Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • blueruby123
    • By blueruby123 14th Jun 17, 10:22 PM
    • 1Posts
    • 0Thanks
    blueruby123
    Joint ownership selling
    • #1
    • 14th Jun 17, 10:22 PM
    Joint ownership selling 14th Jun 17 at 10:22 PM
    Hi all,

    Hoping someone can help clarify something for me and my husband.

    We currently own 50% of our house (25 % each) and my mum owns the other 50%. This happened because she had a massive debt outstanding on the house (other than the mortgage) that had to be paid by the time the mortgage was finished (approx 2 years) (if anyone is familiar with Barclays mortgage current account and the overdraft that comes with it will understand).

    However she had taken out a loan a few years previously but then lost her job and defaulted on the loan meaning she couldn't remortgage for what was owed on her own so we stepped in to stop her losing the house. She promised that we would be able to buy her out at some point (she couldn't leave at this point as wouldn't be have been able to buy anywhere else because of her credit issues) which we intended to do (this was about a year and a half ago now)

    We've since decided that we don't think we want to live in the city we're in and want to move. What rights do we have regarding our 50%, can we sell it? I appreciate no one is likely to want to buy half a house but technically can we? Or if my mum wants to stay in the house can we sell it to her? (Remembering she has pants credit so unlikely to get a mortgage to cover our 50%). This sounds bad but can we force a sale? Or not as we don't have the majority share? So confusing!

    Apologies for the long post! It's such a complicated situation! We wish we hadn't got ourselves into it but se thought we were doing the right thing at the time!
Page 1
    • saajan_12
    • By saajan_12 15th Jun 17, 9:46 AM
    • 839 Posts
    • 550 Thanks
    saajan_12
    • #2
    • 15th Jun 17, 9:46 AM
    • #2
    • 15th Jun 17, 9:46 AM
    Hi all,

    Hoping someone can help clarify something for me and my husband.

    We currently own 50% of our house (25 % each) and my mum owns the other 50%. This happened because she had a massive debt outstanding on the house (other than the mortgage) that had to be paid by the time the mortgage was finished (approx 2 years) (if anyone is familiar with Barclays mortgage current account and the overdraft that comes with it will understand).

    However she had taken out a loan a few years previously but then lost her job and defaulted on the loan meaning she couldn't remortgage for what was owed on her own so we stepped in to stop her losing the house. She promised that we would be able to buy her out at some point (she couldn't leave at this point as wouldn't be have been able to buy anywhere else because of her credit issues) which we intended to do (this was about a year and a half ago now)

    We've since decided that we don't think we want to live in the city we're in and want to move. What rights do we have regarding our 50%, can we sell it? I appreciate no one is likely to want to buy half a house but technically can we? - yes,
    but as you say, no one will buy half a house. They'd have the same issues with liquidating their asset as you do. So this is a non starter unless you have family interested.


    Or if my mum wants to stay in the house can we sell it to her? (Remembering she has pants credit so unlikely to get a mortgage to cover our 50%). - yes you can, but does she have the money / credit and income to support a mortgage?
    Does she have the income and are you willing for her to pay you off in payments? If no then again a non starter
    This sounds bad but can we force a sale? Or not as we don't have the majority share? - yes, you can force a sale,
    but how much is your 50% equity (after mortgage etc paid off)? Forcing a sale is incredibly long and expensive, with solicitors and court costs, that most of your equity would likely be eaten up. You may be awarded some of your costs depending on how (un)cooperative mum is, but not all and you'd likely have a hard time recovering if her share doesn't cover it.
    So confusing!

    Apologies for the long post! It's such a complicated situation! We wish we hadn't got ourselves into it but se thought we were doing the right thing at the time!
    Originally posted by blueruby123
    Selling your 50% to mum / someone else seem to be physically impossible, so the only option is to convince mum to sell the whole house to market or stay owners. Can you let extra rooms in the property to lodger(s) to generate extra income and overpay the mortgage to get out of this situation faster? Or can you move to rented in the new area and rent out the house / your rooms in the house to offset your rent payments?
    • xylophone
    • By xylophone 15th Jun 17, 1:19 PM
    • 23,107 Posts
    • 13,392 Thanks
    xylophone
    • #3
    • 15th Jun 17, 1:19 PM
    • #3
    • 15th Jun 17, 1:19 PM
    If the property is sold, how easy will it be for your mother to find suitable rented accommodation?

    Is there any possibility of eligibility for a one bedroom housing association property or similar?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

955Posts Today

6,896Users online

Martin's Twitter
  • Well so far it seems there's one thing remainers and leavers agree on - the EU is getting the better of the negotia? https://t.co/70z5ffpG8S

  • Today's Twitter poll: If you had to pick one, who do you think is coming out best so far in the Brexit negotiations, UK or EU?

  • It isn't an article by me.I don't write for express. They just cunningly report my tv appearances as if I did. https://t.co/0DDfDU7Kbp

  • Follow Martin