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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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First thing - two of my brother in laws were going to put the

Customer Question

First thing - two of my brother in laws were going to put the money in to cover the shortfall in the property that my mother was buying.
We (Debbie, Janice, Denise and Cathy) decided that between us we would cover the remaining outstanding payment partly through a mortgage so that mom could move in to the maisonette> It was not sentimental platitudes - it was that we wanted to keep any investment between us.
With this understanding we saw the Halifax and each gave an undertaking that we would all gave a verbal agreement that we each would take responsibility for a 1/4 share of the property.
Denise paid her portion out right at the beginning - so she did not have to pay interest.
Debbie, Janice and Cathy did not have the cash at this time so a mortgage was taken out in moms name with each of us paying a 1/3 to cover our 'investment'.
22nd July 2008 Janice met with the Halifax, Debbie and Cathy and paid a cheque of £4500 to the Halifax and £1000 cash to Debbie and £1000 cash to Cathy. £6500 being a 1/3 of the outstanding balance at that time. At this meeting Janice stated that 'I no longer have responsibility for the remaining mortgage and that it was now the responsibility of Debbie and Cathy" Debbie and Cathy agreed witnessed by the Halifax mortgage person.
Cash was handed over to Debbie and Cathy as they needed money and agreed to cover this extra on the mortgage.
A copy of the cheque has been requested.
As Denise and Janice paid cash - they did not accrue interest on the cash amounts - as it was an investment.
Mom left the estate for Janice and Denise to sort out.
As mom has passed away Cathy is saying that she does not have responsibility to pay the outstanding mortgage as it is in moms name, and that the settlement of the mortgage is to come from moms estate.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year 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 property worth and how much is outstanding on the mortgage?
Clare
Customer: replied 1 year ago.

Hi Clare.

The property is worth 170k and the outstanding mortgage is £10.5k.

Kind regards

Janice

Expert:  Clare replied 1 year ago.
Hi
What is Debbie's position on it?
Clare
Customer: replied 1 year ago.

Debbie accepts that the agreement was made verbally to pay their share.

Expert:  Clare replied 1 year ago.
Hi
How much did the property cost to purchase and how much was the original mortgage loan?
Clare

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