Can I do this?

Doggy123

The verbal agreement we had was that she would pay off the deposit over 6 years and i would pay off the mortgage completely so after 6 years she had no other bills to pay. I have been duped well!!! The kids are mine well I know 1 definitely is. She lived in a council flat 15 years ago with 1 child from another relationship. She asked me to move in with her we shared bills equally rent etc but she never declared that I moved in with her so for 11 years I do believe she was commiting benefit fraud she had full housing benefit, tax credits and child benefits. I had a letter delivered to her flat addressed to me and she threw a physio.

marliepanda

Hmmmmm this is all very questionable.?

Doggy123

In what way???

leslieknope

did she contribute to the mortgage payments in a tangible way she can prove?

Doggy123

She only provided deposit but nothing is down on paper. I have paid mortgage monthly from my bank account. No other payments from her.

leslieknope

she didn't give you any money toward household expenses? then she has zero claim to any equity. not even the repayment of the deposit as there was no contract drawn up to say this money was repayable so as far as anyone knows, she gave it to you as a gift.

personally i would give her the deposit back as you said that you have the money. she cannot force you to sell as she is not on the mortgage and she has contributed zero toward the repayment.

gettingtheresometime

To answer your question you can sell the property at any price but on the sale you'll be liable to pay off the mortgage so to get less money than the outstanding mortgage seems a little self defeating.

What did you tell the mortgage company about the deposit

Doggy123

That it was mine she told me to put it in the bank for a period of 4 months so they could not see it. She is definitely trying to play me. If I sell at less the mortgage I got will still be covered I will just have fees to solicitors/estate agents to pay. Any improvements to the house I have made have been paid for by me and all rates also.

leslieknope

why on earth would you consider selling at negative equity and getting nothing out of it??? she has no legal claim to the property. you would just be doing yourself out of all of the money you've put into the property and be left with nowhere to live.

G_M

Oh for goodness sake.

She lent you £5000.
You owe her £5000.
Pay her £5000.
Get a receipt.

What is all this rubbish about selling the property?
And why deliberately sell below market value (if that's what you are proposing - totally bonkers.
If you are genuinely in negatice equity, again - why sell? And if you really want to sell, you'll need to pay the outstanding balance or get the lender to agree to an unsecured loan.

But the whole thread is pointless - just pay back the loan.