Mortgage Residual Debt and Housing Rights Concerns

Questioner

Hello, The mortgage we have is higher than the value of our house. In the event of a sale, we will therefore be left with a residual debt. Selling is difficult anyway. We have a cohabitation agreement. The option now is that I continue to live there and take on all the costs. I cannot get my ex-partner out of the joint liability of the mortgage, because I cannot bear the mortgage alone according to the standards. Can we still arrange something that it is certain that I will continue to live there AND take on all the costs?

Lawyer

Dear questioner, You may make different agreements between the two of you (internally), the point is that if you, your ex-partner or both of you do not pay the mortgage terms correctly, the bank will be able to hold each party to joint and several liability for the entire sum. (the external arrangement). Put the agreements you make at the end of the relationship on paper.

Lawyer

You can agree that the house will be in your name and that your ex will receive a 2nd mortgage as security for the repayment by you of any amounts that the bank takes from her. You cannot avoid the bank doing this together. However, you can mutually agree that you will bear these costs. I advise you to arrange these agreements and their implementation via a lawyer. That does cost money, but you must arrange this very precisely.