Help with my half of a house !!!!!

Lipsy1982

Hello I was wondering if anyone could help.
Basically I bought half a house with my auntie off my nan for a good price back in 2006 , (my first house), my nan owed £10,000 and was loosing it so I thought it was a good idea
For me to get on the property ladder and earn some money for the future ect ect . Well it's caused me nothing but grief .please note I never actually moved in as nan stayed in property and auntie already lived there , and the agreement was nan stayed there rent free until whenever really . We didn't really sort that out.
I payed £70,000 for my half and auntie £40,000 so £110,00 the mortgage in total I paid slightly higher monthly as I paid more for my half, but this was a mutual thing through me and my auntie but I am 50% as my auntie so I paid for 1 year then we got a home improvement loan with Ge for £19,000 which again I had an extra £1000 to myself . After that I paid both the mortgage and loan for 2 more years and then times were getting hard as was living with mother and paying rent to her plus for this house and went to my nans house (mine) and said me and my girlfriend are going to move into the third bedroom to save money and basically got told 'she ain't moving in I ain't having her here ' that was from my nan who no longer ownes the house and is paying no rent (of what I know). So instantly that put my back up and I didn't want to argue with a 75 year old lady which is also family so I said to the auntie right you have a choice either we move in or we sell the house or I buy you out and visa versa and she said she would buy me out give her a couple of months . A year past and still no talk at all about buying me out so I spoke to her again and she was just stringing me along lying so I said a few months later that's it I'm not paying anything as didnt care then about the house and she said she would pay all of it mine and her half of the mortgage and loan until she could buy me out , well that was about 2 years now and I keep getting call after call from Ge money saying we have defaulted ect ect. So my credit is now obsolete she is 1 year in arrears with the mortgage and they have tried taking the house off her (us ) and she managed to keep it . There is roughly £80-100k profit in the house . What can I do I can't sell the house as even tho my nan has been horrible for so many years to me not all at once but soon as I mention the house , I can't put a 78 year old out on the street it will kill her off to move I think . I don't have any care for my auntie bit she now has an autistic son living there . I can't afford to pay anything towards it now as have my own very large family . I'm stuck and need help . Sorry for going on . Thanks for looking lee

Ciderarmy1987

This is one of the hardest to follow posts I have ever seen.

would you be able to go through your post and put it into paragraphs and cut out all of the needless waffle

mysterywoman10

Well it sounds a very stressful situation and I'm sure you are trying to be considerate here.

But it is a bit dificult to follow the story, can you perhaps summarise in a couple of lines what the real problem/issue is?

snozberry

Surely you own more than half of it as you have paid a lot more than your auntie. What does the paperwork say?

Lipsy1982

Sorry 1st time on here.

Me and my auntie bought my nan's house off her £70k me 50k my auntie

Nan stayed in the house and so did auntie the mortgage at the time totalled £110k a year later we took a loan for £19k together.

I tried moving in to the house with girlfriend and got told by my nan that she was not going to let her move in ,
So I gave my auntie the option to sell the house, buy me out or I will buy her out , she said she would buy me out and never did so I stopped paying everything and I haven't paid anything for about 2-3 years now . But just need to know what to do and where I stand because when I bought the house there was a lot of equity in the house which is 50% mine and 50 % aunties .

The equity now is between 80-100k but my main question
Is where do I stand as I haven't paid my share for over two years and I fear the house will be taken off us as auntie is not paying all of it like she said she would as she has already been to court for being behind a year I'm payments .

Also I have never lived in the house from day one just own half the house .

Hope that's a bit clearer thanks lee

G_M

Ciderarmy1987 wrote: »

This is one of the hardest to follow posts I have ever seen.

would you be able to go through your post and put it into paragraphs and cut out all of the needless waffle

That's a bit unfair!

You're relatively new to the board so probobly don't remember 'a_pedant' famous post back in 2006. Now that was hard to follow!

Lipsy1982

Snozberry thanks for the reply

I did pay more for about 3 years but I have actually paid anything at all for about 2-3 years now as she never bought me out.

snozberry

you were silly in not paying your share of the mortgage for 2/3 years. Did you really stop paying because she didn't buy you out? If so, then you have been immature and childish. Buying someone out of a house isn't a simple process these days. Heck, buying a house is no longer as simple as it once was.

As a rule, it is better not to mix money with friends or family as you have found out. Your gran cannot dictate who can and who can't live in the house with you and she needs to be made aware of this (in a sensitive manner. Don't go all gu ns blazing).

Does your paperwork show that you and your auntie are joint owners? How much you have both paid is neither here nor there.

Tbh, you are better off speaking with a solicitor as you are in a bit of a pickle. Some of which, I am afraid to say, is of your own doing.

