Advice please

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spidermoney
spidermoney Posts: 4 Newbie
in Marriage, relationships & families
Hi

My first post.

Hope its in the right forum .

My mother in law got divorced 9 years ago now & wasnt in the best place money wise so i helped her buy out her ex husband and we got a joint mortgage.
She paid the majority of it and i helped out with the rest.
Shes now retired and we were having problems with one thing or the other about getting a remortgage with her on it (due to her ex having black marks on borrowing etc.)

So to cut a long story short the house is now in my name and mortgaged in my name, we still have the same agreement of her paying the majority of the mortgage and i also help out.

Heres the BIG qustion i need answered .....Am i breaking any laws ?:eek:

Any advice will be truley helpful .

Thanks

Comments

  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    So basically the property is now entirely yours and she alone lives there?


    Can you clarify first...


    And are you in England/Wales or Scotland?


    Jx
    2023 wins: *must start comping again!*
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    PS I think you'd be better off on the property board http://forums.moneysavingexpert.com/forumdisplay.php?f=16


    Not sure if you can move the thread under 'Advanced' or if you need to PM a board guide (named at the bottom of the board somewhere)
    Jx
    2023 wins: *must start comping again!*
  • gettingtheresometime
    gettingtheresometime Posts: 6,911 Forumite
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    Regardless of the fact that your MIL is at the moment is paying the majority of the mortgage, what happens if she can't - can you pick up the shortfall?

    Also is the mortgage a btl mortgage or a residential one and if the later are the mortgage company aware that you aren't living there and effectively renting it out?
  • pogofish
    pogofish Posts: 10,852 Forumite
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    spidermoney wrote: »
    Heres the BIG qustion i need answered .....Am i breaking any laws ?:eek:

    You agreed to MSE's position on legal advice as part of your signup, what are you asking this now?
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    What we are trying to establish is, are you a landlord renting out your property, or is she a lodger. I presume the former. If yes, you are very likely breaking laws as you have legal responsibilities as a landlord. There is no such thing as an 'informal agreement', fact is, you would be a landlord and she would be your tenant.


    As above, your mortgage company should be aware and you would most likely have a BTL mortgage or consent to let on your residential.


    There is insurance to consider too, plus gas safety certificates, tax, etc. More info on the property board.


    Jx
    2023 wins: *must start comping again!*
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