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Am I entitled to money back when house is sold
Comments
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Don't forget though that the op has solely being paying the mortgage in that time, surely the lack of contribution by the mother needs taking into account?"You've been reading SOS when it's just your clock reading 5:05 "0
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Oh, and the OP hasn't done too badly out of all this. She has refinanced £20000 of personal debts at much lower mortgage interest rates through being able to secure the debt on mum's house. I bet the interest on the whole £70000 mortgage was less than it was on the personal debts.
Plus, she has had rent free accommodation for ten years, just paying for food and bills.
Financially, it's been a good deal all round, but it does sound as though you're a bit fed up with living together. You've even had your meals cooked for you, even though that may not be what you wanted!
My advice is you have done pretty well out of this deal, even if you don't walk away with a chunk of cash, so chill a bit and preserve your relationship with your mum. You only have the one, after all!No reliance should be placed on the above! Absolutely none, do you hear?0 -
sammyjammy wrote: »Don't forget though that the op has solely being paying the mortgage in that time, surely the lack of contribution by the mother needs taking into account?
Mum has contributed two thirds of the house value, which was mortgage free.No reliance should be placed on the above! Absolutely none, do you hear?0 -
How are you planning to pay back the other £20k on the mortgage? (Presuming your mum will pay £50-54k from the sale?)0
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I've read this as what you are paying is:
- all the mortgage
and
- some rent
and
- £500 for bills and food for you and hubbie per month
My bills (paying 75% of the Council Tax) are about £250 per month and that covers every bill the house has apart from the 25% "discount" on CT. So I suspect you are covering your mothers share of the bills, as well as you and hubbie's share. Say £300 of that £500 is going towards bills each month I would think and...yep...there is a high chance mother is paying little (if anything) towards bills.
The fact that you seem to be the only one paying the mortgage (from what you say) should give you a higher percentage than what you have put in.
From what you say your mother is:
- not paying anything towards mortgage
- having her share of the bills paid for her
- charging you rent to live in a house that is partially yours.
The other thought that strikes me is what input is hubby having into this? What does he say? Two people should be able to stand up more easily to one person lying their little head off (ie your mother) than this.
I'd advise seeing a solicitor and telling them the full facts (including what the bills are each month/your estimate of food costs each month/etc). Take whatever proof you have with you of what you are paying (eg the money you put into the house in the first place and evidence of what you are paying now).
She can't sell that house without your agreement. Once you have the solicitors opinion as to whether you can get back any extra (due to the extra you've been paying each month - mortgage/bills/etc) and can tell exactly how much you should have back from that sale = you then tell your mother you will agree to the sale SUBJECT TO being handed that money back from the proceeds.
Your possible "bargaining chip" (if you are being rather generous towards her) is you might be prepared to let her off an extra share of the house equity over and above the 37% you put in (ie the amount you are due because of having been the one paying the mortgage etc).
The ball is in her court then - as to whether she wishes to keep living under the same roof as someone who is making it plain on the day every day exactly how much money they are owed by her (ie yourself) and how much you would like the house to be sold (once she signs something official in front of a solicitor about giving you your money back).
I am wondering whether you have the proof you need of the money she owes you to have one possible way forward being to put a charge on the house? That way - she would have no option but to pay you back what is owed on selling the place. It's usually loan companies, as I understand it, that put charges on houses in order to get their money back they are owed. However, I see no reason why a private individual shouldnt do the same.
Once you have your money back - then cut all ties and stay well clear of her after that. Who needs a mother like that? - ie trying to steal her own childs money:eek:0 -
How are you planning to pay back the other £20k on the mortgage? (Presuming your mum will pay £50-54k from the sale?)
Bearing in mind that the OP is the one that's been paying the mortgage for the last 10 years with no contribution from mum, I would say that's already been paid - or not far off. Mum was more than happy to take £50K in return for a share of the house, pay off her debts and set up a business, in my view if OP owns a share then that share of the proceeds should be handed over when the sale completes. Why on earth should OP.who has in effect cleared mum's debts and paid to start up her business walk away empty handed?0 -
Bearing in mind that the OP is the one that's been paying the mortgage for the last 10 years with no contribution from mum, I would say that's already been paid - or not far off. Mum was more than happy to take £50K in return for a share of the house, pay off her debts and set up a business, in my view if OP owns a share then that share of the proceeds should be handed over when the sale completes. Why on earth should OP.who has in effect cleared mum's debts and paid to start up her business walk away empty handed?
She should walk away empty handed simply because, more or less, that's how the maths works out.
The property has gained only a maximum of £10k in value since she bought in (at £140k). And that's ignoring any selling costs and the likelihood that any offers will be below the £150k asking price.
So, yes, the OP is theoretically entitled to 35% of any increase in the value over £140k, but in practice after costs that may not be more than the price of an ice cream.No reliance should be placed on the above! Absolutely none, do you hear?0 -
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Bearing in mind that the OP is the one that's been paying the mortgage for the last 10 years with no contribution from mum, I would say that's already been paid - or not far off. Mum was more than happy to take £50K in return for a share of the house, pay off her debts and set up a business, in my view if OP owns a share then that share of the proceeds should be handed over when the sale completes. Why on earth should OP.who has in effect cleared mum's debts and paid to start up her business walk away empty handed?
if it nets £150k after costs that £3,750
Is that really worth a family bust up.
what is not entirely clear is what else they have been paying to live in the house that may change the basic calculations a bit but if it is just that £500pm that seems in the ball park for 1/3 rent and 2/3 costs(assuming there is just the 3 of them living there)0 -
Assuming you are named on the Deeds then no one in all of this is going make or loose a fortune.
But it does sound as if your family could be broken apart if everyone is not careful.
I would try to find answer that all of you are happy with.
It's only money, and not that much, but its your only Mum.
registered aat named on the0
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