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Help with my half of a house !!!!!
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O I see they were trying to be nice to me and kept asking me to sign
Something to take my name off the mortgage but that never happened .
Can you recall what this was that they were trying to sweet talk you into?
A joint owner can generally only transfer the property into their sole name with permission of the other owner and if a lender believes they can afford it on their own. I can't see how anyone grossing £20k to 25k per annum could take over a mortgage of £110 as it is far too high for their earnings, plus the loan would also reduce the sum lent. You should have been able to have worked out years ago that your aunty could not have bought you out if you knew the basics about mortgage finance lending!
To other posters - is it possible that his lovely aunty and sweet granny was trying to persuade the OP to take himself off the deeds while still remaining liable for the mortgage or is that impossible?0 -
Get your head out of the sand - you have deliberately ignored calls from the lender but you are responsible as a joint owner, switching off the phone doesn't stop your liability for the arrears. You need the paperwork to know where you stand, then you can sort out some debt management, legal or repossession strategy.
You need to find out how the mortgage arrears will affect you - credit rating, how/if the lender can enforce payment from you and so on.
By doing nothing, you are making a decision, or accepting the risk, that the property will be repossessed and may lead to you being chased for debts - is this something that you are happy about if this happens (for example, you'd rather the property be repossessed than start paying towards it again?).
How long is the mortgage term? Because, to be honest, if it's not repossessed in the near future, then it will be by the end of the mortgage term if it ambles along on an 'interest only' basis and you can't come up with the capital sum that is due then. When it's paid on an interest only basis, it merely treads water, it never gets paid down. On x date, £113k must be fully redeemed. What is x date (the mortgage redemption date?).
It looks like they looked into one of the mortgage (mortgage rescue scheme) where a social housing landlord buys the property when there is a vulnerable person in the house and then gives them a tenancy agreement so they can remain there on a rental basis.
While they may have approached the council without notifying you, they could not have proceeded because anything like a sale, remortgage, loan raised against the house, requires the written consent of both owners. (To other posters, am I right that a joint tenant can't get a loan secured against the property without the other one knowing or am I wrong?).
EDIT - additional info and queries below have been posted.
Is it possible your aunt is playing a game of brinksmanship - that she has perhaps put aside money to pay the arrears, is fully aware of the repossession process and its timing, and has deliberately witheld mortgage payments and wracked up mortgage arrears, simply to apply pressure on you to pay up as per your original agreement? Is it possible that her strategy is that she makes it appear the property is being repossessed, that she has the means to pay and can stop the lender from taking it off her by paying them x sum by x date, just to get at you?
Or do you really believe she's snorted all of her income up her nose so that she can't even spend a fraction of her wages on a small mortgage?
And your nan is really, really mellow and rather than pay a small sum out of her occupational and state pension, she will withold from contributing and see her family home taken from her, just to punish you?!!
I just don't understand the family dynamics when there is potentially a household income of £2000 - £3000 per month and between the three of them, they can't find £230 per month for the mortgage!!?I don't really understand this non-occupational clause but then I'm not familiar with the right to buy process.
Have I got this clear ?
- you paid 70k for the property via a joint mortgage
- your aunty paid 40k for the property via a joint mortgage
You think the property is worth around 190k to 220k (equity of £80-100k)
You then jointly took out a loan secured against the house for 19k - how much of this is still owing?
Your aunty was given 70k by your nan and has seemingly snorted it up her nose rather than pay down the mortgage?
The mortgage has 20 years left to run but is an interest only mortgage so because there is no repayment element, and you took out a loan to refurbish it and there are arrears, after 5 years, you and your Aunty actually now owe more than the original mortgage!?
The mortgage is £220 a month, the loan is £230, and despite a household income of at least £2000, but more likely greater than this, the 3 adults can't rustle up £530 per month between them?!
That's all correct but I can afford to pay my half but not willing to now for them two to live in happily ever after , they won't sell they won't buy me out so , let them take it think is the best optio
As now my credit is ruined , simply because my auntie said
2-3 years ago she would pay my half until she bought me out and never did .0 -
That could be a very good possibility , she has been given £50k at least just after the sale from my nan .
But I'm not easily scared to be honest I have got to the point where
I would rather they took the house and sold cheaper just to get my name off it completely .
I just can't understand why she or they would let it get that bad that the might repossess the house and her not selling it and walking away with at least £40k
If her drug addiction is as bad as you say, then perhaps she would have burned through 50k quite easily within 5 years - that's about £200 a week, or 2 or 3 expensive holidays per year....
You have already indicated that despite a good pension, your nan managed to rack up debts of 10k and despite the lump sums raised in the sale and your aunties decent income, she can't even seem to pay a priority bill to keep the roof over her and her disabled son's head..Perhaps they are just spectacularly bad at managing money and spend it on stupid things rather than bills that matter.
