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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33810
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Hello I have a mortgage and am named as first applicant,

Resolved Question:

Hello

I have a mortgage and am named as first applicant, with my mother as co-named.

My wife and I moved into the property six months due to financial reasons. I lost my job about 4 years ago and have been struggling since to meet financial commitments, my wife is the only one bringing in a regular salary. Between us over the last 7 years, we have accrued large debts (credit cards, loans, mortgage, etc..) and in addition, we have other day to day commitments such food, travel, tax, etc..

Since moving into the property, the relationship with my mother has deteriorated. I bought the property from my parents in 2006, when I had a highly paid job, to help them both out of an equity release mortgage which had compound interest and give them some money for their future. My father died about 5 years ago and my mother now has savings in excess of £50k (from my purchase of the property) She refuses to give us any type of financial help, such as monthly mortgage payments or with the arrears ( 5 months arrears) However, she does pay for the utilities, being 82 yrs old and on a state pension, she receives help with council tax and winter fuel allowance.

I would just like to know what are my option when it comes to the property, can she stop me from renting it out or selling it if our financial situation becomes worse?

We would like to move out to our property when I get a job, but we are worried that we cannot continue to pay mortgage on one and rent or buy another.

Please advise?
Best
Kit
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage?
What agreement was made as to your mother's rights in the property?
Clare
Customer: replied 2 years ago.

Hi Clare


 


Thank you for your reply


 


Current value: £385k (approx)


Outstanding mortgage amount: £275k (approx)


 


Both parents names were put on mortgage, at my father's request, out of consideration and respect.


 


In terms what rights she has, when I spoke to the lender about possibly removing her name, they said that ideally they would prefer to keep both as a precaution, so that they have 2 named persons they can pursue in case of any legal issues e.g default, etc..


 


Please let me know if you need further info


 


Best


Kit

Expert:  Clare replied 2 years ago.
Hi
No I mean at the time you went on the deeds was there any agreement that your parents were entitled to remain in the property for so long as they wished?
Clare
Customer: replied 2 years ago.

Hi Clare


 


To be honest I am not sure. Speaking to my Financial advisor, he has not mentioned this point or any other special points had been added


 


Best


Kit

Customer: replied 2 years ago.

Could you advise on assumption that no special provisions had been made

Expert:  Clare replied 2 years ago.
Hi
Your mother is a joint owner of the property and as such you will need either her agreement or an order from the Court in order to sell the property.
Unless there is an agreement that states otherwise your mother is entitled to half of the proceeds of sale
You will not be able to rent the property unless your mother agrees and is willing to move out.
You can apply to the court for an order for Sale - but there is a risk that your mother will say that the agreement was that she would be able to remain in the property until she died and that you are bound by that.
however in that event you may well be able to argue that she should pay towards the mortgage
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

Thank you Clare


 


I assumed as much. I do not really want to cause any distress to an elderly parent but I do need to think of doing something to help us financially at least for the short term


 


Any thoughts on other possible options?


 


Best


Kit

Expert:  Clare replied 2 years ago.
Hi
I would suggest that you arrange Family mediation so that you can discuss the situation fully with an independent person there to assist in ensuring that your mother understands the extent of the problem
Alternatively given her age you may wish to help her look for sheltered accommodation on a shared ownership basis
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33810
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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