Added on to mums mortgage

Tracewhy

Am I missing something here, if your stepdad is named on the mortgage he is still liable for it so should be paying towards the mortgage and if he wants out the the only option I see open in both you and your mum's circumstances is either he buys her out or the house is sold.

He can't have the best of all worlds, ie get out the equity and stop paying. I may be mistaken and someone better qualified than me, but isn't there somerthing whereby if you move out and stop paying you reliquinsh your right over the house. I'm sure I've read that somewhere, and its what I was advised when I split up with my ex-husband, but as I say I'm not a professional in this area.

holly_hobby

Whilst Dad remains on the mge, he is jointly and severally liabile with Mum for servicing the mge.

Which means that it will affect any application for his own separate mge, and he will also be chased for non- payment, and any shortfall realised on any sale of the current property, which the lender may pursue for a period of up to 12 yrs.

As I explained way back when this started, the lender would have to agree to any TOE between son and Dad - which if refused would mean that Dad would not be released from the mge commitment, regardless of whether son was happy to be party to the mge or not.

My own thoughts, as I stated, would be for Mum to sell this and go into rented, whereby she may qualify for some social benefit assistance, which will help with renting costs - as I think this propsoed arrangement is fraut with future issues both monetary and personal.

Obv the answer for her to stay in the property, would be for her to increase her working hrs, but that is easier said than done for those of us who don't know her situation, and we stil have the issue that Dad may want off the mge at a point in the future, which if Mum can't take over the mge herself (putting son to oneside for the moment), she will have to sell - which would either be on a voluntary basis or by court order if he takes the judicial route to effecting the TOE he may require.

Holly

getmore4less

holly_hobby wrote: »

My own thoughts, as I stated, would be for Mum to sell this and go into rented, whereby she may qualify for some social benefit assistance, which will help with renting costs -

No benifits with £25-£50k in the bank.

holly_hobby

getmore4less wrote: »

No benifits with £25-£50k in the bank.

No thats correct (forgot about the possible free equity) - no means tested benefits on the figs you quote - if thats the net amount held by her, after sale and disposal of the propety and all liabilites and professional costs. Of course she may be entitled to non-means tested assistance depending upon her circs - but I would expect for her to already have explored this aspect.

Obv leaving the mge as it is (or until ex elects he wants off), with Mum servicing a 135k mge on 5k is completely untenable - so doesn't take Einstein to work out that difficult decision's will have to be made.

H

scottyboy100

Thanks everyone for your replies - I agree it is all going to cause a huge issue!

My mum has looked into increasing her hours today but its not looking like there is much option of that in her current job. I have suggested she may have to look for something full time, but she is not too keen as she hasnt worked full time since my older brother was born!!

My step-dad has moved back in with his mum and isnt looking to buy anywhere for himself and has given some money towards the mortgage since he left - and that plus my rent and mums wages have kept things going so far. I'm not sure how long he will carry on doing this though as things are now getting a bit problematic between them. I have told mum he is still liable for the mortgage too but that is why he wants to come off it asap and it was his suggestion that I take over from him as he knows mum wouldnt be able to take it all on herself.

Am not sure where to go from here. Have given mum the options and just need to let her sit and think on it for a bit. She doesnt want to sell and rent either. But I have told her it is very unlikely that I will be able to afford to go on it with her. At the moment it is just costing me rent but as time goes on I can see I will end up with most of the bills too and then I will never be able to get out, as mum could be there another 25 years! not affording to live without me there.

It is so difficult. I do love my mum but I'm not sure I could live with her for the next 25 years!!!

I really wish they had not bought this place when they married. Mum had a nice house she had bought with my dad (it was rtb and had a low mortgage which she probably would have coped with and may even have been mortgage free soon)

Oh well just have to let mum have a mull over the facts and see what she comes up with

holly_hobby

I do think the writings on the wall here ..... !

Renting is the best and in reality the only option Mum has for independent living - which I accept she may feel is a backwards step, having previously been a local authority tenant before effecting her RTB. But she should also consider that when renting the cost of property maintenance is the landlords not hers, so thats one less worry for her.

Its unfair of your Mum to place you between a rock and a hard place, despite the fact that I can understand her "panic" on having to effectively lose her home on the back of her separation ... however she's just one of many thousands of peeps who face the same situation, and just accept that they will have to cut their cloth accordingly ...... indeed if she refuses to go full time employment or increase her working hrs, in order to provide sufficient income for her to maintain the mge, she really has little ground for complaint if you don't wish to be financially encumbered for the foreseeable.


Holly

scottyboy100

Well, mum has made an appointment for us to go and see a mortgage broker on saturday. Maybe if he tells her the same, she will realise we do need to look at other options too.

I have booked an estate agent to come and give us some valuations so we have an up-to-date figure for the advisor to work with so just a case of waiting to see what he comes up with now...

holly_hobby

Thats a really positive action .....

Wish you and your Mum well

Hols x