If she is playing a game of brinksmanship and actually has the means to pay the arrears and mortgage but has entered a repossession scenario just to try and force you to pay your half of the costs, as agreed, then it doesn't actually solve your problems.
Because your credit rating is now destroyed by the arrears, they still get to live in a property that you helped to fund, and you will struggle to ever buy a property yourself because you already half own this one, and therefore will struggle to get a residential mortgage for your own immediate family in the future, as the current mortgage and loans will be taken into account.
Go and see a solictor about whether or not it is feasible for you to force the sale or will this cause enormous family repercussions for you?0 -
Can you recall what this was that they were trying to sweet talk you into?
A joint owner can generally only transfer the property into their sole name with permission of the other owner and if a lender believes they can afford it on their own. I can't see how anyone grossing £20k to 25k per annum could take over a mortgage of £110 as it is far too high for their earnings, plus the loan would also reduce the sum lent. You should have been able to have worked out years ago that your aunty could not have bought you out if you knew the basics about mortgage finance lending!
To other posters - is it possible that his lovely aunty and sweet granny was trying to persuade the OP to take himself off the deeds while still remaining liable for the mortgage or is that impossible?
Probably I so sick of it I signed something as my nan said they will buy the house off us and I will get money out of it and they get to stay there under a council house but it got rejected for some reason and I got worried so checked my credit file and the land registry and its still in my name and aunties0 -
If her drug addiction is as bad as you say, then perhaps she would have burned through 50k quite easily within 5 years - that's about £200 a week, or 2 or 3 expensive holidays per year....
You have already indicated that despite a good pension, your nan managed to rack up debts of 10k and despite the lump sums raised in the sale and your aunties decent income, she can't even seem to pay a priority bill to keep the roof over her and her disabled son's head..Perhaps they are just spectacularly bad at managing money and spend it on stupid things rather than bills that matter.
If she is playing a game of brinksmanship and actually has the means to pay the arrears and mortgage but has entered a repossession scenario just to try and force you to pay your half of the costs, as agreed, then it doesn't actually solve your problems.
Because your credit rating is now destroyed by the arrears, they still get to live in a property that you helped to fund, and you will struggle to ever buy a property yourself because you already half own this one, and therefore will struggle to get a residential mortgage for your own immediate family in the future, as the current mortgage and loans will be taken into account.
Go and see a solictor about whether or not it is feasible for you to force the sale or will this cause enormous family repercussions for you?
Yep your right , I would love to force the sale but even thou there horrible I'm not really that horrible if I sell that house that my nan has lived in for 40 years and she has a heart attack or something similar I will never forgive myself but if the house is still there when nan is not the auntie is out .0 -
dawyldthing wrote: »is the money you have paid in written in contract that it was 58% yours, 42% your aunties? As when it is sold (which it sounds like it will be sooner rather than later - especially if it is 2 years in arrears) any money left over needs to be distributed like that. It doesn't sound too good though to be honest. You might be able to bide your time and try and sell it lower on the open market if you explain to the lender, but unless the mortgage is bought upto date they will keep trying to get their money back
No that was a mutual agreement made between ourselves but we equally own 50% each regardless who's paid what ect ect ,
Thanks0 -
That's all correct but I can afford to pay my half but not willing to now for them two to live in happily ever after , they won't sell they won't buy me out so , let them take it think is the best optio
As now my credit is ruined , simply because my auntie said
2-3 years ago she would pay my half until she bought me out and never did .
Well, she could never have bought you out on a property owing £130k (mortgage and loan) on a salary that nets £1400-1600 a month. I'm not sure her tips would have been accepted as part of her salary by her lender. It's a shame that you didn't understand then that this was a fantasy.
1. So they can't buy you out, even if they wanted to, because she could never get the lender to give her a mortgage in her sole name.
They won't sell either because they don't need to (as it may be very hard for you to get a court order to force the sale and you may believe that you won't have the appetite for a family rift). They are very comfortable, thank you very much. It seems to be a nicely decorated and furnished place (I assume that loan was to do it up), costs them very little, just a fraction of their net income.
2. So they won't voluntarily sell up - they don't want to. If its repossessed, the council may even help to house them.
This leads to a possible scenario in which your lovely relatives, having tricked you into buying the greater share of the property, not letting you move in, and trying to trick you into signing legal documents, have deliberately racked up arrears to try and blackmail you into resuming your generous subsidy of a place where you can neither live, nor possibly ever receive a return on your investment.
3. So they realise that you've called their bluff and they just pay off the mortgage lender and just continue living there.
The final option is that as a joint owner, you are legally entitled to occupy it.
4. So you turn up one day with a bag and simply move in. There's nothing they can do about this, apart from going to court to either force the sale of the property or get an occupation order for themselves.0 -
Well, she could never have bought you out on a property owing £130k (mortgage and loan) on a salary that nets £1400-1600 a month. I'm not sure her tips would have been accepted as part of her salary by her lender. It's a shame that you didn't understand then that this was a fantasy.
