Can I remortgage my mother's house?

Drea4242

Hi!

I'm wondering the best possible way to move forward with my mum's house. Me and her both live here and I contribute to all the housing bills including the mortgage. 

Her mortgage is in a joint name although my dad hasn't lived here since 2005. He is not willing to sign the house to my mum or me or my brother. We have gone through lawyers but have gotten nowhere with it. 

The house mortgage is currently at around £39,000 interest only with Halifax, I've been looking to see if it's possible to swap from interest only but I'm totally useless as I don't know too much about mortgages/houses. The mortgage has to be paid in full by 2023 which is really worrying me as there is no way we can afford it. 

My father also took out 2, £25,000 loans on the house, both for "renovation". One of them was a long time ago and the other is now still standing at £10,000 still to be paid (this one was taken the year he left). My mum signed the papers for this meaning she is fully liable if my dad doesn't pay (which of course he doesn't). 

So I'm wondering if there is any way I could remortgage/take over the house as my mum and I have always agreed it would be mine in the future. Although I am more worried about the interest only aspect and the deadline of 2023.

MovingForwards

Have they divorced yet? If not, that's the next step as all financial matters are dealt with as part of the divorce.

Thrugelmir

As @Movingforward says the property ownership should have been dealt with as part of the divorce. Resolving this issue is the key to the future. If they were never married. Then it may be a question of buying your father out of his share. 

Carrot007

Drea4242 said:

Her mortgage is in a joint name although my dad hasn't lived here since 2005. He is not willing to sign the house to my mum or me or my brother. We have gone through lawyers but have gotten nowhere with it.

You have not pressed it far enough, was this covered in the divorse, it should have been. If one has not occured then it need to, or they were never married then yes more layers and court is needed.

Why is it as it is. He has half an asset he is happy to let her live in? Is she paying him anything? Does he want the money? Why would he just sign it over for nothing?

Drea4242 said:

The house mortgage is currently at around £39,000 interest only with Halifax, I've been looking to see if it's possible to swap from interest only but I'm totally useless as I don't know too much about mortgages/houses. The mortgage has to be paid in full by 2023 which is really worrying me as there is no way we can afford it.

Even if you paid it or this forced sale then he is due half. Maybe this is his end game?#

Drea4242 said:

My father also took out 2, £25,000 loans on the house, both for "renovation". One of them was a long time ago and the other is now still standing at £10,000 still to be paid (this one was taken the year he left). My mum signed the papers for this meaning she is fully liable if my dad doesn't pay (which of course he doesn't).

So she took out loans, unless she want to go down the fraud route, which is she has been paying will be very hard to do. This however is a seperate issue. (I assume these are secured loans then, always a bad idea).

Drea4242 said:

So I'm wondering if there is any way I could remortgage/take over the house as my mum and I have always agreed it would be mine in the future. Although I am more worried about the interest only aspect and the deadline of 2023.

Og course you can remotgage the house. If you father and mother agree to sign the house over to you. So as you see it's not any simpler.

Currently by paying you are just paying off his interest as well and time will up the value of the half he owns and may want.

I understand this is probably the only option in the cuircumstances, however you need to do something otherwise at the end of the mortgage it will be reposessed and sold likely sold undervalue at auction and he will get half of whatever is left.

Your mother cannto agreee you can have a house that is not wholely hers so that means nothing. Your only option is to resolve the matter with him. As to how you do this a lot more information is needed.

elsien

Whatever you and your mum agree about the house ownership being yours in the future  is academic if it’s still legally half your dad’s. What does the land registry show about ownership? 

Your father is going to need to agree to whatever plans you have, and the mortgage company will then have to look at affordability moving forwards. 

When you say you have gone through lawyers, what exactly do you mean? Were your parents married, and if so are they now divorced? 

Drea4242

elsien said:

Whatever you and your mum agree about the house ownership being yours in the future  is academic if it’s still legally half your dad’s. What does the land registry show about ownership? 

