Husband wants off a 4-way-mortgage!? Very complicated please help.

scoobyfamily

Thrugelmir wrote: »

As his sister operates a Limited Company why not do a search on it and ascertain its financial status. She might be more canny than you realise.

How do I do such a thing? Can you please advise me?

I know that her partner does not work, he "works for her" but does not do much, maybe cuts the grass once a week. I have seen payslips from her business to him sitting around the house £1k+.

I really appreciate your time.

Thank you.

scoobyfamily

Trollfever wrote: »

A £4 download from the Land Registry should reveal this and any other charges on the property.

"SCO 5 Property Purchase Information

This mixed package of searches has been designed especially for property purchasers, and provides documents and information about the property that most purchasers wish to see before committing themselves to further expense.

Information provided includes the names & addresses of the owners, whether the property is freehold or leasehold, the burdens affecting the property, rights attaching to the property, mortgages and other charges registered against the property, the purchase price, the extent of land included with the property and illustrated details of any rights or covenants affecting only parts of it, and sale prices of other properties in the road or area during the last few years.

£45

Documents Provided -
Title Register or Sasine Register
Title Plan or Index Plan
Burdens
Details of nearby property sales for the last 6 months"

Is this what you mean?

Thrugelmir

scoobyfamily wrote: »

How do I do such a thing? Can you please advise me?

I know that her partner does not work, he "works for her" but does not do much, maybe cuts the grass once a week. I have seen payslips from her business to him sitting around the house £1k+.

I really appreciate your time.

Thank you.

Here's the link.

http://wck2.companieshouse.gov.uk/908398119985c3def344d82fe9d39f0d/wcframe?name=accessCompanyInfo

As a small Company it may well file modified accounts that won't tell you very much detail. But it may well give you insight into her "empire".

From a neutral point of view. I think you really need to decide what your objectives are. Its difficult enough to have this type of scenario in a business relationship. Add in family and its a potent mix. How much of a hornets nest are you willing to stir up?

Trollfever

From Land Registry:

https://www.landregistry.gov.uk/wps/portal/Property_Search

From Companies House:

http://www.companieshouse.gov.uk/

scoobyfamily

whitewing wrote: »

Do you know if they took out the mortgage as 'joint tenants' or 'tenants in common' as that may affect the legal situation. (This may have already been answered on the thread, I'm not too comfortable with the terminology of financial things!)

Did your DH get legal advice when he did the deal? Was there any legal documentation drawn up in case things go wrong? Can you get hold of the paperwork?

I do sympathise with your situation - it's the sort of thing my dad tried to get me to do.

No idea what kind of mortgage it is as I wasn't involved in the arrangement. No legal advice apart from advice from Sister and Dad as to how great an opportunity it would be i.e. parents die and split house two ways. She would never move - I'm not daft! He signed for this when he was 23 so was perhaps too gullible.

It sounds as if we're better approaching a solicitor because I think it's going to leave them up sh*t creek when they realise he's going to do it!

scoobyfamily

KarenBB wrote: »

You've said your husband doesn't have much documentation for the mortgages and doesn't really know what he's signed up for. I'd suggest getting copies of everything relating to the mortgage under a subject access request if necessary. As the family might not be too happy about your husband doing this he could as for all of the information to be sent to a branch for him to collect. Or you could make an appointment to see a mortgage advisor at the mortgage company and ask them to sit down with you both and explain exactly what your OH has signed up to. You could even do both. Good luck K

He has no documentation what so ever. There was only documents which were kept by his sister. He does not know the mortgage company either. It is diabolical! He used to give them £600 cash on his payday.

scoobyfamily

Errata wrote: »

You're in a council house. Keep paying the rent on that and you and he have a roof over your heads for life, which in this day and age is priceless, whatever else happens on the financial front.

Council "four in a block".

Even if we had to rent forever I'm out of here.

I don't mean to sound cheeky but you obviously haven't had to endure the sleepless nights, damages to your cars etc due to neighbours.

We only have one door and someone brought wood into the close at night and decided to light a fire - we couldn't get out.

No secure entry.

Everyone in this area is on the dole, it's disgusting. Every night is a party and you have to avoid all the spit and cider on the stairs as you go up to your home.

I'm not starting my family here. We're moving to a new build street in 3 weeks today and it's the best feeling ever.

I'm happy to pay 3 times the price of this flat per month to ensure that we have 3 times the quality of life

byebyedebt

Might have missed something, but did your husband apply for a copy of his credit report? There may be something on that totally unrelated to the family, ie missed credit card payments etc.

whitewing

What a nightmare! I can vaguely understand the family setting it up as great for the long term (in their minds) but as you say, not much good if he wants his own family. I know they used to in the olden days, but I think fewer people these days want to live as extended families.

Are YOU absolutely certain that your DH will follow it through though before you start really upsetting everyone. I understand why you want to buy your own house with the baby, and I would too in your situation, but why wasn't it sorted before you got pregnant? (Not being accusatory here, just feel a little uneasy).

KarenBB

byebyedebt wrote: »

Might have missed something, but did your husband apply for a copy of his credit report? There may be something on that totally unrelated to the family, ie missed credit card payments etc.

would the credit report also give the inormation of who mortage is with? Clutching at straws to help