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transfer of equity
poppyree
Posts: 1 Newbie
I own a house with my son who hasn't help me pay it for the last 5 years. I've agreed to let him buy me out and have signed the TR1 form and sent it to my solicitor before Christmas. He knows I've signed them and is now saying he's backing out of the agreement. I've already dropped my hours at work through illness and cant afford to pay the mortgage anymore. Have I just signed away my equity for nothing?
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Comments
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If he doesn’t keep to the agreement and buy you out then the TR1 form is surely nil and void? A solicitor would only register it when funds have been transferred to you for buy out?What makes you think you will lose any of your equity when there’s two sides to the agreement?0
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Does he work ?
Why not explain to him that you won't be paying the mortgage any more and as he owns 50% or less of the property it's his credit score that will be destroyed as well as yours.
You will put the house on the market if he can't Afford/ be bothered to buy you out.
What is the problem ?
How much equity is there in the property ?0
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