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Michael Holly
Michael Holly, Solicitor
Category: Law
Satisfied Customers: 6935
Experience:  I have 20 years of experience as a solicitor in litigation and other areas
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My mother passed away last week. She and her husband lived

Resolved Question:

My mother passed away last week. She and her husband lived with me. I have a mortgage on the house. My mother and her husband paid the deposit of £50,000 twenty years ago. I want to leave the home. My mother's husband does not have funds to buy me out - I owe £49,000 and the house is worth about £300,000. What is my best option?
Thank you
Submitted: 4 months ago.
Category: Law
Customer: replied 4 months ago.
Can I sell it even if he disagrees?
Expert:  Michael Holly replied 4 months ago.

What was the purchase price of the house?

What were they to get in return for the payment of £50,000?

In whose name is ***** *****?

On what basis are they living there , do they pay anything to outgoings?

Michael

Customer: replied 4 months ago.
The purchase price was 107,500 and we bought the property on 12 August 1997. My mother and her husband paid the deposit of £50,000 sourced by selling their property. We have remortgaged twice to release funds. In 2010 we remortgaged for the second time and Cheltenham and Gloucester requested the property be put into my sole name where previously the deeds were in my mother's and my names. My mother and her husband paid the council tax, water rates, utility bills and I paid the mortgage which at present is £823 per month which is due to finish in 2022, plus £400 a month to cover my bills and in addition I paid the 'phone bill. There are no specific basis for them living in the property except that it is our home. There is no special request in my mother's will. She simply leaves her whole estate to her husband and my brother and I are her executors. There is no other person named as a beneficiary of her will, including not her children, sister, grandchildren or nieces and nephew. My plan is to sell the property and of the monies left over having paid the remainder of the mortgage and fees for selling, my mother's husband would be given 50% of the money left which is a little more than the 46.6% of the purchase price he and my mother put down as a deposit. I am concerned because he might refuse to sign the document that he is required to sign as a person living in the property and should he refuse what I can do.Many thanks
Expert:  Michael Holly replied 4 months ago.

But the deeds/ title register says you solely own it.

I appreciate that after that it gets terribly complicated but can

Expert:  Michael Holly replied 4 months ago.

( sorry computer having a moment|) you confirm that point to start with.

Michael

Customer: replied 4 months ago.
Hello MichaelYes the deeds and title register are in my sole name. Many thanks for your help.
Helen
Expert:  Michael Holly replied 4 months ago.

Dear *****

What is your plan for him, who may arguably have a trust for life, if you sell it?

Have you spoken to him about what he wants to do?

Michael

Customer: replied 4 months ago.
Hello Michael
What is a trust for life? I tried when my mother was ill to have a conversation but he wasn't happy to discuss it. I believe he wants to stay here from a conversation we had last year. I would be very happy for him to do that but I still have a mortgage to pay on the property until 2022. If there is a way for him to stay here and for me to leave I would be very happy for that to happen. He has no funds to purchase the property from me and I have no means to pay for a residence for myself, purchased or rented, without being able to stop paying the mortgage which is £823 per month and clearing my debts of £30,000.Many thanks
Helen
Expert:  Michael Holly replied 4 months ago.

Dear *****

A trust for life is where relatives , usually parents, are allowed to live in the property or part of it until they die. This does not mean that they own it but they live there and pay the usual outgoings , council tax bills etc. once they die the property is usually disposed of in accordance with the Will of the person who owned it, on to children etc.

Obviously paying him off will finish it and give him security , assuming there is enough money to go round .

Michael

Customer: replied 4 months ago.
Hello MichaelNo, there is no money. That is why I have to sell or release some equity in the house in order to be able to leave the home.Thank you
Helen
Expert:  Michael Holly replied 4 months ago.

Dear *****

You have the ability to sell and clearly it makes sense for you to do so. It is not viable for you to continue so.

Michael

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Customer: replied 4 months ago.
Thank you very much indeed. You have been very generous with your time.
Helen