Absolute mess, don't know where to begin

Yorkshireman99

Crowdedhouse wrote: »

Keeppedalling, when I told aunt about what cousin's friend had said about debts and remortgaging, I made it clear to her that cousin's friend may or may not have been correct and I was just passing the message on to her. I did not feel it was my place to withhold this information.

I said to aunt about the LR, and she doesn't want to know. I think, at the moment she's resigned herself to the fact that she won't be inheriting the house. If it turns out there is any equity left that will be a bonus, I suppose. She's now told me to not get involved in anything to do with the house and she will sort it all with a solictor's help. Fair enough.

Thanks.


Yorkshireman99 aunt has enough money and is happy to pay for everything.

Thanks.

I have to say that you are well out of it all. At least to you tried your best to help your aunt and are to be admired for doing so.

Keep_pedalling

Yorkshireman99 wrote: »

I have to say that you are well out of it all. At least to you tried your best to help your aunt and are to be admired for doing so.

I can't agree here, you and your aunt are acting in ignorance of the facts. Just spend £3 with the LR before just giving up.

Yorkshireman99

Not good advice as her aunt is in denial and has said she will consult a solicitor. She may be wrong but if that is her decision then the OP should just wash her hands of the whole thing.

Keep_pedalling

Yorkshireman99 wrote: »

Not good advice as her aunt is in denial and has said she will consult a solicitor. She may be wrong but if that is her decision then the OP should just wash her hands of the whole thing.

That is entirely the OPs decision, but from a personal POV it is not something I could do for someone I cared for especially when the first step is so simple.

Yorkshireman99

Keep_pedalling wrote: »

That is entirely the OPs decision, but from a personal POV it is not something I could do for someone I cared for especially when the first step is so simple.

The OP knows the situation far better than we can do. If the aunt has made a firm decision then probably nothing will dissuade her.

nom_de_plume

Crowdedhouse wrote: »

I said to aunt about the LR, and she doesn't want to know.

I don't think it's been pointed out here but you, me or anyone can request the Land Registry information. It's freely available (well £3) in the public domain. All you need is the address. It won't tell you what (if anything) is owed on the property but it will tell you if a lender has placed a charge on it.

getmore4less

For now I would let the Aunt get input from the solicitor, a good one should recommend(on cost grounds) that the family do the initial bit of going through the paperwork, while they do some specific stuff like land reg and mortgage inquiries.
If the aunt then wants some help thats the time to step up.

Crowdedhouse_2

Phoned a relative today who lives in a different part of the country and she remembers back in the '80s or '90s aunt telling her something about a property she was going to buy for my cousin.

Her recollection was that aunt was going to pay a large sum in cash but that cousin would get a mortgage for the remaining amount. My cousin was employed and working at that time. Relative can't remember what amount aunt paid in cash. So it seems aunt didn't pay entire price of property in cash after all.

I have just got a copy of that document from the Land Registry and the relevant section reads as follows:


C. Charges Register

This Register contains any charges and other matters that affect the land.

1. A Transfer of the land in this title dated 8 March 1982 made between (1) the Council of the Borough of xxxxxxx and (2) xxxxxx xxxxxxxx contains restrictive covenants.

NOTE: Original filed

2. (19.06.1992) REGISTERED CHARGE dated 13 June 1992 to secure the moneys including the further advances therein mentioned.
NOTE: The proprietor of this charge is obliged to make further advances in accordance with the mortgage terms and conditions.

3. (19.06.1992) Proprietor: Nationwide Building Society of Nationwide House, Pipers Way, Swindon L SN38 1NW.

End of Register



I have left out any relevant info. such as the name of the previous purchaser.

Can anyone tell me what the charges information means, please? I assume 19.06.1992 is the date of the original mortgage she took out.

I don't really understand it, but my first thought is that maybe the only thing owed is the original mortgage minus any repayments she may have made since that date and contrary to what cousin's friend told us there aren't any further re-mortgages? Hope I'm right.

Thank you.

silvercar

If those are the only charges listed then only the Nationwide has a charge on the property. So if there were any further advances they were made by Nationwide. If nationwide made any further loans, they can use the original mortgage charge on the property to secure the loans.

I don't know that Nationwide are active in the secured loan area, so chances are there is just the one mortgage. That was made in 1992, which makes you wonder how long the mortgage was for. 25 year mortgages are very common, suggesting it would have been due to be repaid in 2017. If it was a repayment mortgage, there will be very little left owing. If it was an interest only mortgage, they may well be an endowment policy or life insurance set up to run alongside the mortgage. If there is then the death of the insured should trigger a full repayment of the mortgage. Assuming no arrears.

silvercar

nom_de_plume wrote: »

I don't think it's been pointed out here but you, me or anyone can request the Land Registry information. It's freely available (well £3) in the public domain. All you need is the address. It won't tell you what (if anything) is owed on the property but it will tell you if a lender has placed a charge on it.

Yes pointed out in posts 6, 7, 13!