Fallen out with dad

AdrianC

peter12345678910 wrote: »

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

Did you, or did you not, sign paperwork when the place was purchased?

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

If you didn't sign any paperwork, then it's his problem, since you won't be on the mortgage or the LR deeds. But spend £3 to get a copy anyway.

If, otoh, you DID sign paperwork, then it's VERY much your problem, since YOU are liable for the mortgage just as much as he is.

RAS

peter12345678910 wrote: »

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

Do you understand the meaning of joint and several liability? Becasue if you signed the purchase deeds or the mortgage application that is what you will almost certainly have.

This means that you and dad are BOTH liable for the WHOLE of the unpaid debt. Not half, the whole, both of you.

Download the deeds and at least work out whether these are joint tenancy or tenants in common.

peter12345678910

update after 2 years

6 months ago
I went to a solicitor last spring, paid 150 to ask my father to keep the property. Have not heard any reply.
3 months ago
had a baby
1 month ago - interesting part
For my present house I had to revise my mortgage with natwest, no broker used as 2 years had gone by since I bought the house.

I explained my problem, they said just come to us and u get a remortgage and I do not need my dad's permission.

I was thinking it may be cheaper if I go to some independent broker and get a buy to let remortagage, perhaps on my name and the wife's?

p.s I did read that official figures point that 80,000 people have the same problem but it is worse for them as they may have not house when they are 70 or so. So watch dogs are advising better support for people with interest only mortgages.

DRP

Strange thread.

So do you now have around a year left to pay off the BTL mortgage?

katieks

Get a BTL remortgage on which property?

Man, I think you're just digging a deeper hole...

csgohan4

That's why money and family don't mix, when money comes into it, even family doesn't matter


It's best to sell up quick or your credit file will be damaged for a long long time and you will make things worse and find your current mortgage lenders not touching you for remortgages and you will end up on expensive variable mortgages.

booksurr

peter12345678910 wrote: »

update after 2 years

....I explained my problem, they said just come to us and u get a remortgage and I do not need my dad's permission.

I was thinking it may be cheaper if I go to some independent broker and get a buy to let remortagage, perhaps on my name and the wife's?

p.s I did read that official figures point that 80,000 people have the same problem but it is worse for them as they may have not house when they are 70 or so. So watch dogs are advising better support for people with interest only mortgages.

I find that very hard to believe - did you explain the situation in detail?

did Nat West understand that the property is jointly owned with your father? I doubt they will let you re mortgage it without him being a co-signatory to the new mortgage since no lender ever allows a co owner who is not party to a mortgage secured on the property as the other owner is not liable to them if you default and they need to repossess

(your situation relates to a BTL property, how many people are on interest only mortgages for the house they live in is therefore utterly irrelevant. Why on earth do you think "watchdogs" would care one iota whether a buy to let landlord can or cannot afford to pay off their mortgage at the end of the term?)

pinkshoes

Why did you use a solicitor to ask your father to keep the property and not sell it?

The best thing you can do is put all your time and energy into selling the two BTL properties then move in with your life.

BrassicWoman

I am not sure who actually owns which properties, and I am not sure that you know either?


There's not enough actual facts in this thread to offer proper advice.

TBeckett100

This is what you do.

You meet with him neutrally. You explain that you are planning to divorce your wife but you need an exit strategy I.e you need to liquidate other mortgages so you can set yourself up. You get your wife on board, you do the deed with your dad and then tell the old man to drop dead.

On another point, what happens to your fathers share of the property on his death? Does it pass to you or does his share pass to his estate? If he is old, chances are within three years it could come to you anyway.