Expensive Reader,
This is an unlucky scenario, but it is very good to listen to that you and your ex-girlfriend are still amicable. It is really valuable that equally of you are open up to achieving a option.
At existing, each you and your ex-girlfriend, as you have a joint house loan, are both liable for the property finance loan jointly and severally until it has been paid in whole, no matter of no matter whether or not your ex-girlfriend owns the assets.
I would advise you to get independent specialist legal advice prior to earning any choices in relation to the property and stimulate you to get in touch with your financial institution to inform them of your improve in situation.
You could inquire about getting funding in your sole name, or with one more member of your family members.
This would allow for you to pay off the present mortgage loan drawn down, and get rid of your ex-girlfriend’s identify from the house loan. You will require to confirm to the bank that you can manage the payments on your have.
If you want to choose about the complete mortgage but cannot find the money for the repayments, you can implement for a guarantor mortgage.
This is in which anyone like a household member agrees to go over the mortgage loan compensation expenditures in the celebration you operate into issues and simply cannot pay or maybe a different family member can go on the property finance loan with you, for illustration, a sister or brother.
Your ex-girlfriend has designed a contribution possibly directly or indirectly to the developing of the property.
Typically, if 1 can demonstrate that 1 manufactured a contribution toward the value of the property, one can be entitled to a share in the property in some proportion to the contribution.
I would recommend listing out all the monies that you and your ex-girlfriend have put in on the house and coming to an settlement in relation to the determine to be reimbursed to your ex-girlfriend.
Getting a new letter of personal loan provide from your bank will consider time and it is most effective to speak with your builder at this issue as you may have to hold off do the job for a several months until eventually you have received a new letter of mortgage supply.
It is not advisable to carry on drawing down mortgage payments and your ex-girlfriend stay on the mortgage as she will be receiving into much more and extra credit card debt. The for a longer period this goes on, your ex-girlfriend may well have a improve of heart and may perhaps seek out to get her share in the residence alternatively than getting cash from you.
Presented the actuality that this is on your family’s land, it would be highly recommended to test and attain a created arrangement with the two your and your ex-girlfriend getting independently lawfully recommended.