Aged mothers mortgage

Keep_pedalling

Is this interest only? Do you know who her partners beneficiaries are?

Hoenir

Bianchiintenso said:

I could buy the house off her possibly, but because her partner died intestate, his children would have claim on 50% of house if/when it goes to probate, although he only paid half the repayments for a year. Such a mess!

One option would be for you to lend your mother the money interest free. Supported by a properly drawn up legal document. When she passes away the loan is repaid from sale of the property prior to distribution of the proceeds. In the meantime your mother could also repay the debt on a monthly basis to you. For an amount which is financially manageable. Thereby reducing the outstanding liability. 

housebuyer143

Is there the option of allocating 50% of mortgage payments from the ex's estate? It is his debt too which he owned 50% of so wonder if there is a mechanism for her to claim this against the estate.

There really isn't anything she can do in the interim, as she needs another person who inherits the other half to sign off on any remortgage, any sale etc. 
Any idea how long probate will take as really it seems as though selling the house is the most likely outcome or let the bank repoesses it. She might get something back if they don't sell it too cheap and potentially overcomes the ownership problem. 

Either way, I don't see a situation were your mother stays living in that house. Either she keeps paying and the other owner when found tries to force a sale or it is repossessed at the end of the term if it's not sold. 

Flugelhorn

housebuyer143 said:

Is there the option of allocating 50% of mortgage payments from the ex's estate? It is his debt too which he owned 50% of so wonder if there is a mechanism for her to claim this against the estate.

this is complicated - the other half of the house is owned by someone else -
are they collecting rent? splitting the costs of repairs ? paying half the mortgage?

whatever if they haven't contributed then they can't really expect any more than half the value at the time of the death but of course they may be able to claim more than that. 

Was there any agreement at the time of his death? 

Bianchiintenso

Keep_pedalling said:

Is this interest only? Do you know who her partners beneficiaries are?

They would be his three children

Bianchiintenso

Hoenir said:

Bianchiintenso said:

I could buy the house off her possibly, but because her partner died intestate, his children would have claim on 50% of house if/when it goes to probate, although he only paid half the repayments for a year. Such a mess!

One option would be for you to lend your mother the money interest free. Supported by a properly drawn up legal document. When she passes away the loan is repaid from sale of the property prior to distribution of the proceeds. In the meantime your mother could also repay the debt on a monthly basis to you. For an amount which is financially manageable. Thereby reducing the outstanding liability. 

It’s a possibility but the fact that mars capital owns part of the house and his children would own 50% of the equity, together with 2 estranged siblings would make things very complicated when it would all be finally sorted out

Bianchiintenso

housebuyer143 said:

Is there the option of allocating 50% of mortgage payments from the ex's estate? It is his debt too which he owned 50% of so wonder if there is a mechanism for her to claim this against the estate.

There really isn't anything she can do in the interim, as she needs another person who inherits the other half to sign off on any remortgage, any sale etc. 
Any idea how long probate will take as really it seems as though selling the house is the most likely outcome or let the bank repoesses it. She might get something back if they don't sell it too cheap and potentially overcomes the ownership problem. 

Either way, I don't see a situation were your mother stays living in that house. Either she keeps paying and the other owner when found tries to force a sale or it is repossessed at the end of the term if it's not sold. 

That’s a very worrying thought, under those circumstances it seems to best to keep quiet and pay whatever mortgage rate mars capital levy to keep her in the house 

Bianchiintenso

Flugelhorn said:

housebuyer143 said:

Is there the option of allocating 50% of mortgage payments from the ex's estate? It is his debt too which he owned 50% of so wonder if there is a mechanism for her to claim this against the estate.

this is complicated - the other half of the house is owned by someone else -
are they collecting rent? splitting the costs of repairs ? paying half the mortgage?

whatever if they haven't contributed then they can't really expect any more than half the value at the time of the death but of course they may be able to claim more than that. 

Was there any agreement at the time of his death? 

Worryingly complicated!
there was no agreement, no will, it seems he only had his name on the deeds for one year on a fully paid up house. Very bad advice from someone or they ignored good advice we’ll never know. 

Because he left no Will, It seems at this moment his children don’t know his name was on deeds nor would they expect him to be to be fair as it wasn’t his house, all of the family thought he was just living there.
best things seems to keep quiet , pay the mortgage until she has to move into care or the mortgage term is up.

Keep_pedalling

I suppose one possibility is to approach the children to see if they would be willing to give up any claim the property and get ownership back in in your mother’s name alone, or if not they would let you buy them out.

Bianchiintenso

knowing the dysfunctional family and their financial background, it's too long a shot unfortunate. There's only one reasonable member, I have thought of contacting her, but it's a can of worms I want to avoid until the last possible minute, so that my mother can live in her home for as long as possible.