Mortgage Advice Needed - Can anyone help me ?

ZafIqbal

Hi,

Whilst I have been using this website for many years, this is my very first post and therefore apologies in advance if I've done something wrong.

I have had a few sleepless nights with this problem I am faced with and wondered if anyone has had a similar experience and what advice people could offer.

I got married 5 years ago and my wife who owned her own house ended up moving in with me and left her younger sisters to look after the property. She had purchased the property in 1990 and because she couldn't get a mortgage a male friend offered to put his name forward as a joint applicant so she could qualify for the amount she required.

This male friend was already married at the time and was not in any relationship with my wife at that time (they worked together). This friend has never lived at this property, never contributed towards the mortgage, bills or council tax. There is no bills in his name - basically nothing - the sole purpose of him was to get the mortgage.

All of a sudden last week my sister-in-law phoned to say that this person has been to the property and is demanding half (15 years later). As you can imagine i was a bit shell-shocked and now some how need to get this resolved. Unfortunately the deeds and mortgage have both their names (wife + friend) and the original solicitors documentation is nowhere to be found as it goes to far back.

Whilst I have contacted a solicitor my concern is that i will be paying money (that i haven't got) towards a bottomless pit and wonder if i should save it and come to an agreement with this other person.

Apologies for the long message but im really stressed and whilst my wife acknowledges what was done was stupid and i know for a fact it was a genuine error in judgement of character of this so called friend.

Please - help !! Im really worried because what we thought was an investment into which many years of hardwork had gone into, seems to have gone down the drain.

Best Regards
ZAF

Senior_Paper_Monitor

This is too serious an issue to be relying on 'advice' on a web forum.

My opinion (which has absolutely no value or significance) on the matter as described is that I think there is every chance that the 'other party' would win the legal argument (as he has probably already been advised).

There may also be a danger in attempting to negotaite a settlement as this may acknowledge your (your wife's) acceptance of his entitlement.

Simple - you must take proper legal advice - and you will have to pay that (but it is almost certainly a better investment than the house is looking like being)

Any

Agree with SPM
you MUST appoint solicitor immediately.

I bellieve the opposite is true - unless they can prove they contributed anything to the payment of the house they will loose the battle.

This is just prime example that you cannot get reliable advice on such a serious matter on blog.

ZafIqbal

Thanks for your comments which are appreciated. I understand that it will be a legal matter to deal with but wanted to engage some advice if anyone had been in a similar situation (any positive, good news would of made my weekend !!)

Its been playing on my mind and sods law is its ruined my Easter weekend as this was one 'curve ball' i wasn't expecting.

I appreciate Im not a legal proffessional but it does make sense that this other party would have to prove that they have contributed at least half of the properties costs over the past 15 years - lets hope the solicitors see it the same way.

Much appreciated and hope you have a good Easter Break !!

Senior_Paper_Monitor

I for one would be interested to know the outcome - post again or PM me please and good luck.

PS I still think I'm right ! :)

VIGILANT22

ZafIqbal wrote: »

Thanks for your comments which are appreciated. I understand that it will be a legal matter to deal with but wanted to engage some advice if anyone had been in a similar situation (any positive, good news would of made my weekend !!)

Its been playing on my mind and sods law is its ruined my Easter weekend as this was one 'curve ball' i wasn't expecting.

I appreciate Im not a legal proffessional but it does make sense that this other party would have to prove that they have contributed at least half of the properties costs over the past 15 years - lets hope the solicitors see it the same way.

Much appreciated and hope you have a good Easter Break !!

This would be considered/discussed in court as many of these cases are with absent wives/husbands not contributing to mortgage costs. Or indeed issue a counteraction billing him for 50% of mortgage payments for the last 15 years...

It could very well be he is applying for a mortgage and has come up against some problems with being on another mortgage and is looking for an escape route....A decent solicitor will be able to look at all these points...