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

scoobyfamily

getmore4less wrote: »

In situations like this the initial move out would have put the walls up, should have got the info first.

It's really up to them wht they want to act like. His life has changed along with his situation. Since they bought the house he has got married and is due a child - they can't expect us to live with them when there are no separate facilities. I married him, not his family.

Pincher

The first thing is to gather as much evidence as possible, e.g. the addresses of the properties. Basically you are blackmailing them into doing the right thing. The family might be too scared of exposure to decide to buy your husband out.

If the lender refuses to allow it, that's a different story.

Trollfever

We received a text last night stating they are going to lawyers to ensure he will not be liable for any of their debts

This could be a long running thread.

missile

There seems little point in debating how you got into this mess and it is a bit late to realise never mix family and business.

Since they bought the house he has got married and is due a child - they can't expect us to live with them when there are no separate facilities. I married him, not his family.

It was his choice to get married and have a child. You can't expect them to accomodate his choices.

You really need to get hold of the motgage documents plus any other written agreements and take them to a "good" solicitor. Many offer an initial consultation for free.

redpete

scoobyfamily wrote: »

Yes, he signed for a re-mortgage to change it to 25 years so his sister could take equity cash out and spend it on property which would in turn pay off the mortgage in the long run once they had gone up in value - so to speak. - but he never agreed to the recent change to interest only.

So before the remortgage he, his sister and his parents had shares in the main property; after the remortgage they all have the same shares in the main property but his sister took all the extra cash and spent it on other properties in which your husband has no financial interest with no more than a verbal indication that this would be used to pay off the mortgage sometime in the future.

It sounds like your husband has bought part of a house and helped finance his family's business but is not and likely will not get any benefit from that business.

This is ridiculous !!!!! *hair falling out!!!*

I'm not surprised, I feel for you both but can't see any easy way out of it. I would definitely see a good solicitor to see if he does have any claim on the proceeds or assets of the business that he helped set up.

scoobyfamily

He doesn't want to make a claim on anything or to try and "gain" anything from it. He just wants nothing to do with it - just his name off the liability - full stop.

We will never be able to buy a good house otherwise or be able to sort out our own finances.

I think they are starting to realise that it's causing too much friction and are now starting to put things into perspective (hopefully).

I believe that if they really want to keep the house, they will ensure that their wages from their business go up for the mortgage company to allow them to take it over. As far as I'm aware they have said they are going to lawyers, so we will see what happens in due course as we're due their Grandchild in 32 days. I'm hoping this will force them to be amicable about this and realise we are not out to hurt them or make money from them - purely so that we can buy a house of our own.

scoobyfamily

Pincher wrote: »

The first thing is to gather as much evidence as possible, e.g. the addresses of the properties. Basically you are blackmailing them into doing the right thing. The family might be too scared of exposure to decide to buy your husband out.

If the lender refuses to allow it, that's a different story.

His sister wouldn't give us this information.

The lender said he can come off if they can afford it. My Husband was only on £17.5k when they got the mortgage in the first place so I don't understand how they could afford it or were allowed it in the first place.