Your father is going to need to agree to whatever plans you have, and the mortgage company will then have to look at affordability moving forwards. 

When you say you have gone through lawyers, what exactly do you mean? Were your parents married, and if so are they now divorced? 

My parents were never married no. It's been through lawyers because neither will bidge on the house even since 2005. We have tried reaching out with my dad as he really doesn't need this house nor more money from the sale of it but alas he won't budge. The lawyer has suggested to buy him out but that's just not an option for us.

Everything is completely under joint names which I know just makes it pretty impossible to transfer the house to me or remortgage. Just feel like I'm out of options.

Drea4242

MovingForwards said:

Have they divorced yet? If not, that's the next step as all financial matters are dealt with as part of the divorce.

They were never married.

Drea4242

Carrot007 said:

Drea4242 said:

Her mortgage is in a joint name although my dad hasn't lived here since 2005. He is not willing to sign the house to my mum or me or my brother. We have gone through lawyers but have gotten nowhere with it.

You have not pressed it far enough, was this covered in the divorse, it should have been. If one has not occured then it need to, or they were never married then yes more layers and court is needed.

Why is it as it is. He has half an asset he is happy to let her live in? Is she paying him anything? Does he want the money? Why would he just sign it over for nothing?

Drea4242 said:

The house mortgage is currently at around £39,000 interest only with Halifax, I've been looking to see if it's possible to swap from interest only but I'm totally useless as I don't know too much about mortgages/houses. The mortgage has to be paid in full by 2023 which is really worrying me as there is no way we can afford it.

Even if you paid it or this forced sale then he is due half. Maybe this is his end game?#

Drea4242 said:

My father also took out 2, £25,000 loans on the house, both for "renovation". One of them was a long time ago and the other is now still standing at £10,000 still to be paid (this one was taken the year he left). My mum signed the papers for this meaning she is fully liable if my dad doesn't pay (which of course he doesn't).

So she took out loans, unless she want to go down the fraud route, which is she has been paying will be very hard to do. This however is a seperate issue. (I assume these are secured loans then, always a bad idea).

Drea4242 said:

So I'm wondering if there is any way I could remortgage/take over the house as my mum and I have always agreed it would be mine in the future. Although I am more worried about the interest only aspect and the deadline of 2023.

Og course you can remotgage the house. If you father and mother agree to sign the house over to you. So as you see it's not any simpler.

Currently by paying you are just paying off his interest as well and time will up the value of the half he owns and may want.

I understand this is probably the only option in the cuircumstances, however you need to do something otherwise at the end of the mortgage it will be reposessed and sold likely sold undervalue at auction and he will get half of whatever is left.

Your mother cannto agreee you can have a house that is not wholely hers so that means nothing. Your only option is to resolve the matter with him. As to how you do this a lot more information is needed.

My mum and dad were never married and my mum had signed the 2 loan agreements my dad took out without knowing fully what she was signing for. She never seen a penny of the loan money and it was never spent on the house itself. 

None of my family speak to my dad but I have all the paperwork and have been to meetings with the lawyer with my mum.

I believe my dad either wants the house sold or to be bought out so he can have money from it either way.

Thrugelmir

Drea4242 said:

Carrot007 said:

Drea4242 said:

Her mortgage is in a joint name although my dad hasn't lived here since 2005. He is not willing to sign the house to my mum or me or my brother. We have gone through lawyers but have gotten nowhere with it.

You have not pressed it far enough, was this covered in the divorse, it should have been. If one has not occured then it need to, or they were never married then yes more layers and court is needed.

Why is it as it is. He has half an asset he is happy to let her live in? Is she paying him anything? Does he want the money? Why would he just sign it over for nothing?

Drea4242 said:

The house mortgage is currently at around £39,000 interest only with Halifax, I've been looking to see if it's possible to swap from interest only but I'm totally useless as I don't know too much about mortgages/houses. The mortgage has to be paid in full by 2023 which is really worrying me as there is no way we can afford it.

