To cut a long story not at all short, after trying all other avenues I have asked my mortgage company to repossess the property I own jointly with my estranged husband. We split 6 years ago, and the property is rented out to cover the mortgage. My ex has pretty much done a bunk, refuses to tell me where he lives, and will not pay anything towards repairs & maintenance etc. He has previously stalked & harrassed me so I am also refusing to give him my address. I have previously spent nearly £3,000 on pointless letters between our solicitors, acheiving nothing.
He point blank refuses to sell, refuses to pay any charges, and will not allow me to pass on the management of the rental to a property management company (the tenant is friends with my ex & reports everything straight back to him, so my ex cancels appointments with agents etc. The tenant is also extremely hostile & uncooperative towards me & towards workmen carrying out repairs). I have offered to sign my share of the property over to my ex, to waive any right to any profit if we sell & so on, but he just refuses to accomodate any suggestion.
The property is in poor condition (thanks partly to neglect from the tenant) and requires updating, including me having to pay £3,000 for a full rewire recently, and £1,500 for flooring renewal.
The rental income is covering the mortgage but not the cost of the repairs etc, so is running at a loss. The mortgage is for £140,000, and the value of the property is £135,00-145,000 approx.
It's been 6 years now and I just want to cut all ties with my ex and with this property, the stress of the finances, dealing with an abusive tenant etc is making me ill. I have been advised that I can take my ex to court & force a sale, but that if he cooperates this will cost around £2,000, and if he doesn't cooperate, up to £10,000.
I understand there will probably be a mortgage shortfall after repossession, but would I be able to arrange an affordable payment plan? I'm a single parent to a toddler, working part time.
Could the ex also bring the repossession to a halt if he feels like being difficult? Or, if they manage to track him down, would he be offered the chance to take on the property solely, and my name be taken off the mortgage? Would we both be expected to go to court for the repossession? I am still scared of him, and scared that if the property is repossessed against his wishes he'll take it out on me.
When I spoke to the mortgage company to request a voluntary surrender, they said I will need my ex's consent! When I explained that he will not consent, they advised me to stop paying the mortgage for 3 months and this will begin the repossession process.
I do understand that repossession is not to be taken lightly and is usually not advisable, but I can see no other option.
Thank you in advance for any responses