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Fallen out with dad
peter12345678910
Posts: 482 Forumite
I have two but let mortgages with my dad, the one for my house is a proper mortgage and is going alright, but the other one is interest only and in 3 years I have to pay 70,000. I also have a mortgage for a another house in which I live in. I have no contact with my dad, and he has no idea where I live. We are both dead to each other it seems.
Would it be wise to just allow the flat to be repossessed, as I still will have a house that is being rented and I have a house that I am living in. So do nothing for 3 years and I am still getting a nice profit from the rent and only paying £150 a month for the flat, which has a 30 year lease about.
Any advice welcome
Would it be wise to just allow the flat to be repossessed, as I still will have a house that is being rented and I have a house that I am living in. So do nothing for 3 years and I am still getting a nice profit from the rent and only paying £150 a month for the flat, which has a 30 year lease about.
Any advice welcome
When you look into an abyss, the abyss also looks into you. Nietzsche
Please note that at no point during this work was the kettle ever put out of commission and no chavs were harmed during the making of this post.
Please note that at no point during this work was the kettle ever put out of commission and no chavs were harmed during the making of this post.
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Comments
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No, if you have a house repossessed it will have an impact on you for a long long time.
There isnt enough info to say what you should do, but selling it would be better than letting it have it taken off you. If there is a shortfall they can still chase you for any shortfall which could be bankruptcy/ccjs/debt collectors etc.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You'd be absolutely certifiable to allow a property to be repossessed! Are you aware of the impact it would have on your credit-file and for how long?
What equity is there in the one which is on interest-only, who is receiving the rent and who is paying tax on it?
Which property is mortgaged in both of your names?0 -
The flat is worth £85 000. About. I am receiving the rent. Tax is being paid for both rents by me by a different tax code that takes the tax from my wages. I have £6 000 pounds in savings.
Both rented properties are in my name and my dad's. My new property which I bought myself is in my name and my wife.When you look into an abyss, the abyss also looks into you. Nietzsche
Please note that at no point during this work was the kettle ever put out of commission and no chavs were harmed during the making of this post.0 -
If you decide to sell the properties you need your dads authorisation.
If you have it repossessed it will impact you (and possibly your wife by association) and your dad. Dont put your head in the hand so to speak - get it sorted properly one way or the other.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
So, at the moment you have £15k in equity on one of the BTL properties. Having the property repo'd doesn't make any sense whatsoever. Just get your father's consent and sell the damned thing if that's what you want! But you are receiving all of the rent and declaring it for tax-purposes which could mean your Dad is committing tax-fraud. You could choose to use this information as leverage to gain his consent to sell.
What's the equity position on the other BTL?0 -
If your dad partly owns it how are you receiving all of the income from it? Who pays the mortgage?
Either way you going to have to contact your dad, selling and cutting ties is the easiest option? What was your original plan to pay the capital off?
30year lease? That's not much at all!An opinion is just that..... An opinion0 -
It is difficult to contact my father for emotional reasons:
1
They threw me and my wife from the family house by changing the locks. Even though it was a big house.
2
Every time the family has contacted me has caused problems. They want me to divorce my wife.
3
They are very cunning and clever.
4
I threw away my old sim a couple of days ago so they could not contact me.
5
They are intent on making my life as difficult as possible, to force a divorce in a happy relationship.
I just about managed to get my life in order, took me 4 months to buy a new house. I really do not want to contact my father. We could not move into the rented accommodation because then they will know where we live.
I do not know what to do, I have rang the mortgage company, the woman said she could not give advice and will post the details to my new address.:(When you look into an abyss, the abyss also looks into you. Nietzsche
Please note that at no point during this work was the kettle ever put out of commission and no chavs were harmed during the making of this post.0 -
Communicate by a solicitor ? It will be expensive though."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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I read this
landlordzone.co.uk/forums/showthread.php?49378-Birmingham-Midshires-threat-to-switch-from-interest-only-to-repayment
they are forcing people into repayment mortgages from interest only, now that I have rang them, they may do it to me too?:eek:When you look into an abyss, the abyss also looks into you. Nietzsche
Please note that at no point during this work was the kettle ever put out of commission and no chavs were harmed during the making of this post.0 -
Contact your father via a solicitor.
If you have joint ownership, you should be ensuring your father has half the net rental income?If you've have not made a mistake, you've made nothing0
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