Advice please

spidermoney

Hi

My first post.

Hope its in the right forum .

My mother in law got divorced 9 years ago now & wasnt in the best place money wise so i helped her buy out her ex husband and we got a joint mortgage.
She paid the majority of it and i helped out with the rest.
Shes now retired and we were having problems with one thing or the other about getting a remortgage with her on it (due to her ex having black marks on borrowing etc.)

So to cut a long story short the house is now in my name and mortgaged in my name, we still have the same agreement of her paying the majority of the mortgage and i also help out.

Heres the BIG qustion i need answered .....Am i breaking any laws ?:eek:

Any advice will be truley helpful .

Thanks

hazyjo

So basically the property is now entirely yours and she alone lives there?


Can you clarify first...


And are you in England/Wales or Scotland?


Jx

hazyjo

PS I think you'd be better off on the property board http://forums.moneysavingexpert.com/forumdisplay.php?f=16


Not sure if you can move the thread under 'Advanced' or if you need to PM a board guide (named at the bottom of the board somewhere)
Jx

gettingtheresometime

Regardless of the fact that your MIL is at the moment is paying the majority of the mortgage, what happens if she can't - can you pick up the shortfall?

Also is the mortgage a btl mortgage or a residential one and if the later are the mortgage company aware that you aren't living there and effectively renting it out?

pogofish

spidermoney wrote: »

Heres the BIG qustion i need answered .....Am i breaking any laws ?:eek:

You agreed to MSE's position on legal advice as part of your signup, what are you asking this now?

hazyjo

What we are trying to establish is, are you a landlord renting out your property, or is she a lodger. I presume the former. If yes, you are very likely breaking laws as you have legal responsibilities as a landlord. There is no such thing as an 'informal agreement', fact is, you would be a landlord and she would be your tenant.


As above, your mortgage company should be aware and you would most likely have a BTL mortgage or consent to let on your residential.


There is insurance to consider too, plus gas safety certificates, tax, etc. More info on the property board.


Jx