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    • mike316
    • By mike316 13th Feb 18, 9:12 AM
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    mike316
    Sale of a house with joint mortgage
    • #1
    • 13th Feb 18, 9:12 AM
    Sale of a house with joint mortgage 13th Feb 18 at 9:12 AM
    Hi,

    My partner recently moved out of a home she holds a joint mortgage on with her brother and father. Upon remortgage 2 years ago the two siblings were added to the mortgage with the father moving out and living by himself (also taking significant equity out). Throughout these two years only the siblings contributed to the payments for the house, time has come to sell. Are all parties due equal third shares from the sale, or are the siblings entitled to more for their contributions over the last 2 years?

    Kind Regards
Page 1
    • kingstreet
    • By kingstreet 13th Feb 18, 9:34 AM
    • 33,399 Posts
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    kingstreet
    • #2
    • 13th Feb 18, 9:34 AM
    • #2
    • 13th Feb 18, 9:34 AM
    That would depend on what agreement they came to before they embarked on this.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 13th Feb 18, 9:56 AM
    • 58,535 Posts
    • 51,893 Thanks
    Thrugelmir
    • #3
    • 13th Feb 18, 9:56 AM
    • #3
    • 13th Feb 18, 9:56 AM
    Upon remortgage 2 years ago the two siblings were added to the mortgage with the father moving out and living by himself (also taking significant equity out).
    Originally posted by mike316
    Assuming that was still equity left in the house. Then your partner would benefit from this is if the split was an equitable 3 ways.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • mike316
    • By mike316 13th Feb 18, 10:16 AM
    • 2 Posts
    • 1 Thanks
    mike316
    • #4
    • 13th Feb 18, 10:16 AM
    • #4
    • 13th Feb 18, 10:16 AM
    That would depend on what agreement they came to before they embarked on this.
    Originally posted by kingstreet
    There was no formal/legal agreement when they embarked, there was a non-formal agreement that because he took a share from the remortgage, whatever the house was sold for would be split between the two siblings. I would assume there is not much ground to enforce this? (Unless written examples of this are available?) He has become quite unreasonable to deal with and financially could be struggling, even after the equity that was taken a couple of years ago, the feeling is that he will try and take another share for himself upon sale.

    Assuming that was still equity left in the house. Then your partner would benefit from this is if the split was an equitable 3 ways.
    Originally posted by Thrugelmir
    He took 30k out at the remortgage, at current house valuations, there is around 50-60k of equity left.
    • Thrugelmir
    • By Thrugelmir 13th Feb 18, 10:31 AM
    • 58,535 Posts
    • 51,893 Thanks
    Thrugelmir
    • #5
    • 13th Feb 18, 10:31 AM
    • #5
    • 13th Feb 18, 10:31 AM

    He took 30k out at the remortgage, at current house valuations, there is around 50-60k of equity left.
    Originally posted by mike316
    Then the majority of the equity would appear to be the fathers. For two years of paying the mortgage your partner has had somewhere to live and gained a reasonable sum.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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