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    • spidermoney
    • By spidermoney 12th Oct 16, 12:49 PM
    • 4Posts
    • 0Thanks
    spidermoney
    Advice please
    • #1
    • 12th Oct 16, 12:49 PM
    Advice please 12th Oct 16 at 12:49 PM
    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 ?

    Any advice will be truley helpful .

    Thanks
Page 1
    • hazyjo
    • By hazyjo 12th Oct 16, 1:34 PM
    • 8,232 Posts
    • 9,984 Thanks
    hazyjo
    • #2
    • 12th Oct 16, 1:34 PM
    • #2
    • 12th Oct 16, 1:34 PM
    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
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
    • hazyjo
    • By hazyjo 12th Oct 16, 1:38 PM
    • 8,232 Posts
    • 9,984 Thanks
    hazyjo
    • #3
    • 12th Oct 16, 1:38 PM
    • #3
    • 12th Oct 16, 1:38 PM
    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
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
    • gettingtheresometime
    • By gettingtheresometime 12th Oct 16, 3:10 PM
    • 1,725 Posts
    • 3,655 Thanks
    gettingtheresometime
    • #4
    • 12th Oct 16, 3:10 PM
    • #4
    • 12th Oct 16, 3:10 PM
    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?
    Lloyds OD / Natwest OD / PO CC cleared thanks to the 1 debt v 100 day challenge
    • pogofish
    • By pogofish 12th Oct 16, 3:17 PM
    • 6,242 Posts
    • 6,139 Thanks
    pogofish
    • #5
    • 12th Oct 16, 3:17 PM
    • #5
    • 12th Oct 16, 3:17 PM
    Heres the BIG qustion i need answered .....Am i breaking any laws ?
    Originally posted by spidermoney
    You agreed to MSE's position on legal advice as part of your signup, what are you asking this now?
    • hazyjo
    • By hazyjo 12th Oct 16, 3:33 PM
    • 8,232 Posts
    • 9,984 Thanks
    hazyjo
    • #6
    • 12th Oct 16, 3:33 PM
    • #6
    • 12th Oct 16, 3:33 PM
    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
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
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