BigAunty

Lipsy1982 wrote: »

...

The equity now is between 80-100k but my main question
Is where do I stand as I haven't paid my share for over two years and I fear the house will be taken off us as auntie is not paying all of it like she said she would as she has already been to court for being behind a year I'm payments .

Also I have never lived in the house from day one just own half the house .

...

I don't think your lack of occupation directly affects the options that you outline.

Your aunty doesn't seem to be in the position to buy you out if she can't manage the full cost of the mortgage and has run up arrears. Or do you think she's done this to try and apply pressure on you to start repaying it?

Perhaps she didn't proceed with buying you out because she hoped you would continue to pay while she remained in the house, she got a bit too comfortable about the previous arrangement and this made her lazy? Or she realised that she could not get a mortgage in her sole name and didn't communicate this to you. Is she in employment or on benefits, if so which benefits? how much is the mortgage and how much does she earn? do you know if she has spoken to a lender about buying you out?

Are you in the position to buy out your aunty, pay the arrears and take over the mortgage in your sole name - have you spoken to a lender about this? What equity do you think your aunty would expect - 50% of it after legal expenses, plus the share of the mortgage that you haven't paid over the last 2/3 years?

Joint tenants are jointly and severally liable for mortgage arrears - they aren't your Aunt's debts from a Lenders perspective, the arrangements that you come to on a personal level are nothing to do with them - the debt is owed by either or both of you, full stop.

In the event of repossession, the lender may end up selling the property on the cheap via auction and will give you the balance, less their considerable fees and the arrears - you may find this erodes a lot or all of the equity, possibly even leading to a debt that you must pay.

See the Shelter website which has a section on struggling home ownership, including how to deal with arrears and prevent repossession, the various mortgage rescue schemes that the government run.

See their section on relationship breakdowns - this will tell you your rights, responsibilities and options. You can force a sale by court order but this may be expensive and long-drawn out. See a solictor.

Contact the Lender and see what point they are in the repossession process, how much the arrears are. You need to communicate directly with them as if they don't know that you live elsewhere, their letters about your debt and potential repossession of your property, will go to your gran's place.

Lipsy1982

Yes I was 22 when I bought the house so still quite young . But I stopped paying because they way I looked at it was I was getting no where I could not move into a house that I bought and was paying £550 a month on and also by not living in the house I was paying my mum £300 per month too . The main reason my nan sold half to me was to get her daughter set , she didnt care about what happened to me basically she gave the whole £70k in cash back to my auntie and didn't give my mum a £1 but that's not the issue .

It's joint names I just checked the land registry .
Thanks.

Lipsy1982

BigAunty wrote: »

I don't think your lack of occupation directly affects the options that you outline.

Your aunty doesn't seem to be in the position to buy you out if she can't manage the full cost of the mortgage and has run up arrears. Or do you think she's done this to try and apply pressure on you to start repaying it?

Perhaps she didn't proceed with buying you out because she hoped you would continue to pay while she remained in the house, she got a bit too comfortable about the previous arrangement and this made her lazy? Or she realised that she could not get a mortgage in her sole name and didn't communicate this to you. Is she in employment or on benefits, if so which benefits? how much is the mortgage and how much does she earn? do you know if she has spoken to a lender about buying you out?

Are you in the position to buy out your aunty, pay the arrears and take over the mortgage in your sole name - have you spoken to a lender about this? What equity do you think your aunty would expect - 50% of it after legal expenses, plus the share of the mortgage that you haven't paid over the last 2/3 years?

Joint tenants are jointly and severally liable for mortgage arrears - they aren't your Aunt's debts from a Lenders perspective, the arrangements that you come to on a personal level are nothing to do with them - the debt is owed by either or both of you, full stop.

In the event of repossession, the lender may end up selling the property on the cheap via auction and will give you the balance, less their considerable fees and the arrears - you may find this erodes a lot or all of the equity, possibly even leading to a debt that you must pay.

See the Shelter website which has a section on struggling home ownership, including how to deal with arrears and prevent repossession, the various mortgage rescue schemes that the government run.

See their section on relationship breakdowns - this will tell you your rights, responsibilities and options. You can force a sale by court order but this may be expensive and long-drawn out. See a solictor.

Contact the Lender and see what point they are in the repossession process, how much the arrears are. You need to communicate directly with them as if they don't know that you live elsewhere, their letters about your debt and potential repossession of your property, will go to your gran's place.

Thanks .
Personally I think she has a drug problem because the mortgage has gone down to base rate it originally was about 600 a month and now it's only £220 a month the loan is £230 a month.

I know she's not in a position to buy me out and same with me now as I have nearly 5 kids ! And pay rent elsewhere .

I think they thought they basically could live there forever rent free if you get what I mean and I wasn't having that .

Thanks