Advice Needed for Half Ownership

RyanLaley

Hi everyone, i hope someone can give some advice.

My mum sold a house to my sister very cheaply as a gift to her (£50k) and put me as half owner of the property. The reason she did this was so my sister had a very cheap and affordable mortgage. However, the house is obviously worth a lot more than 50k and is more like 250k.

I am at the moment in need for my half the equity. Is there any way that i can get my half of the equity out without my sister having a massive increase in her mortgage repayments?

Thanks

G_M

RyanLaley wrote: »

Hi everyone, i hope someone can give some advice.

My mum sold a house to my sister very cheaply as a gift to her (£50k) and put me as half owner of the property.
* so in fact she sold it to you and your sister?

The reason she did this was so my sister had a very cheap and affordable mortgage.
* that does not expain why she gave you a half share...
* I assume you are named on the property Title as joint owners?
* Do you own as Joint Tenants, or Tenants in Common?
* whose name is on the mortgage? How much is it for?

However, the house is obviously worth a lot more than 50k and is more like 250k.

I am at the moment in need for my half the equity. Is there any way that i can get my half of the equity out without my sister having a massive increase in her mortgage repayments?

Thanks

Assuming you own as Tenants In Common, was a Deed set up? Does it specify the proportion you each own? Does it specify what happens in any given circumstances?

Be that as it may it seems likely that
* you each own an equal share of a £250K house (ie £125K each)
* there is a mortgage of ? (£50K?)
* so your 'equity' is £100K

If you want your £100K there are 2 ways to get it:

1) your sister buys you out and gives you £100K, by using her savings, borrowing from friends/family, or taking out a mortgage

2) you jointly take out a new/additional mortgage for another £100K, retain joint ownership, and come to some agreement about how you (yes you, as you're taking the cash) will repay the mortgage.

getmore4less

Are you on the mortgage?

What was set up with the ownership, any trust or life interest.

xylophone

My mum sold a house to my sister very cheaply as a gift to her (£50k) and put me as half owner of the property.

Can you explain the exact arrangement?

Your mother seems to have sold your sister a half interest at a discounted rate?

Harryp_24

RyanLaley wrote: »

Hi everyone, i hope someone can give some advice.

My mum sold a house to my sister very cheaply as a gift to her (£50k) and put me as half owner of the property. The reason she did this was so my sister had a very cheap and affordable mortgage. However, the house is obviously worth a lot more than 50k and is more like 250k.

I am at the moment in need for my half the equity. Is there any way that i can get my half of the equity out without my sister having a massive increase in her mortgage repayments?

Thanks

either sell it or remortgage it. the only ways. you're not going to get money magically.

AdrianC

RyanLaley wrote: »

My mum sold a house to my sister very cheaply as a gift to her (£50k) and put me as half owner of the property. The reason she did this was so my sister had a very cheap and affordable mortgage. However, the house is obviously worth a lot more than 50k and is more like 250k.

I am at the moment in need for my half the equity. Is there any way that i can get my half of the equity out without my sister having a massive increase in her mortgage repayments?

If not from your sister (who would be borrowing it), who do you think this money would be coming from?