Joint mortgage

Kezzalogan

Hi I'm after some advice I brought a house with my mum 12yrs ago I moved out in 2000 to go and live with my partner I carried on paying my half of all the bills. Unfortunately my relationship broke down in 2006 and I was forced to move back to our house with my daughter as it made sense because I could not afford to rent and pay a mortgage .The problem I have now after 7 years I need my own space for me and my daughter, me and my mum are not getting on as we always had done in the past and I basically live in my bedroom lol. I'm just wondering if I can sell my half of the house or even give it to my mum so I can move out and find a place of my own. Any advice is appreciated

Caz3121

Kezzalogan wrote: »

Hi I'm after some advice I brought a house with my mum 12yrs ago I moved out in 2000 to go and live with my partner I carried on paying my half of all the bills. Unfortunately my relationship broke down in 2006 and I was forced to move back to our house with my daughter as it made sense because I could not afford to rent and pay a mortgage .The problem I have now after 7 years I need my own space for me and my daughter, me and my mum are not getting on as we always had done in the past and I basically live in my bedroom lol. I'm just wondering if I can sell my half of the house or even give it to my mum so I can move out and find a place of my own. Any advice is appreciated

Is there any equity in the property. Would your mother be in a position to take on the whole mortgage herself? Are you planning on buying another property or rent, would you be looking to claim housing benefit?

TBagpuss

Do you and your mum have a declaration of trust?
Normally, when you own a property jointly with another person you can force a sale - ultimately by applying to court for a order for sale if you cannot come to an arrangement.

At this stage, i would sit down and look at the possible options, then try to discuss with your mum.

The options might be:

1. You buy out your mum's interest in the house. You would need to be able to raise a mortgage to pay her her share of the house (likely to be 50% unless there was a different agreement between you at the time you bought, or a declaration of trust giving you different shares). She uses the money to rehouse elsewhere.

2. Your mum buys you out, by paying you the 50% (or other share) of the value of the house. You use the money as a deposit to buy elsewhere

3. You sell the house, and each take your respective shares and move elsewhere, whether into rented or owned depending on your finances.

4. You move out into rented accommodation and reach an agreement with your mum about finances - for example, that she pays the mortgage (if any) and costs of insuring the property. If there is no mortgage, or of it is significantly lower than the cost of renting, then it may also be reasonable for her to pay you an 'occupation rent' to occupy your share of the house.

5. She moves out into rented accommodation and you pay her an occupation rent to live in her share of the property.

I can;t see any reason why you would want to give the property to your mum - surely you will need your share of the equity in order to rehouse?

You could of course chose to move out and allow her to continue to live there without asking her to pay rent for your interest in the house - in that case, you could reasonable require her to keep the property insured and to cover any mortgage costs, and might want to discuss whether you should change the shares you each have to allow for you to have a larger share to reflect the fact that she is getting the benefit of living there rent-free at your expense.
How would you find a new property if you can't have your equity from this one?