looseing home after probate 13 January 2014 at 6:34PM in Over 50s MoneySaving 34 replies 10.5K views

getmore4less

If the place is worth around £180k with a £135k mortgage

Then 50:50 would have been £90k £67.5k so £22.5k each

How did you/they come up with DOV that gave you 2/3 them 1/3 the most free equity they could have would be 12.5% to have you take in the full debt or is the 2/3 after the mortgage is paid off?

( you said early on 2/3 1/3 and in the latest post 1/2 + 1/3 these are not the same)

What was agreed by this DOV?

A place costing £180k would rent for around £750pm on a gross yield of 5%

What's the open market rent for a similar place?

if you were 50:50 then you would only be due 1/2 that market rental with them due 1/2 the mortgage for the share they owed.

What are the current terms of the mortgage, term and interest rate, you will need to deal with the equity being created.

eg. at 4.3% over 12 years you would be creating over £700pm equity, 3% 11years over £850pm

oriental333

Update to all that had tried to help me
The sons agreed a sum to pay them off.
I agreed and paid into their solicitor who drew up a letter that in return for the sum that they no longer have any interest in my home.

This is in return for their shares in the property.

I visited my mortgage company and asked if I could have the mortgage could be put into my sole name.

The bank refused as my income not big enough. I still pay the full mortgage on my home which is still to big for me.

I lost a sale two months ago due to the mess of who owns the property.

Now my new dilemma is now I have bought the executor sons out I am now advised that in order for me to sell my home at a future date that I will still need to obtain the signatures of them.

Should I find a buyer and since the executors will have been paid the money in return for their shares in my home they could lose me a sale by refusing to sign for the sale.

The executors could also move away. Am I trapped in my home

I took on extra debt raising the money to buy out the executors and now I feel a fool agreeing to buy them out without not realising that I still need their signature to sell.


Any advice please

scatty11

who are you paying the mortgage to? if you go and see whoever the mortgage is with and explain that you are struggling to pay till this is sorted they should help you by reducing the mortgage for a certain amount of time. I would speak to the mortgage lenders they may even have a solicitor or does your house insurance cover you for free legal advice. Check the policy this is what you pay your premiums for

scatty11

last message I sent obviously doesn,t apply anymore but why not consider taking in a lodger and have a proper agreement drawn up with a solicitor the bond would cover solicitor fee. And make sure you do get a proper tenancy agreement even if its a friend as you already know. Trust one

Mojisola

oriental333 wrote: »

The sons agreed a sum to pay them off.

I agreed and paid into their solicitor who drew up a letter that in return for the sum that they no longer have any interest in my home.

This is in return for their shares in the property.

I lost a sale two months ago due to the mess of who owns the property.

The ownership of the property should have been sorted out at this stage. What does their solicitor say?

scatty11

trust no one

oriental333

The bank cannot offer help due to the strict lending criteria now. Bank says my late partners name cannot be removed as a mortgage cannot be transferred into my sole name as my income is to low.

Executors solicitor says the executors will always have the power to sign off the house as they will always be the executors whilst the mortgage has my partners name attached to it.

Looks like a catch 22

scatty11

Have you been in touch yourself with the land registery? maybe they might be able to help but personally I think you need to get someone who wants to buy a part share in the house then you can get a smaller mortgage but again you would have to discuss this with a solicitor whatever you do don't bury your head in the sand be realistic. How long can you carry on paying a mortgage that is obviously to much for you to keep up alone

Winter_Phoenix

Try a mortgage broker. They may be able to find you a mortgage with a different bank or building society. And going through a broker (rather than asking a whole load of banks and building societies yourself whether you'd be eligible for one of their mortgages) means that you won't have umpteen credit checks made against your name.

carefullycautious

What about asking if a housing association would buy it from you and then you rent it back. I have recently been on a blog where this happened for a husband and wife. They were then rehoused into a smaller property due to the bedroom tax kicking in.


Ok they no longer own there own property but at least they have a secure tenancy in a smaller easier to manage home.