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Advice On Selling Part Owned House


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Hi all,

 

This is my first post in these particular forums and I`m posting here on behalf of a friend at work.

 

Ok, the situation is this, if I`m correct.

 

My mate and his girlfriend would like to sell HER house and find a larger house to rent.

 

She is divorced and has a joint mortgage with her ex hubby.

 

Now, even though the ex hubbys name is on the mortgage, SHE maintains payments. He has long gone and no one seems to know where to find him.

 

Their is approximetely £40,000 owed on the house, but they say it is now worth around £100,000, as work has been done and also based on surrounding homes.

 

The question is this, is their a way she can remove the ex hubby from the mortgage as she would like to sell the house?

 

My mate and her have thought about just letting the bank repossess the house, but I`m thinking that may be the wrong way to go about it and it would probably also mean court costs and defaults etc.

 

If the house was repossed due to £40,000 still being owed, would the bank refund them the difference from what it was actually worth?

 

I`m not sure how this would work, so if anyone could point me in the right direction so I can let them know, then that would be much appreciated.

 

Thanks for looking.

 

 

 

N.P

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