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Mum buying out ex husband share of house and spying off mortgage.
Comments
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Your mother lends you the money (against a first charge on your property) and you pay off the loan.
The loan then becomes an asset of your mother's estate.
If your mother has already made a will leaving her entire estate to you, then there would be no need for her to make a new will just because she had taken a charge on the house.
Have you made a will?2 -
She's just taking the place of the mortgage company. They aren't an owner when you have a mortgage either, they just have a charge against the property. No different for your mum. I did this with a daughter (am just having the charge removed now as I'm writing off the debt).jasminedivas said:
Yes that is correct. I didn’t know that the house could just stay in my name though, I thought as my mum was putting money into it that she would have to be an owner too. She will be quite happy with just a charge.sheramber said:my mum wants to buy out my ex husbands share of my house
I think the OP owns the house jointly with ex but cannot get a mortgage to buy out ex so mum is going to loan the money to pay off outstanding mortgage and buy hime out.
House will then be in OP's name only.
When OP can get her own mortgage on property she can repay her mother.Do get a loan agreement between you written up and witnessed. Doesn't have to be anything complex just a clear statement of what the loan is for and when it's repayable,1 -
Thanku everyone, the information has been really helpful. We will draw up an agreement and put a charge on the property, then we will sort both our wills out.Thanku1
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£182k is a large debt to be burdened with and repay.1
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Only 60% LtV, though, against a £300k property.Thrugelmir said:£182k is a large debt to be burdened with and repay.1 -
It is, but I believe mum was prepared to wait until daughter could get a mortgage for repayment.Thrugelmir said:£182k is a large debt to be burdened with and repay.30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.0
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