The breakdown of a relationship is stressful enough at the best of times, but when you hold a joint mortgage together, it can become more difficult to navigate. Whether you are married or unmarried, the law is very clear on how a joint mortgage should be managed when you split up. Put simply, you are both jointly responsible for the mortgage payments, so you need to find a way to come to an agreement quickly.
If the home is not affordable for one person living alone, then you will need to make plans for a quick sale. If one person moves out and refuses to pay their portion of the mortgage, the home could be at risk of being repossessed. In this guide, we will look at some of the options you have for navigating these choppy waters.
If you are heading for divorce, you have a few options with regards to your property.
When there are children involved in the separation, it may be in their best interests to stay in the family home. The parent staying in the home can apply for a Mesher order to prevent the home from being sold for a set amount of time. This is usually until the youngest child turns 18. The property will stay in both parties names, even if one isn’t resident in the property.
If you are concerned about being able to pay the mortgage alone while you navigate your separation, speak to your lender. Rather than allowing your repayments to fall behind and risk repossession, find out if your lender can offer any support. They might be able to restructure the mortgage or give you a payment holiday. Remember that you will still be charged interest during this time, so this will lengthen the term of your mortgage and increase the total amount you have to repay.
Be sure to protect your rights to the property and make sure you are listed as a co-owner on the HM Lands Registry. This will prevent the property from being sold without your knowledge. Rest assured that nothing can happen to your property without your knowledge. Speak to your mortgage provider if you are concerned.