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Am I entitled to money back when house is sold
Comments
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OP said she had been paying her mum £500 toward bills as well as the payments for this remortgage so in what world has OP been living rent free for 10 years??? more like mum has had a 50K loan she never has to pay back.CCCC #33: £42/£240
DFW: £4355/£44050 -
leslieknope wrote: »OP said she had been paying her mum £500 toward bills as well as the payments for this remortgage so in what world has OP been living rent free for 10 years??? more like mum has had a 50K loan she never has to pay back.
£500 to cover food for two people, utilities, insurance, rates, ...... Sounds about the right figure. Around here, rent would be at least £800 a month, plus you have to pay for food etc on top.No reliance should be placed on the above! Absolutely none, do you hear?0 -
This seems worse than the BREXIT campaign for chucking numbers around.
The facts in the OP are that £50K was used to buy a share in a house which was valued at £139.5K
So the share of the house was worth 35.842%
The house is valued at £150K now so the share would be worth £53.763K
Auntyloopy and not the Mother and not both took out a mortgage of £70K to “buy into her Mums house” and now owes £50K on it.
So if the house is sold then 35.842% of the net proceeds (sale less fees but not less mortgage since that is Auntyloopys) is due to Auntyloopy BUT then less the outstanding balance on HER mortgage. So what Auntyloopy gets is then likely to be little or nothing.
Who pays what for everything seems to be irrelevant to this, unless of course it had been the mother paying all of Auntyloopy’s mortgage.0 -
leslieknope wrote: »OP said she had been paying her mum £500 toward bills as well as the payments for this remortgage so in what world has OP been living rent free for 10 years??? more like mum has had a 50K loan she never has to pay back.
if you can read, the money she has been paying on the mortgage isnt for her share of the house, she still owes 50k on the mortgage. She was paying off the 20k she took from the mortgage. £500 for two people a month is a flipping joke. r u dum?0
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