over and it is on a variable rate. The house is very run down to say the least and has no heating, a leaking roof and problems with the electrics. The mortgage comes out of my personal account and my ex pays money when he can (which is little and infrequent). If we wasn't on a variable rate this would have sent me under financially by now as I have my own house and mortgage to pay. He paid me my share of the equity in 2007 when we sold the first house with the intention of getting his own mortgage (this was an agreement between us, nothing has been formally written up), so I don't have a share in it but I am still on the mortgage and am a joint owner as far as the bank is concerned. No bank will give him a mortgage because he doesn't have a regular salary (he is self employed and works sometimes).

My ex has being 'doing the house up' to sell for the last 14 months. No progress has been made in this time as he never has any money. We had estate agents round to value it recently and they said it could be sold for the same amount as we owe (previous to that it was in negative equity) but if it was 'done up' it could be worth up to £20k more. He now has the idea that he can make £20k so is even more determined to hang on to it and do it up before it is sold. I feel like this is going to go on forever as he has already been there for 14 months with no progress. The erratic payments and the thought of this going on and on are causing me significant stress and financial worry. I also worry what will happen if/when the interest rates go back up.

Does anyone have any advice as to where I stand or any options I could take? Could I force him to sell the house and if so, how?

I appreciate your time and look forward to any replies

I see you haven't had a reply yet.I'm not sure I can think of an answer either.

Correct me if I am wrong, but it seems to me

(a) that you agreed that he would be the sole owner of this property ; and
(b) he paid you a sum of money to buy out your interest, but no formal transfer of the property has been made .

So if I'm right about (a) and (b) it means he is effectively the sole owner, but the formalities haven't been attended to.

Sometimes where you have joint owners, an
application for sale can be made under section 14 of the Trusts of Land and Appointment of Trustees Act 1996. But in your case, I can't see this working as he has effectively bought you out and is in fact, if not in law, the sole owner.

My gut feeling is that ( if I'm right about all this ) that the matter needs to be regularised and the property transferred to him ; this does not
relieve you from the mortgage but it might at least lessen your risk of being landed with possible liability as the owner of the property.

When you transfer the property you can
ask for an indemnity if he defaults on the mortgage, this would in my opinion be normal. But it may not be worth all that much.

I think you might usefully tell him that repossession is something he really should avoid. The costs can mount up at an alarming rate and the property could be sold by the lender for a pittance.

Perhaps by bumping this up someone else might be able to contribute.

LMM

Thanks for your response. You are correct in (a) and (b). I don't think I am able to transfer the property to him as the bank will not take him on independently as he doesn't earn enough money.

Maybe there is no answer to this. I'm beginning to feel like there is nothing I can do and my hands are tied unless he just suddenly agrees to sell?