Dear AJ, My Grandson has offered her £2500 by way of paying her off, explaining that with what little they have paid off, plus owing us the deposit and solicitors fees, etc. they will have made very little profit on the property in their time there. She appears more than willing to accept this and abrogate her responsibilities to the servicing of the mortgage. In fact, if he could take it on himself she would be happy to walk away with this sum.
Hope that helps to clarify the situation?Kind regards,
Hi, We could look in to renting, but permission would be needed from the mortgage company. I am not sure if they would fall in line with this suggestion. It still doesn't remove her from the mortgage which is the main aim.
We were looking to get a chum to replace her on the mortgage? He has the income requirements, etc. but we still need her off without hassle.
I made two suggestions in my first contact with you, seeking either your confirmation either would work, or coming up with an alternative I hadn't thought of, which could be a goer?
I really need the wherewith all to get her removed from the mortgage or any interest in the property removed. He can service the mortgage, but on a tight budget, but the mortgage company won't allow it under current mortgage restrictions.
Hi, You appear to be telling me what I have already told you. I have mentioned the two vehicles I know of to remove her from the mortgage or at least her interest, although neither appear to me to be a watertight solution.
Naturally we are prepared to commit but our ages are against us and his parents can't.
I have to go out till about 1200hrs. Please read carefully what I have written to date and then come back with a considered plan of action.
I am sorry but you appear to have little by way of additional information/guidance than I had managed to find on the Internet. When you say you will "opt out" are you saying that you will check within your firm for someone with a greater in depth knowledge of my problem or just walking away?
I appreciate there are likely to be very few options but a steer as towards the one which will provide the best outcome would have been helpful. Also, any likely pitfalls in pursuing such a course so that I could be fore armed!!
Good Morning, Thanks for taking over from Alex. The property is worth about £140K (A flat). The outstanding mortgage is approximately £111K bought when the property was valued at £125K
My concerns around a Declaration of Trust is that if his girlfriend does decide to pursue additional funds from any subsequent sale, despite his maintaining solid voluntary payments for the child, £130 a month AND having the child 1 - 2 nights a week, the Judge could still find in her favour and award her additional funds from the sale?
Everything is amicable at present and I might be worrying unnecessarily but life has a habit of biting you on the bum when you least expect it and I wouldn't want his financial sacrifice over the next 7 months (till the redemption fee is removed) to be in vain.
Hi, No. They have lived with my wife and I for approximately 10 months then as joint signatories on the mortgage for this last 17 months.
Hi, We gave him the deposit which he used to buy the flat. She, in all fairness, has only asked for a deposit on her own rented flat nearby. This is approximately £1200 - 1500 but he wants to give her £2500 and whatever furniture she wants from the flat. Neither seem inclined to try and stitch the other up (certainly at the moment) and hopefully this attitude will continue?
Dear Clare, Many thanks for your advice and guidance. I feel certain that we will be able to proceed with greater confidence than we had a couple of days ago.
Enjoy the rest of your week-end and the fine weather.