Legal Charge

AnotherJoe

Re: Transfer and charge of (address)

As you will be aware I have been instructed by Brother 1 and wife in relation to the transfer of (address) I have been advised that due to the poor condition of the property Brother 1 and wife are unable to obtain a mortgage to "buy out" the share of yourself (sister), Brother 2 and your mum. It has been agreed however; that the property will be transferred into Brother 1 and wife's name with a legal charge in your favour being registered simultaneously. The charge will be for £142,500 which represents a 25% share for the three of you in the sum of £47,500 each. If this is incorrect please let me know.

---

Errrm, who has "agreed" this ?

Miroslav

Deleted_User wrote: »

I think it's a bit naive of the person and his wife who want to continue to live in the property for the foreseeable future, presumably rent and mortgage free. While the other 3 inheritors could end up waiting rest of their lives before they see their inheritance.

As far as I was aware, Brother 1 and wife already have a home, although I don't know if it's mortgage or rented.

AnotherJoe wrote: »

Re: Transfer and charge of (address)

As you will be aware I have been instructed by Brother 1 and wife in relation to the transfer of (address) I have been advised that due to the poor condition of the property Brother 1 and wife are unable to obtain a mortgage to "buy out" the share of yourself (sister), Brother 2 and your mum. It has been agreed however; that the property will be transferred into Brother 1 and wife's name with a legal charge in your favour being registered simultaneously. The charge will be for £142,500 which represents a 25% share for the three of you in the sum of £47,500 each. If this is incorrect please let me know.

---

Errrm, who has "agreed" this ?

Certainly not my friend.

She's only known about the potential sale for a few days.

The text says that she will receive some forms to sign so they can sell the house and she will get about £45,000 when complete.

It seems they are trying to mis-lead her and potentially their mother.

The two brothers don't have mental health issues like the Mother and Sister.

silvercar

Mad idea. Instead of receiving £47,500 you agree to receive the money at some vague point in the future. In the mean time, one of the 4 get to live in the house rent and mortgage free.

Suggest that interest be paid on the £47,500 x 3 and see how quickly they backtrack!

You can bet when the property is eventually sold there will be claims that they had spent money on repairs so should agree to take less than £47,500 or that the sale won't realise enough money so they need to reduce their shares.

Miroslav

silvercar wrote: »

Mad idea. Instead of receiving £47,500 you agree to receive the money at some vague point in the future. In the mean time, one of the 4 get to live in the house rent and mortgage free.

Suggest that interest be paid on the £47,500 x 3 and see how quickly they backtrack!

You can bet when the property is eventually sold there will be claims that they had spent money on repairs so should agree to take less than £47,500 or that the sale won't realise enough money so they need to reduce their shares.

She's unlikely to suggest interest - she doesn't like conflict and will see what her brothers say as gospel.

I've now got to convince her not to sign before her brother starts pestering.

marksoton

Utterly mad. No way would i sign that guff.

She's being played.

AnotherJoe

Miroslav wrote: »

As far as I was aware, Brother 1 and wife already have a home, although I don't know if it's mortgage or rented.



Certainly not my friend.

She's only known about the potential sale for a few days.

The text says that she will receive some forms to sign so they can sell the house and she will get about £45,000 when complete.

It seems they are trying to mis-lead her and potentially their mother.

The two brothers don't have mental health issues like the Mother and Sister.

Since she hasnt agreed to anything, she doesn't need to sign anything.

This is anyway wholly contradictory regards getting the £47,500, as I read it from what you've posted she will have a theoretical £47,500k that she cannot access, possibly ever. What use is that?

She should see a solicitor or otherwise get advice, though I suspect something else is going on here. The mother didn't die, did she? Is she perhaps gifting this house to her relatives, possibly as a dodgy way of evading care home fees? Might mother cut your friend out of the "gift" if she doesn't sign?

Gigervamp

If she signs it, she'll lose her benefits. Maybe she should give DWP a call and ask them what would happen.

She would be a fool to sign it. The deal is only in Brother 1 and Wife's favour.

I do hope you're able to convince her not to go along with this scheme. It's horrible when people with mental health problems are taken advantage of, especially when it's by a member of their own family. Unfortunately, it's all too common.

Miroslav

marksoton wrote: »

Utterly mad. No way would i sign that guff.

She's being played.

It seems that way, unfortunately.

AnotherJoe wrote: »

Since she hasnt agreed to anything, she doesn't need to sign anything.

