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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34581
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My partners Dad allowed him to take a mortgage against one

Resolved Question:

My partners Dad allowed him to take a mortgage against one of his properties, of which we both used the money to cover our living costs.
There was no official contract between them (my partner & his dad).
additionally I have built up debt in my own name where the funds were also used towards our joint living costs.
My partner is not making any contribution towards the repayment of debts in my name however I am making half of the payments towards the mortgage against his dads property.
My question: am I legally bound to continue to make payments towards the mortgage due the the fact it was spent to cover both our living costs, although he is not making payments towards the debts in my name?
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information first.For clarity - you do not live in the property that is mortgaged?
Customer: replied 1 year ago.
Thank you for your response, No we do not live in the property that is mortgaged.
Expert:  Clare replied 1 year ago.
And just to check - you were not involved in the agreement between your partner and his father?
Customer: replied 1 year ago.
NO.I was present at the initial meeting when he presented his Dad with the idea, however i was not involved in any meeting proceeding the initial meeting.I believe there were several to discuss amounts etc.
Expert:  Clare replied 1 year ago.
In that case there is no reason why you should not pay the debts in your name and he can pay his fatherYou are not in any way contractually bound to pay the mortgage and accordingly if you are paying debts used for joint purposes then so should he.Please ask if you need further details
Customer: replied 1 year ago.
Thank you for your responseTo be clear and add more meat on the bone...My partners Dad did not lend him the money for living costs, the purpose was for my partner to reinvest the money in additional properties providing himself and his dad with a return.I believe his dad was aware that i would be involved helping my partner build his investments, there was no detailed conversation between the three of us to establish my involvement and i am not certain if his dad agreed for me to be involved.
Between my partner and myself we agreed I would do the sourcing and liaising while he was going to carry our the hands on repairs and physical requirements etc.However this deal did not go to plan and the money got used to cover our living costs, as mentioned previously I also took on a large sum of debt to cover our living costs.The mortgage therefore is now outstanding with monthly interest payments to be made. As well as debts in my name outstanding with balances to be cleared.So just to clarify further, as the money was not used as proposed and it was used to cover both our living costs, what is my liability?
Expert:  Clare replied 1 year ago.
Ok.What benefit would you have received had the money been invested as planned
Customer: replied 1 year ago.
To be honest we did not iron out all those details, we did not agree any percentage divide or profit sharing as such.
We mainly had a joint aim of building towards covering our living costs.
Expert:  Clare replied 1 year ago.
OkIN that case that does not change my answer to any great degree.
Clare and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.
Ok, Thank you :)