Anybody know about tax, mortgages and cr*ppy families?

Ames

The thing about holding out for 55 goes back to my original rambling - would they between them be able to get a mortgage for that amount, ie about 90k?

ETA: Kynthia youru post appeared when I hit send!

Before they made their offer I had 50-60 in mind. That would have given me more options. But if they can't get that, they can't offer it.

The lending criteria does worry me. They're... how can I put this... less than honest about finances.

My sister was turned down for a career development loan. She can't understand why, I think it's because she didn't put down one of her 2k overdrafts.

When the 'emergency storm in a tea cup' happened at New Year, they blithely tried to commit insurance fraud (dad took out insurance months ago, claiming it was his primary residence. Thankfully, the type of repair wasn't covered. Yes, I was seriously considering reporting them if they'd gone ahead).

Oh, and despite me coughing up an extra £50 a month to sister for Sept-Nov because she was struggling, she's managed to get into arrears with the council tax. Which will be paid off over the next couple of months, which pee's me off because I was hoping for two months off from paying it, but somehow even though I've paid £150 more, we're behind and I have to keep paying.

Oh, and she got caught for benefit fraud. But she paid up and paid a fine so I don't think that'll be recorded anywhere.

So, the lenders have said that they meet the criteria, but they might not.

I guess I need to decide whether 45k in the hand now is worth dealing with them and hoping for a future 55k.

Hmm, maybe I should be offering them 45k to go away...

Kynthia

I'll admit I've not read the whole of your posts as there's so much in there. So I might have missed something important but as far as I can see the crux is how much will you accept from them? Don't concern yourself with how much they can get, they may be lying to you to force you to accept a lower offer. Also it's possible that after further checks the lender will refuse to lend to them. Try to get them to give you what you want and if they won't/can't then sell at a realistic price to someone else through the agent. It's going on too long and you need this over.

daisygirlmac

Kynthia wrote: »

I'll admit I've not read the whole of your posts as there's so much in there. So I might have missed something important but as far as I can see the crux is how much will you accept from them? Don't concern yourself with how much they can get, they may be lying to you to force you to accept a lower offer. Also it's possible that after further checks the lender will refuse to lend to them. Try to get them to give you what you want and if they won't/can't then sell at a realistic price to someone else through the agent. It's going on too long and you need this over.

^^ this!!!

fed_up_and_stressed

Tbh from everything you've posted about wanting to get rid of the property but not wanting to feel shafted by your family I would be tempted to get in an estate agent who does auctions.

If the estimate is not far off what you were expecting then I would be tempted to bung it into the next auction with a fixed reserve. Gets it out of everyones hair that way.

gunsandbanjos

Ames wrote: »

The lending criteria does worry me. They're... how can I put this... less than honest about finances.

My sister was turned down for a career development loan. She can't understand why, I think it's because she didn't put down one of her 2k overdrafts.

When the 'emergency storm in a tea cup' happened at New Year, they blithely tried to commit insurance fraud (dad took out insurance months ago, claiming it was his primary residence. Thankfully, the type of repair wasn't covered. Yes, I was seriously considering reporting them if they'd gone ahead).

Oh, and she got caught for benefit fraud. But she paid up and paid a fine so I don't think that'll be recorded anywhere.

So, the lenders have said that they meet the criteria, but they might not.

Wow, just wow!

I should say now that I work in the fraud department for a big bank.

We are seriously tightening up on lending and any undisclosed adverse credit is an immediate red flag, and the career development loan where she didn't disclose her overdraft will have been noted on her financial record.
What they may have right now is a decision in principle, this does not guarantee any lending, these are made before the offer goes fully through all the systems.

gunsandbanjos

I agree about taking the property to auction.

Ames

Frankly, I doubt they even have an agreement in principle. I think they have an offer of an appointment to go over finances and a bunch of leaflets.

Oh without a doubt they're lying to me to get in a cheap offer to me, they know I'm desperate. It'd just be nice to have an idea of what they can get for when they try BSing me.

I don't even know if dad would be classed as a homeowner given the equity release scheme?

I'm having a meeting with them tomorrow (in a restaurent, so no knives at throats. Literally, that was dad and sister last summer. Now they want to be business partners).

I think I'll 'suggest' the option of auction. If they don't like that, then it'll be that or up the offer to £55k (but accept a little bit lower). I mean, if the auction value comes in at debts paid and £45k each to me and sis then there's nothing to complain about...

I also have to show them the latest letter from the mortgage company relating to the complaint that dad and sis made me put in about them taking us to court and adding 3k in fees... it wasn't pleasant. It wont go down well. But it will back up my position that it all needs getting over and done with.

ETA: although after looking at local auction results we quite probably wouldn't even get enough to cover the debts. Which puts things in perspective.

belfastgirl23

Just thinking about you and your mental health honestly I'd say get rid to them. The extra money is probably not going.to make a big difference to you anyway since it will come off your benefits. And presumably having some money might allow you to move or make major improvements in your current living conditions which can only be a good thing for your health.

But you need to be clear in your mind you are handing off a huge headache to your dad and sister. They may think they're getting the best of it and in financial terms that's probably true. But this house is going to continue to be a mess and a money pit for a long time before it generates an income. You don't need this in your life. Plus the stresses of trying to let it out, managing tenants etc.

What you don't want is to end up feeling resentful. Which means it needs to be an active decision to prioritise your mental health over finances. I think you're already fed up with the hassles over it and understandably so.

Honestly you might get a bit more cash but it's time to draw a line under this whole mess and move forward with the rest of your life IMHO.

Ames

Thank you belfastgirl, you're right.

I decided last night to quit this year of uni and repeat next year - saying to myself that I have to put my mental health first. I need to look at this whole house thing in the same light.

LannieDuck

Ames wrote: »

ETA: although after looking at local auction results we quite probably wouldn't even get enough to cover the debts. Which puts things in perspective.

This sounds quite important. If you don't think you'd get £45k at auction, I might see if I could negotiate them up to £50k and agree to walk away for my peace of mind.