Fallen out with dad

Amatheya81

You came on this site for advice and you have received several options. Right now all you are doing is stalling and that will get you no where. If you really can't face talking to your father get down to a solicitors and get them to correspond on your behalf. You can't move forward until you know what the score is.

I think it is very unlikely that your father will want his credit score destroyed by the house repossessed so what will likely happen is that he will whine and moan and then sign the paperwork for you to sell.

On a side note, I doubt very much that your wife can be a objective advisor in this case so stop listening to her opinion of how vindictive your family is and start listening to some sound financial advice.

peter12345678910

I cannot do anything anyway as he has gone with my mum to the canary islands for the winter due to her asthma - they are quite well off financial wise. But I can use this time to learn more about mortgages, by watching this forum and reading a couple of books I downloaded on such things.... till they come back, he will probably be more aware and concerned as the debt will be his too. Money wise he is very sound and wise though emotionally he is in debt.

Foxy-Stoat_3

No amount of books are going to help you, only simple maths.

£1945 per month for 36 months will see you ok for paying the mortgage in three years....or try and speak to your Father about it, send an email if you have to....if you still cannot get any sense out of him then engage a solicitor and force the sale. Maybe he has a repayment vehicle that he hasn't told you about.....did you put any of your own money into this BTL at the start?

Letting it get repossessed isn't really an option as it will effect you for a long time afterwards.

You mention you have 2 buy to let properties with your Father...whats the other one....you state that its a proper mortgage for your house that your living in.....does he own half of this house also?

ihatemyhouse

if I am reading this right, the prob is you need 70k in 3 years to pay off the mortgage, as you thought you had longer to pay it and you aint got the 70 k get the rent out of it for 3 years then sell it

Foxy-Stoat_3

ihatemyhouse wrote: »

if I am reading this right, the prob is you need 70k in 3 years to pay off the mortgage, as you thought you had longer to pay it and you aint got the 70 k get the rent out of it for 3 years then sell it

Problem is if the OP paid £70,000 in 3 years time, he would lose £35,000 when the property sells.....main problem is communicating with the joint owner.

Daniel54

peter12345678910 wrote: »

I rang up Birmingham Midshires and they gave me the details:

Basically 3 years to pay £71,544.28

On 2.45 interest a month

As my Dad is quite old I have less time to pay it off, andit will end in 3 years - I thought I had 20 years or more to pay it off.

They said they cannot give any advice even though I told them I just have 5,000 in savings, and I have to ask a broker for advice. So here I am for advice.

So if I sell the property which I have very little idea about I still need my dad's permission.

I cannot see any options, but if he made the mortgage knowing that I would not be able to pay 71,000 in 10 years, now 3 years. I do not know why he did not ever warn me about it.

If I had 20 years I could invest £200 a month in a Virgin account with 3% interest and have a slightly below reasonable chance to reach it.

I do not know what to do?

OP ,the highlighted information tallies with your original post,so it is not clear why this is such a surprise or why you now say you thought you had 20 years.

Additionally,you mention in your original post that the flat has a 30 year lease.If this correct as if so you would not have obtained a mortgage 10 years ago and are investing in a depreciating asset.

It would be helpful if you cleared up these inconsistencies before receiving any further assistance

BigAunty

peter12345678910 wrote: »

I cannot do anything anyway as he has gone with my mum to the canary islands for the winter due to her asthma - they are quite well off financial wise.

If you know their address, you will be able to courier the information to them around the balance of the mortgage, the issues relating to not being able to fulfill it by the end of the mortgage term and the short lease which makes it very difficult to sell and expensive to extend, the risks to his credit rating if it gets repossessed, the options you propose to resolve this with him, etc. Legal documents around the lease extension, mortgage extension, or sale can be couriered out there for signature.

peter12345678910

Perhaps he has got a repayment mortgage set up after the 3 years? I think the lease is longer than 30 years - I have forgotten. He keeps all the details to himself, if he wants all the details for himself then he can deal with all the details himself. I told him to give me the house documents, just gave me the keys, and a few useless letters - he has explained nothing to me - though essentially the problem is my wife and my family, and I have chosen my family - meaning my new family - the wife. I mean if he keeps all the details himself, then he can detail with all the details himself.

Thanks for all the advice in this forum - I think it is his problem and not mine.

I know the advice that I can get in this forum is limited to the details I know. I know where to go when anyway when I get more details.

So I really want to thank everybody that has replied to this post, I have found their insights heart-warming and kind.

Bye - this thread has not ended - just being patient....

RAS

Hi

You can download all the documents regarding the houses from the Land Registry; the basic one costs £3. These are public documents.

dancingfairy

It is actually your problem. If the house gets repossessed it could affect your credit file for at least 6 years. You can be chased for a mortgage shortfall for 12 years and it could cause you problems in the future.
It could become a nightmare.
I suggest you get all the documents together and go and see a solicitor. They will advise you on the best way forward.
df