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My brother owns his own company and my father always helped out as much as he could financially. My brother had a loan secured on my fathers house (house worth roughly £500,000 now). In Aug 2012 due to non payments on the loan it was called in. £208,000 was still owing which took into account the non payments. My brother then effectively 'sold' my parents house to his wife for £ 323,750. So, roughly £115,000 extra was taken on this mortgage than was needed. The money did not go to my father, it went to my brother - he did settle the outstanding loan but we do not know what he did with the rest (though the wife took possession of a brand new Range Rover Sport in Nov 2012). My father was unwell from April 2012, in and out of hospital and have seizures. My mother says there was no legal representation for my father when this all went on. Tragically my father passed away on April 10 2014. My mother (who is 74 this year) has now said to my sister and I that she would like to ensure her will is re-written now. We have expalined that she does not have a house to leave any more! My brother said this 'arrangement' would be for 2 years but I don't know how he planned to repay this large sum of money in 2 years. His business is haulage and notoriously volatile - the company has has money thrown at it for years and still struggles. Whilst I am not bothered regarding inheritence I am very concerned about the situation this puts my mother in. There is also property abroad which is worth roughly £250,000; therefore, my mother 'should' have an estate totalling £750,000 as at this date. In reality she only has a property worth £250,000 which has great sentimental value and we don't really want to sell. How on earth can we resolve this and get a little more stability for my mother? I suggested the house being 'sold' to my sister and I with my brother paying that mortgage (if we can trust him to do so...?) If my mother wishes to downsize she will be left with £ 177,000! This will buy her nothing - plus even that isn't really her money as the house is in my brothers wifes name! I do not trust this woman as far as I can throw her. Unfortunately it seems that I cannot trust my brother either now. My sister and I were not informed about the mortgage being taken out in Aug 2012 - even though they were asked by the person arranging the mortgage if we were aware... they responded with 'yes'. We were supposed to have a meeting last night at my mothers house but my brother wanted to bring his wife. I said it should just be the executors (us three children) but once he knew what we wanted to talk about and the fact I said I did not want his wife there, he refused to attend. I suggested that if that was not acceptable that we have a meeting in front of a lawyer where his wife (not being an executor) would not be present (I believe?). We have had no discussions prior to this regarding my fathers will since he passed away in April 2014.
I will wait for a little longer but I really do need an answer asap.