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Thomas
Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 7478
Experience:  BA (Hons), PgDip, Practising Solicitor
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A couple bought a house within the last 12 months and are now

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A couple bought a house within the last 12 months and are now separating. The lender won't allow one to take over whole mortgage on affordability grounds. The property has dropped in value and the couple are exposed to approx £25k loss IF they can sell. One is prepared to live in property and take over all bills and cover half mortgage. Can the other party be forced to cover the othr half of the morgage?
Submitted: 5 years ago.
Category: UK Family Law
Expert:  Thomas replied 5 years ago.

Hi,


Thanks for your question.

 

There is no law which can compel the person to pay the mortgage. There is a contractual one contained in your mortgage agreement obviously in which you undertake to repay the mortgage.

 

The liability in mortgage is joint and several which means that the lender can enforce arrears against either of both parties regardless of who is in the view of either party responsible for the arrears.

 

If you default then the lender will repossess the property sell it for what they can and then sue you for any loss and the fees they have incurred. This should be enough to convince either party to comply with the repayments, at least it should where that person wishes to remain legally solvent.


You may consider getting a solicitor to write to the other party and outline this to them to remind them of their responsiblities and conseqeunces of default. It would cost around £40-50 for a simple letter.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.

Kind regards,

Thomas and 4 other UK Family Law Specialists are ready to help you

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