Even if you paid it or this forced sale then he is due half. Maybe this is his end game?#

Drea4242 said:

My father also took out 2, £25,000 loans on the house, both for "renovation". One of them was a long time ago and the other is now still standing at £10,000 still to be paid (this one was taken the year he left). My mum signed the papers for this meaning she is fully liable if my dad doesn't pay (which of course he doesn't).

So she took out loans, unless she want to go down the fraud route, which is she has been paying will be very hard to do. This however is a seperate issue. (I assume these are secured loans then, always a bad idea).

Drea4242 said:

So I'm wondering if there is any way I could remortgage/take over the house as my mum and I have always agreed it would be mine in the future. Although I am more worried about the interest only aspect and the deadline of 2023.

Og course you can remotgage the house. If you father and mother agree to sign the house over to you. So as you see it's not any simpler.

Currently by paying you are just paying off his interest as well and time will up the value of the half he owns and may want.

I understand this is probably the only option in the cuircumstances, however you need to do something otherwise at the end of the mortgage it will be reposessed and sold likely sold undervalue at auction and he will get half of whatever is left.

Your mother cannto agreee you can have a house that is not wholely hers so that means nothing. Your only option is to resolve the matter with him. As to how you do this a lot more information is needed.

I believe my dad either wants the house sold or to be bought out so he can have money from it either way.

Your father knows that ultimately the mortgage has to be repaid. If the family is unable to buy him out. Then you need to start planning for the future now. In order to retain control of events. 

Drea4242

Thrugelmir said:

Drea4242 said:

Carrot007 said:

Drea4242 said:

Her mortgage is in a joint name although my dad hasn't lived here since 2005. He is not willing to sign the house to my mum or me or my brother. We have gone through lawyers but have gotten nowhere with it.

You have not pressed it far enough, was this covered in the divorse, it should have been. If one has not occured then it need to, or they were never married then yes more layers and court is needed.

Why is it as it is. He has half an asset he is happy to let her live in? Is she paying him anything? Does he want the money? Why would he just sign it over for nothing?

Drea4242 said:

The house mortgage is currently at around £39,000 interest only with Halifax, I've been looking to see if it's possible to swap from interest only but I'm totally useless as I don't know too much about mortgages/houses. The mortgage has to be paid in full by 2023 which is really worrying me as there is no way we can afford it.

Even if you paid it or this forced sale then he is due half. Maybe this is his end game?#

Drea4242 said:

My father also took out 2, £25,000 loans on the house, both for "renovation". One of them was a long time ago and the other is now still standing at £10,000 still to be paid (this one was taken the year he left). My mum signed the papers for this meaning she is fully liable if my dad doesn't pay (which of course he doesn't).

So she took out loans, unless she want to go down the fraud route, which is she has been paying will be very hard to do. This however is a seperate issue. (I assume these are secured loans then, always a bad idea).

Drea4242 said:

So I'm wondering if there is any way I could remortgage/take over the house as my mum and I have always agreed it would be mine in the future. Although I am more worried about the interest only aspect and the deadline of 2023.

Og course you can remotgage the house. If you father and mother agree to sign the house over to you. So as you see it's not any simpler.

Currently by paying you are just paying off his interest as well and time will up the value of the half he owns and may want.

I understand this is probably the only option in the cuircumstances, however you need to do something otherwise at the end of the mortgage it will be reposessed and sold likely sold undervalue at auction and he will get half of whatever is left.

Your mother cannto agreee you can have a house that is not wholely hers so that means nothing. Your only option is to resolve the matter with him. As to how you do this a lot more information is needed.

I believe my dad either wants the house sold or to be bought out so he can have money from it either way.

Your father knows that ultimately the mortgage has to be repaid. If the family is unable to buy him out. Then you need to start planning for the future now. In order to retain control of events. 

Thank you! I'll look into the next steps for this which is upsetting but has to be done.

missile

Your / mum's solicitor ought to have clearly explained your options. Perhaps you did not understand? I suggest you write and ask for his/her recommendations on the way forward.
He may not need the money, but why should he give it to his estranged family?