Ex & mortgage account

remembering

Hi

I am just looking for some advice thanks

Bought an apartment with an ex years ago - we have a joint mortgage account where we both contribute x amount each month for insurance etc. I checked recently and noticed he hadn't been paying into it for a few months and lots of withdrawals have been made and he hasn't said what all these amounts are for. Apartment is rented out.. the amounts could be for things for the apartment but I have no idea.. I emailed him a week ago to ask why all this cash is being taken out and no reply back and I sent a follow up text a week later and he has ignored both.. what do I do next if he's refusing to reply? Thanks for any advice..

MissShihTzu

If you know where the ex lives, then I would send a registered letter to him. He might very well refuse delivery though...

I would also seek some advice from the bank. If the account is so that either one of you can draw, then I would look at making it so that BOTH of you can draw. Get some legal advice as well to cover yourself.

Mind you, I'm not sure of redress from either the bank or legal redress, but if you don't ask, you don't know.

Is the mortgage paid and up to date?

remembering

MissShihTzu wrote: »

If you know where the ex lives, then I would send a registered letter to him. He might very well refuse delivery though...

I would also seek some advice from the bank. If the account is so that either one of you can draw, then I would look at making it so that BOTH of you can draw. Get some legal advice as well to cover yourself.


Mind you, I'm not sure of redress from either the bank or legal redress, but if you don't ask, you don't know.

Is the mortgage paid and up to date?

Mortgage all up to date. I think I checked this with the bank years ago and as far as I can remember only 1 person can withdraw from account but I will need to double check this.. I know where he works but that's it.

MissShihTzu

Then send the letter to him c/o work address.

remembering

MissShihTzu wrote: »

Then send the letter to him c/o work address.

Thanks - I will try this

Lumen

Telephone?

April 73

I think you need to change the arrangements immediately. If you both contribute a monthly sum to cover the mortgage and various bills then both signatures should be needed to make payments or make withdrawals. Otherwise you are leaving yourself vulnerable.
Do you want to continue to be a joint landlord/homeowner with an ex, whose current address you don't even know? How do you deal with the tax bill every year?
Is the house in negative equity? If I were you I would be making plans to exit the situation as soon as possible.

I'd phone your ex and ask to meet up to discuss what is going on. You might also need to consider paying your half of the mortgage in a different way? Maybe ring the bank & ask for advice on how you could do that.

MissShihTzu

April 73 wrote: »

I think you need to change the arrangements immediately. If you both contribute a monthly sum to cover the mortgage and various bills then both signatures should be needed to make payments or make withdrawals. Otherwise you are leaving yourself vulnerable.
Do you want to continue to be a joint landlord/homeowner with an ex, whose current address you don't even know? How do you deal with the tax bill every year?
Is the house in negative equity? If I were you I would be making plans to exit the situation as soon as possible.

I'd phone your ex and ask to meet up to discuss what is going on. You might also need to consider paying your half of the mortgage in a different way? Maybe ring the bank & ask for advice on how you could do that.

The ex is apparently blocking the OP's texts. I assume the apartment is still in neg equity, but if it's in Dublin, I would agree it would be a good time to sell and divest yourself of the responsibility. With regard to the mortgage - if it's in joint names BOTH are held responsible. It doesn't matter if the OP pays her half, and the ex doesn't or vice versa. The bank won't care. The mortgage needs to be paid. I am also guessing the rent covers the mortgage. but if it doesn't OP need to get advice - Fast!!

remembering

April 73 wrote: »

I think you need to change the arrangements immediately. If you both contribute a monthly sum to cover the mortgage and various bills then both signatures should be needed to make payments or make withdrawals. Otherwise you are leaving yourself vulnerable.
Do you want to continue to be a joint landlord/homeowner with an ex, whose current address you don't even know? How do you deal with the tax bill every year?
Is the house in negative equity? If I were you I would be making plans to exit the situation as soon as possible.

I'd phone your ex and ask to meet up to discuss what is going on. You might also need to consider paying your half of the mortgage in a different way? Maybe ring the bank & ask for advice on how you could do that.

The apartment is rented. The money we contribute is for insurance etc. €60 each per month but he has missed 3 payments. As regards the tax bill I was doing my own each year and I presume he does his. He sends me an income and expenditure sheet each year but now I have asked him about amounts on this eg a sundry amount that I have no idea what it's for. Yes, it's in negative equity

remembering

MissShihTzu wrote: »

The ex is apparently blocking the OP's texts. I assume the apartment is still in neg equity, but if it's in Dublin, I would agree it would be a good time to sell and divest yourself of the responsibility. With regard to the mortgage - if it's in joint names BOTH are held responsible. It doesn't matter if the OP pays her half, and the ex doesn't or vice versa. The bank won't care. The mortgage needs to be paid. I am also guessing the rent covers the mortgage. but if it doesn't OP need to get advice - Fast!!

