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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 35430
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I am not entirely sure whether this question falls under

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I am not entirely sure whether this question falls under family or property law.My father has recently died; Feb 2018. My mother, his wife, died in 2012.In 2014, my father gifted us a house in London; 'us' being my two siblings and me. My mother died in 2012.In 2016, my siblings and I raised a mortgage on the house we were 'gifted' in order to pursue property investments.To date the uninvested funds, raised through said mortgage, stand at £263,000.I need to raise some cash personally on a relatively short term basis to assist cash flow on a property development I am involved in outside of my siblings 'interest'. The amount is £75k (maximum) and may well be less than this. The period of the loan will be up to 12 months, although hopefully no more than 6 months.Both my siblings have turned down my request to borrow from the funds noted above on the basis that they may be needed for other things, that we have a joint interest in. Part of this relates to possible inheritance tax payable on our father's estate, although we have yet to receive a bill from HMRC. There are other joint options available to raise money for any IHT liabilities.My position is, even though this money is borrowed (i.e. as a mortgage against the house we were 'gifted' or now 'inheritied', as he has since passed away) a third of it is still mine to do with as I choose.I have guaranteed to cover any IHT or other shared liabilities, should I be unable to repay this £75k 'loan', against other assets I own, but they are still refusing to agree to my terms.I would be grateful for advice in this matter.Yours faithfullyRupert MaitlandMy perspective is that I am

My name is ***** ***** I shall do my best to help you. I am reviewing your question now, and will respond further within a few minutes

How are the funds held - has a company been set up to hold the funds?

Customer: replied 6 months ago.
No, it is a personal mortgage, held in our joint names.
Customer: replied 6 months ago.
I would rather communicate in writing at this stage.

My apologies for the site popups

When the mortgage was taken out what form of partnership was agreed between you in terms of how the money would be used?

Customer: replied 6 months ago.
There was no formal written agreement, only various informal conversations and e-mails - the funds to date have been used to buy a property in Mallorca and one in South Kensington, we have all taken out some cash and I have taken out a previous loan of £25k, which I am currently paying back on a monthly basis - I have so far paid back £7k. My brother has recently taken out a small loan of £5k. We have also used the money to maintain and improve the house in London, against which the mortgage was raised.

Unfortunately, this is clearly "joint money" held by the three of you and you all need to agree on how the funds are used.

If your siblings will not agree to your using the money in this way then you cannot force them to agree - your only option is to threaten to call for the sale of the property and the discharge of the mortgage to release the funds to you

I am sorry that the news is not better

Please ask if you need further details

Clare and other Family Law Specialists are ready to help you
Customer: replied 6 months ago.
Thank you for clarifying my position. Whilst it is not the answer I was hoping for, it will avoid me in wasting my time in pursuing false hope.Kind RegardsRupert Maitland
Customer: replied 5 months ago.
Hi Clare,There was one more part to my question above. In order for me to take some of the money out from the 'joint money', on a loan basis, do I need unanimous agreement or majority? In other words, if I can gain the agreement of one of my siblings, but not the other, then is this sufficient?

You would all need to agree I am afraid