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Hi, I am new to this but I need some help please.... I separated from my ex-wife last year (our divorce is still going through) and left her and my 2 children in the matrimonial house which is mortgaged solely in my name. My ex has an IVA which she is 2 years in to, and while we were together all bills, credits cards etc are in my name. Since leaving, she refused to pay any of the bills until I cancelled them all forcing her to take them on herself. I am still paying the full mortgage which is £760 a month and she is refusing to contribute to this in any way. I am at the point now where I am getting into a lot of debt and am struggling to make ends meet. Does anyone know if she can take over my mortgage whilst she has an IVA? If not, can she do it with a guarantor? Also, can she refuse to let me sell the house (she has a restriction already in place with Land Registry that stops me doing so)?? I am at the point where if she won't budge on anything I will not be able to make my mortgage payments and I am petrified of making my children homeless.
Hi there
I'm sorry to hear that you are in such an untenable position. Unfortunately I know very little about the financial side of divorce. I do seem to remember something about being able to have an interest recognised with the land registry, but what could be done about it I'm not sure.
It's probably best if you get some legal advice, some solicitors offer a free initial consultation which would be useful to you. The other moderators may also know more about your situation.
There's also a very good website that has a lot of info about all aspects of divorce, here's a link
www.wikivorce.com
I'm sorry I can't be of more assistance to you, but best of luck with it.
Hi There,
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You are in a really tough place at the moment as the mortgage is in your name solely.
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Your wife wouldn't be able to take over your mortgage as such, she would have to apply for one in her own name and get enough to clear your existing mortgage, so in effect buying the house from you at the value of the outstanding mortgage. This would mean that unless she could get a mortgage at a higher amounth then the existing mortgage you wouldn't have any money beck from the house.
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With an IVA there will be lenders that will possibly grant her a mortgage but they may require a guarantor as you say.
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If you end up in court with the divorce, I would imagine that a judge would rule the house to be sold and then any equity be split, with the lions share going to the resident parent.
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I'm no expert though and only advising off my own experience, so as already advised I would seek some legal advice, many solicitors offfer a 30 min free session, these are generally so that they can find out about the case and see that you have means to pay, but you are able to ask some questions whilst there.
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GTTS
might also be worth speaking to www.stepchange.org - they are a debt charity so would probably know a lot about the mortage and IVA
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