1. So they can't buy you out, even if they wanted to, because she could never get the lender to give her a mortgage in her sole name.
They won't sell either because they don't need to (as it may be very hard for you to get a court order to force the sale and you may believe that you won't have the appetite for a family rift). They are very comfortable, thank you very much. It seems to be a nicely decorated and furnished place (I assume that loan was to do it up), costs them very little, just a fraction of their net income.
2. So they won't voluntarily sell up - they don't want to. If its repossessed, the council may even help to house them.
This leads to a possible scenario in which your lovely relatives, having tricked you into buying the greater share of the property, not letting you move in, and trying to trick you into signing legal documents, have deliberately racked up arrears to try and blackmail you into resuming your generous subsidy of a place where you can neither live, nor possibly ever receive a return on your investment.
3. So they realise that you've called their bluff and they just pay off the mortgage lender and just continue living there.
The final option is that as a joint owner, you are legally entitled to occupy it.
4. So you turn up one day with a bag and simply move in. There's nothing they can do about this, apart from going to court to either force the sale of the property or get an occupation order for themselves.
Haha I like the bag trick I might just move my nan's crazy son I'm my uncle they would so sell haha . I couldn't live there not with them two.
Have you heard of a equatable charge for the property someone said to me earlier that I can put that on and that it guarantees me my 50% ???0 -
Probably I so sick of it I signed something as my nan said they will buy the house off us and I will get money out of it and they get to stay there under a council house but it got rejected for some reason and I got worried so checked my credit file and the land registry and its still in my name and aunties
Well, its a great shame you didn't understand what you were signing and aren't really sure what you signed.
As you say, perhaps the council rejected buying the property off them and letting them stay there as tenants because you and your aunty actually own it and both have income. I think they tend to operate these schemes to prevent vulnerable home owners from being repossessed.
Perhaps the council was shocked that they have such a high income and such low outgoings and just boggled at how they were presenting themselves as potentially homeless when they could actually afford to service the mortgage.
why not ask the council why it was rejected if you are curious?
Tell them that your aunty have told you that they are close to repossession and that you want to double check why they were not considered candidates for the council scheme?
The other thing that strikes me is perhaps this wasn't anything to do with mortgage rescue. I think council tenants that buy their properties are supposed to offer it to the local council first if they decide to sell it within the first 10 years - perhaps they turned her down?
Or perhaps your nan has breached some of the terms of the Right to Buy scheme - you already said something along the lines of your nan ignoring the advice of the solicitor? Did your aunty live with her before she bought it?
When a council tenant buys their property (it was a council property wasn't it?), they are not supposed to sell it for the first 5 years or they lose all or part of the Right to Buy discount. Perhaps this is one reason why they've been reluctant to sell it up to this point?
I'm not very knowledgeable about the Right to buy or mortgage rescue schemes - I'm just speculating on these points. Hopefully other posters can give you some clearer info on this area.0 -
Well, its a great shame you didn't understand what you were signing and aren't really sure what you signed.
As you say, perhaps the council rejected buying the property off them and letting them stay there as tenants because you and your aunty actually own it and both have income. I think they tend to operate these schemes to prevent vulnerable home owners from being repossessed.
Perhaps the council was shocked that they have such a high income and such low outgoings and just boggled at how they were presenting themselves as potentially homeless when they could actually afford to service the mortgage.
why not ask the council why it was rejected if you are curious?
Tell them that your aunty have told you that they are close to repossession and that you want to double check why they were not considered candidates for the council scheme?
The other thing that strikes me is perhaps this wasn't anything to do with mortgage rescue. I think council tenants that buy their properties are supposed to offer it to the local council first if they decide to sell it within the first 10 years - perhaps they turned her down?
Or perhaps your nan has breached some of the terms of the Right to Buy scheme - you already said something along the lines of your nan ignoring the advice of the solicitor? Did your aunty live with her before she bought it?
When a council tenant buys their property (it was a council property wasn't it?), they are not supposed to sell it for the first 5 years or they lose all or part of the Right to Buy discount. Perhaps this is one reason why they've been reluctant to sell it up to this point?
I'm not very knowledgeable about the Right to buy or mortgage rescue schemes - I'm just speculating on these points. Hopefully other posters can give you some clearer info on this area.
Yes I will ring them tomorrow and find out if I can.
No my nan bought the house back in 1984 off the council and had bought her x husband out , not sure when and she just had 10k left as she hit retirement and couldn't then afford the house so we bought it off her freehold.
Anyway I will continue on her tomorrow after I have spoke to my solicitor and the council and update as much as I can . But thanks for all your useful messages and hopefully speak to you again very soon . Cheers lee0
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