House sale - What will you do?

bouicca21

You have a 95% mortgage, a baby on the way, and are in difficulty at work. You are scarcely in any position to sort out someone else's problems. Worry about your mum all you like but it's her mess, her job to clean it up.

G_M

Just playing devil's advocate as OP has not returned (and with the caveat that I've not read his other threads), we have no idea how mum ended up with interest only mortgage.

It may be that her husband sorted this 25 years ago (yes, pre-enlightenment days.....) and mum did not understand the implications till recently.

Blaiming mum without knowing all the background seems a bit harsh.

AdrianC

G_M wrote: »

It may be that her husband sorted this 25 years ago (yes, pre-enlightenment days.....) and mum did not understand the implications till recently.

Nearer 30 than 25, if we're several years past redemption. There's still going to be the thick end of a decade's-worth of increasingly doom-laden letters from the lender being ignored, at the very least.

bouicca21

https://forums.moneysavingexpert.com/discussion/5516214

Andrew_Ryan_89

G_M wrote: »

Just playing devil's advocate as OP has not returned (and with the caveat that I've not read his other threads), we have no idea how mum ended up with interest only mortgage.

It may be that her husband sorted this 25 years ago (yes, pre-enlightenment days.....) and mum did not understand the implications till recently.

Blaiming mum without knowing all the background seems a bit harsh.

Definitely mums fault no question. Knew the implications and made some REALLY stupid decisions leading up to this.

Thanks for all the replies so far. We have gone through the legal route in regards to the lease extension, formally sent letters etc. However, no word from the freeholder. We have been told there are things in place to force his hand but worst case scenario that will complete in October next year. She was actually supposed to be evicted last month but the courts suspended the eviction until October where, assuming the freeholder drags his feet and responds to our formal requests at the latest possible dates, if we forced his hand with the lease extension, it should all be tied up by then.

As the house is also been on the market, we have had interest but it cools very quickly. Feedback from the estate agent is the lease length and the fact no bank we lend on such a short lease.