The rent more than covers the mortgage but it's all these amounts of money he has withdrawn that I have no idea what they are for. Thanks

the_syco

remembering wrote: »

The rent more than covers the mortgage but it's all these amounts of money he has withdrawn that I have no idea what they are for. Thanks

Is there a reference next to the amount withdrawn? Check with the bank, and they should tell you what these are for, example; "AIB bank ATM Main Street", or "Brians Plumbing".

Peregrinus

Lawyer up. Now. Do not pass go. Do not collect 200 pounds.

This guy is borrowing from the bank, and you are personally liable for his borrowings. And you have no clue what he is borrowing for or what he is spending the money on. And he is avoiding your attempts to communicate with him. This does not smell good.

If you don't get immediate and complete satisfaction from this guy, you need to go to the bank and alter the mandate on the account so that no withdrawals can be made except on both signatures.

remembering

the_syco wrote: »

Is there a reference next to the amount withdrawn? Check with the bank, and they should tell you what these are for, example; "AIB bank ATM Main Street", or "Brians Plumbing".

No reference like that - just his a/c number from
Boi 365!!

spaceHopper

So he hasn't paid 180 and how much has he taken from the account, firstly if he's not paying why are you. Also if only he can take money out how do you know he is paying the insurance. He might have let that laps. Would you not be better off trying to sell it?

remembering

spaceHopper wrote: »

So he hasn't paid 180 and how much has he taken from the account, firstly if he's not paying why are you. Also if only he can take money out how do you know he is paying the insurance. He might have let that laps. Would you not be better off trying to sell it?

Insurance is being paid by DD so that's ok. Around 3500 and he hasnt said why all these random amounts have been taken out. Would love to sell but will probably have to wait for prices to rise..

April 73

remembering wrote: »

Insurance is being paid by DD so that's ok. Around 3500 and he hasnt said why all these random amounts have been taken out. Would love to sell but will probably have to wait for prices to rise..

Have you been in contact with the bank to stop the withdrawals without two signatures?

Peregrinus

remembering wrote: »

Insurance is being paid by DD so that's ok.

It's not OK. Directly or indirectly, you're paying a share of the interest on what look to be his borrowings. Plus, he's increasing the indebtedness secured on the property which means that when the property is finally sold, there'll be less equity to be divided between you.

Basically, you're borrowing money to give to him to spend as he wishes. You're paying interest on the borrowing. And you're going to repay the borrowing out of your asset.

This is not OK.

remembering

Peregrinus wrote: »

It's not OK. Directly or indirectly, you're paying a share of the interest on what look to be his borrowings. Plus, he's increasing the indebtedness secured on the property which means that when the property is finally sold, there'll be less equity to be divided between you.

Basically, you're borrowing money to give to him to spend as he wishes. You're paying interest on the borrowing. And you're going to repay the borrowing out of your asset.

This is not OK.

So I get a reply saying the majority of items were bought on done deal to pay for things for the apartment so therefore there are no receipts!!

Peregrinus

Do you trust this guy to spend your money without your involvement? Are you leaving the management of the property to him, so that he pretty well has to have that authority?

remembering

Peregrinus wrote: »

Do you trust this guy to spend your money without your involvement? Are you leaving the management of the property to him, so that he pretty well has to have that authority?

I have to hold my hand up and say that he has always conducted the running of the apartment. Lately I copped on when I checked the account and saw what was going on.

Teyla Emmagan

remembering wrote:

So I get a reply saying the majority of items were bought on done deal to pay for things for the apartment so therefore there are no receipts!!

He would still be able to show you proof that he had purchased those items though.

It sounds like he has fallen into financial difficulty to me. Which means he is robbing from you. Get onto the bank and explain the situation, they deal with this stuff all the time. And they will want to protect their asset.

What would happen if you sold?

remembering

Teyla Emmagan wrote: »

He would still be able to show you proof that he had purchased those items though.

It sounds like he has fallen into financial difficulty to me. Which means he is robbing from you. Get onto the bank and explain the situation, they deal with this stuff all the time. And they will want to protect their asset.

What would happen if you sold?

