Stuck in a mortgage with sibling

RAS

diamondeye wrote: »

. But if they are sub-letting they are not paying it all themselves and surely some of the rental should benefit me?

Exactly, half of the rental is yours.

Think you need to visit unexpectedly.

G_M

I have a lot of sympathy for your sibling. You went into an investment which by its nature is of a long term nature.

On top of that, it was intended to be their home.

So while I apprciate that your circumstances have changed, it seems hard that you are taking away both their home and their investment - esp at a time when the investment will make a loss.

To say

I have no idea what arrangements were made for ending joint ownership?! I was due to deploy abroad ....

shows incredible naivity. This was a major long term investment which was ill-thought-out and done in haste, but which, as you now find, has serious implications and consequences.

Having said that, you need to find out the current situation:
Is the property rented out?
If so, you are a joint landlord (as joint owner) and share the legal responsibilities. Permission to let from the Lender? Gas Safety Certificate? (you can be gaoled if a tenant dies from carbon monoxide poisoning); Valid insurance?
You should also share the rent (though this is debatable if you've stopped paying the mortgage)
Arrizel talks of lodgers, and yes, this is different. But you need to find out.

Check the Land Registry deeds for reference to any Declaration. (£4).

Did you use a solicitor when buying? Might he have aranged the Declaration at the same time? Call him.

As for selling, either you do it by agreement, lowering the price if they'll agree.
Or it becomes a necessity if you don't pay the mortgage and they start getting into arrears.
Or the mortgage Lender complains if he finds out it's being rented without permission.
Or you get a judge to order the sale. Very hard.

As for profit, the sale proceeds would be split 50/50. Any adjustment would need to be done separately in line with what you agree, what the Declaration says, or by one side suing the other.

diamondeye_2

..........

diamondeye_2

Thanks for the advice about the land registry btw!

mlz1413

If the house will make a loss when/if it sells then you and sibling have to agree to split the loss 50/50 the same as you would share the profits.

If neither of you are in a position to cover the losses then you are stuck.

Whilst I have sympathy that you have been incredibly trusting with your generosity, sadly now you are stuffed without their agreement to sell.

To force any issue / sale would mean going to court, so having copies of all the agreeements would really help - do you remember signing anything? did you do the purchase through a local solicitor?

I also know of a brother & sister who bought a house together, the belief was that house prices only ever go up and so in a couple of years time one of them could re-mortgage and 'buy' the other out. Of course now they are stuck with both their finiances tied up for the course of the mortgage, short of one of them winning the lottery.

Try and talk to them, face to face, get the documents that legally tie you in and go and get some legal advise.