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shared mortgage but moved out
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robotdaz
Posts: 2 Newbie

I bought a house with my brother. He paid for a 1/3 of the house. Leaving two 1/3's to mortgage. We took out a shared mortgage to pay the remainder (half each). We carried on with this arrangement for about 3 years. I then decided I wanted to move out. He carried on with the payments, but the house/mortgage stayed in our names (Joint property/Joint mortgage). It is still in both our names now. It's been around 8 years since I paid into the mortgage. Since then, he has rented my part of the house through a rental company, and has now moved his daughter into my part.
Originally the house was a large 3 bed semi withand extension over the garage. I converted the garage into a lounge area, and extended it further to create a kitchen. Upstairs, I added a bathroom (shower, basin, toilet), and paid for all the plumbing. I fitted a new staircase, and closed off the adjoining door, making it completely self contained.
I'd like to know what my rights are now. Do I still have a financial stake in it?
My main concerns are:
1. Can I sell my share, or make him sell it, and get a share of the sale?
2. If he decides to sell it himself, would he still need my permission, and would I have a stake in the sales?
3. Can I take out a new mortgage, but use the house as security? (like a secured loan).
4. What happens when the mortgage is paid off in full (about 8 years left)? Will I own a 1/3 of the property, or will I own a proportion based on my contributions?
5. Would I be able to leave it to my daughter (transfer into her name or leave in my will)?
And, I think that's everything! Phew.
Hopefully you can help.
Thank you all, in advance.
Originally the house was a large 3 bed semi withand extension over the garage. I converted the garage into a lounge area, and extended it further to create a kitchen. Upstairs, I added a bathroom (shower, basin, toilet), and paid for all the plumbing. I fitted a new staircase, and closed off the adjoining door, making it completely self contained.
I'd like to know what my rights are now. Do I still have a financial stake in it?
My main concerns are:
1. Can I sell my share, or make him sell it, and get a share of the sale?
2. If he decides to sell it himself, would he still need my permission, and would I have a stake in the sales?
3. Can I take out a new mortgage, but use the house as security? (like a secured loan).
4. What happens when the mortgage is paid off in full (about 8 years left)? Will I own a 1/3 of the property, or will I own a proportion based on my contributions?
5. Would I be able to leave it to my daughter (transfer into her name or leave in my will)?
And, I think that's everything! Phew.
Hopefully you can help.
Thank you all, in advance.
0
Comments
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Are you still talking to your brother? Unsure if there has been a dispute going on.If you are on the deeds to the property then you have an interest in it.When you purchased it was any consideration made to what would happen if one wanted to leave? This is no different to a cohabiting couple with no children and what would happen if they split up.0
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We don't really talk. He said he would buy me out, when I moved out. We agreed an amount, but he never paid up, so it stayed the same. We are still linked on my credit file too.0
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