This is anyway wholly contradictory regards getting the £47,500, as I read it from what you've posted she will have a theoretical £47,500k that she cannot access, possibly ever. What use is that?

She should see a solicitor or otherwise get advice, though I suspect something else is going on here. The mother didn't die, did she? Is she perhaps gifting this house to her relatives, possibly as a dodgy way of evading care home fees? Might mother cut your friend out of the "gift" if she doesn't sign?

I'm not sure who agreed to this. I imagine it was the two brothers. Brother 2 is financially secure and although £47,500 would be nice i'm sure, it's not something I think he needs to survive where she needs an income to survive, whether it's this house money or otherwise.

The Mother is alive and well as far as she knows (they don't keep in contact) and anyway, she is named on the list to receive £47,500 herself, in the future if this all works out. She is late 70's early 80's though.

I'm not sure how the money is worked out. From what I have been told, father died and left the house to mother on the premise that shen she died/left and house was sold, that it was split 4 ways if she left or 3 ways (to the 3 children) if she died. I don't know if Mother can change father's wish.

Gigervamp wrote: »

If she signs it, she'll lose her benefits. Maybe she should give DWP a call and ask them what would happen.

She would be a fool to sign it. The deal is only in Brother 1 and Wife's favour.

I do hope you're able to convince her not to go along with this scheme. It's horrible when people with mental health problems are taken advantage of, especially when it's by a member of their own family. Unfortunately, it's all too common.

I have told her this (and everything else that has been said on here up until last night) and now she's panicking about upsetting her family (that she doesn't see from year to year at most).

I am going to try and convince her but along with the panic, she was getting upset with me as she feels she should sign it.

Many years ago, when father was still alive, he sold some land that he owned at the back of the house (this was split 5 ways as Father was still alive) - the sum was much less although I don't remember exactly how much it was around £25,000 and I remember she asked my advice back then and I think I asked on here then as well and it as all fine as it was just £25,000 approx when the land sold.

She didn't respond for a few days and the next thing she knew her brothers send a text saying they were in the car and on there way down so she could sign and they take the forms back. At that time neither brother had any money so they were desperate for her to sign so they could get their £25,000 approx too, but they showed a desire to rush things back then, so it worries me they could do the same then and if they turned up on her doorstep without anyone there, could pressure her.

She's mentioned the house and how her Mother hasn't lived in it for a few years before and i've mentioned how strange it was to keep the house and not sell it with all the rates still to pay and with her brothers being so quick with the land how strange it was that they weren't onto this house sale quicker, though I suppose Mother could have just kept refusing. She was very unwell when I last met her 20 years ago and by all accounts she's not well now. I hope she's taken advice too, but I doubt it - she'll trust her loving sons.

G_M

As everyone else has said:

:shocked:

Mad.

SHE has not agreed, and there is no way she should agree.

The will stated that the house should be left as/is for mother to live in. Very sensible.

But that when mother no longer wanted/needed the house (death or sale) then the proceeds should be split 4 ways (or 3 if mother died).

Mother has moved out and no longer needs the property so it is being sold (do not be fooled into thinking a 'transfer' is different!).

Your friend is being bullied into giving up her inheritance. The Charge is virtually meaningless. She should refuse to sign and if the brother attempts to proceed without her signature she should get legal advice fast.

Miroslav

G_M wrote: »

As everyone else has said:

:shocked:

Mad.

SHE has not agreed, and there is no way she should agree.

The will stated that the house should be left as/is for mother to live in. Very sensible.

But that when mother no longer wanted/needed the house (death or sale) then the proceeds should be split 4 ways (or 3 if mother died).

Mother has moved out and no longer needs the property so it is being sold (do not be fooled into thinking a 'transfer' is different!).

Your friend is being bullied into giving up her inheritance. The Charge is virtually meaningless. She should refuse to sign and if the brother attempts to proceed without her signature she should get legal advice fast.

I'll try and get her to not sign. Unfortunately their are other voices louder than mine. I'm not saying any of those will be deliberately trying to do her wrong, I just think many won't check out what this means in the way I have asked on here. She asks my advice often, but I tend to tell her straight and not what she wants to hear. She may well listen to someone who says "it seems fine to me" rather than me saying "Don't do it".

Remember, she has a mental health issue and where money/budgeting is concerned, she is incredibly bad. I may have to speak to one of her care team if they will listen to me as she could without me knowing just sign and send it back.