ChatterBank1 min ago
IN-LAWS THINKING OF SELLING UP-ADVICE NEEDED
Due to there age at the time my in-laws couldnt get a mortgage without my brother in law (long story and loads of bad history)..It was purchased in 3 names now my in-laws are thinking of selling up an moveing to be near my wife & myself.My brother in law hasnt lived there for over 2 years and during the time he did he never contributed a single penny to any maintainance if anything he didnt pay his share of the mortgage on many occasions.
Unfortunately when the mortgage was taken out they never really took any legal advice as there could of been clauses put in to cover these things.Basically if they now sell can they deduct an amount from his share to cover .ie central heating,replacement windows,conservatory etc.etc ??
Unfortunately when the mortgage was taken out they never really took any legal advice as there could of been clauses put in to cover these things.Basically if they now sell can they deduct an amount from his share to cover .ie central heating,replacement windows,conservatory etc.etc ??
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hi chas i think it's unlikely. Why should the brother pay maintenance even though he didn't live there? If the in-laws let him get away without paying the mortgage, then they are silly. If the house seels for less than the mortgage, they would expect him to take on his share of the debt, wouldn't they? so why shouldn't he take on his share of the profit?
It sounds as if then he would be entitled to a share of any profit (but equally should share in the cost of selling etc.) - does he have somewhere else to live, then? Your parents really need some legal advice now, to make sure they are not diddled when they come to sell. If the mortgage is paid, presumably your parents have the deeds of ownership - whose names are on that as legal owners of the property?
That's been their choice then, sadly - they could have asked him (as co-owner) to contribute at the time, or sought proper advice to make sure that any material additions they made to the house could be counted when they came to sell. They need legal advice now, so they know exactly where they stand.
if the mortgage is paid, he has no legal tie to the property, or is he on the deeds aswell? Have you been told directly by the brother-in-law that he expects a 3rd share of any sale proceeds? It could be that he will sign the house over to them without any problem, is he not a good son then? He wiil no doubt inherit his equal share from his parents when they are gone and so he may be happy to do that,
hiya, I've read what you said but taking out a mortgage isnt a small undertaking is it? He put his neck on the line to help them when they couldn't get a mortgage on their own - that dosen't sound like a "BAD" person to me There is a lot of risk when getting a mortgage, which he undertook. Don't forget the parents have had the benefit of the improvements they've made too - it hasn't just been for his benefit. maybe he din't want the improvements made at the time, so if he didn't agree with them, why should he pay. Look at it like he was a stranger (or "business partner"), take the family bagge out and it starts to look more reasonable
well, unless he starved, i presume that the parents fed him out of their own volition. You can't retro-impose a contract on someone (ie because we fed you and paid all the bills we are now taking all the profits) If he had agreed to it at the time, then fair enough. When i say "business partner" i am just trying to take the emotion out of it for you and look more objectively. You speak as if the son took advantage, and you may well be right, but the parents let themselves be taken advantage of. Do they even want to stop him having any profits, or are you just upset about it?
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From what I remember about selling up and dividing equity...they can take it to litigation and if they prove that they paid for XYZ etc...they stand a chance of getting a greater percentage. Problem is...it'll probably be cheaper to give him an equal share. Litigation isn't funded by legal aid and will cost a small fortune.
It's clear that it's a bit late now to raise this question, and it's a matter which is between your parents and your brother.
Your only interests are your eventual inheritance and the evident bad feeling between you & your brother.
It would not be good to turn this into a long running fight, as the only winners would be the solicitors.
Your brother would seem to be in a very strong position, with his own rooms in the house, and his name on the deeds.
i wouldn't get involved in a fight I couldn't win...
Your only interests are your eventual inheritance and the evident bad feeling between you & your brother.
It would not be good to turn this into a long running fight, as the only winners would be the solicitors.
Your brother would seem to be in a very strong position, with his own rooms in the house, and his name on the deeds.
i wouldn't get involved in a fight I couldn't win...
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