Am I entitled to money back when house is sold

Person_one

It sounds like you have been seriously taken advantage of by your mum. You have handed over money without seeming to understand what was actually happening!

Do you live with your mum? Are you dependent on her for any care or assistance?

I think you probably need to go the CAB with as much of the relevant paperwork as you can find.

Mojisola

Auntyloopy wrote: »

I know that my name is on all documents

In that case, she can't sell the house without you also signing all the paperwork.

You can refuse to do that until you have a written agreement about how the proceeds are going to be divided.

You should let the estate agents know that you are also an owner.

dimbo61

So what did you do with the £20,000 ?
What did your mum do with the £50,000 ?
How much interest have you paid in the last 10 years on this mortgage ?
Make it clear to both of the estate agents and your Mum that the property will not be sold without you getting your share.
Have you lived in the property rent free for the last 10 years ?
Who has paid for any maintenance ? Repairs ?
Who pays the gas/electric/water/council tax/ home insurance etc

Auntyloopy

I used mine for old debts and the same for my mum and set up a new business. I live with her and my Hubbie to. So I pay the mortgage and between me and hubbie we pay her another £500 towards bills and shopping of which she won't allow us to cook and buy our own meals!!

We aren't dependant on each other but all live in the same house. I would have moved out before but as I pay the mortgage if it did come to it she would have to pay and then I would end up loosing and have bad credit if I didn't pay it.

Auntyloopy

Any stuff that has needed replaced we have sort of split although my mum just goes ahead and gets someone to do stuff without consulting me about..... hence I can't wait to sell up and get our own place but she seems to be taking the biscuit with me.

getmore4less

Auntyloopy wrote: »

The issue I have as well is that I want to speak to an advisor with her so they can say to both of us if it sells for what you want you are entitled to xyz and xyz. But she refuses to because she doesn't think I should get anything back. I thought maybe about 3-4K once the mortgage is paid off but some mortgage advisor said that I would get 37% of the what was left which was 100k so I would get about £35k... great for me but my mum would see it...

Advisers!
That's not the proper way to work it out.

based on
£139500, I took a mortgage out for £70k of which I kept £20k.
now valued at £150k £50k left on the debt.

£50k of £139,500 is 35.84% that is now worth £53,760

take off the debt you still owe £50k leaves you with £3,750

G_M

What a confused thread. So, please agree or correct each statement:

* mum originally owned a house, with a mortgage
* mum transferred part-ownership of the house to you (you are 'on the Deeds')
* you and mum jointly re-mortgaged
* there is no written agreement or Trust stating who owns how much or how any sale money will be split

I suggest you next spend £3 at the Land registry here and buy the Title deed for the property. Check that your name really is shown as an owner

If you are a part owner, the property cannot be sold by your mum without your signiture (and obviously your agreement).

So you need to tell your mum you will not agree any sale until you have both come to an agreement over what happens to the money.

I suggest you also contact the mortgage lender and check exactly how much the 'redemption cost' will be (how much to pay off the mortgage).

If your mum contacts an estate agent, and/or a solicitor, then go and see them and make clear that as an owner you will not agree to any sale until you and mum have reached agreement.

Harryp_24

Auntyloopy wrote: »

Deeds are in mine and my mums name and the mortgage isn't secured against anything

:rotfl:

Auntyloopy wrote: »

I just need some advice. I bought into my mums house nearly 10years ago to release some equity for her. The house was at the time valued at £139500, I took a mortgage out for £70k of which I kept £20k so I worked out that I had about a 37% of the value of the house. Now she wants to sell it and although the out standing mortgage is £50k and valued at £150k if it sold for that should I get back any money??? My mum thinks I'm not entitled to a single penny..... help

Please tell me you didnt just take out a massive loan and give your mother money.

Whos your lender?

getmore4less

What is it realistically going to net after costs you take them off before working out the equity?

With less than £4k coming it might be worth just cutting your losses, get the place sold ASAP and cutting the financial link so you can move on, avoid the inevitable arguments and disagreements etc.
Decide after how you want the relationship with you mum to be going forward.

£500pm(as long as that was everything) is probably about right for 2 adult contributions to a 3 adult household when you consider it should include food. Council tax, bills, and a nominal occupancy rent for 1 adult as you owned 1/3ish.

GDB2222

getmore4less wrote: »

Advisers!
That's not the proper way to work it out.

based on
£139500, I took a mortgage out for £70k of which I kept £20k.
now valued at £150k £50k left on the debt.

£50k of £139,500 is 35.84% that is now worth £53,760

take off the debt you still owe £50k leaves you with £3,750

That looks exactly right to me. So, this is quite a big argument about not all that much. Particularly, if the house is put on the market at £150000, it is likely to get an offer at less than that, and there are all the selling costs to deduct.

So, mum may be right in practice, if not in theory.

I'm surprised that the house value has barely increased over the last ten years, though.