I think you are so right . That's what I thought. There has to be some kind of trail. I just don't believe him. I think the best thing I can do is to talk to a solicitor

Teyla Emmagan

Innocent people respond immediately. It's just not a good sign that you had to chase him and then he comes back with some waffle. Does he do all the work managing the apartment? Maybe he felt he was entitled to something for that? Which may be the case but he can't just dip into the account without agreeing it with you first. Maybe you two should give it to a property management company. It would be an additional cost but at least you know exactly where every penny is going.

And why hasn't he been making his own mortgage payments?

crkcvnirl

remembering wrote: »

Hi

I am just looking for some advice thanks

Bought an apartment with an ex years ago - we have a joint mortgage account where we both contribute x amount each month for insurance etc. I checked recently and noticed he hadn't been paying into it for a few months and lots of withdrawals have been made and he hasn't said what all these amounts are for. Apartment is rented out.. the amounts could be for things for the apartment but I have no idea.. I emailed him a week ago to ask why all this cash is being taken out and no reply back and I sent a follow up text a week later and he has ignored both.. what do I do next if he's refusing to reply? Thanks for any advice..

Hi remembering,
I was in a very similar situation as you a number of years back. You need to cut your losses immediately.

What you need to do is....

1) Meet solicitor, yesterday!
2) Contact bank and get copy of current mortgage statement.
3) Get copies of all bank statements, if you don't have them already
4) Change how account signatories can withdraw from account - should be 2 names needed for any type of withdrawal.
5) Check Daft.ie for sales prices in the same area.
6) Check Daft.ie for rental prices in same area.
7) Check with the block management company that all management fees are paid.
8) Contact tenant immediately to say you want to do a quick landlord inspection, best to give them atleast 24 / 48hrs notice. The ex can not stop you doing this!
9) Ask solicitor for name of an accountant if tax issues you mentioned in prior posts are not yet sorted.

Options you have are...
1) Ask ex to buy you out
2) You buy out ex
3) Put on open market
4) Offer property for sale to the existing tenant

As a last resort if ex refuses all of the above you can go to court. A judge can be asked to put property up for sale. Downside of this is ex or you probably won't have any control on the sale price accepted as property will effectively be a ward of the courts.

Best of luck.

daithiK1

remembering wrote: »

So I get a reply saying the majority of items were bought on done deal to pay for things for the apartment so therefore there are no receipts!!

Hi op,
Buying things on done deal or akin without a receipt is probably not an ideal scenario re. Your tax return, there is a hidden cost here.

remembering

daithiK1 wrote: »

Hi op,
Buying things on done deal or akin without a receipt is probably not an ideal scenario re. Your tax return, there is a hidden cost here

That's exactly what I thought. If I am asked by the tax man for receipts - what would happen. Is this how you mean? I'm not v gd with all this stuff .. thanks a mil

daithiK1

remembering wrote: »

daithiK1 wrote: »

Hi op,
Buying things on done deal or akin without a receipt is probably not an ideal scenario re. Your tax return, there is a hidden cost here

That's exactly what I thought. If I am asked by the tax man for receipts - what would happen. Is this how you mean? I'm not v gd with all this stuff .. thanks a mil

Yea that’s the theme, although I would be looking at it a bit more than just the lack of receipt. from experience very often the initial cheaper ‘done deal’ type option could work put more expensive that the registered tradesman option when write down over the 8 years and labour expenses are considered

April 73

remembering wrote: »

Insurance is being paid by DD so that's ok. Around 3500 and he hasnt said why all these random amounts have been taken out. Would love to sell but will probably have to wait for prices to rise..

So you if I'm reading this correctly your ex has taken €3500 from your joint account & "bought stuff on done deal so doesn't have receipts".
It's very easy to go to the tenants & ask what has been bought for the apartment.
This just doesn't stack up.

OP you need to act quickly to protect yourself.

April 73

crkcvnirl wrote: »

Hi remembering,
I was in a very similar situation as you a number of years back. You need to cut your losses immediately.

What you need to do is....

1) Meet solicitor, yesterday!
2) Contact bank and get copy of current mortgage statement.
3) Get copies of all bank statements, if you don't have them already
4) Change how account signatories can withdraw from account - should be 2 names needed for any type of withdrawal.
5) Check Daft.ie for sales prices in the same area.
6) Check Daft.ie for rental prices in same area.
7) Check with the block management company that all management fees are paid.
8) Contact tenant immediately to say you want to do a quick landlord inspection, best to give them atleast 24 / 48hrs notice. The ex can not stop you doing this!
9) Ask solicitor for name of an accountant if tax issues you mentioned in prior posts are not yet sorted.

Options you have are...
1) Ask ex to buy you out
2) You buy out ex
3) Put on open market
4) Offer property for sale to the current tenant

All good advice.