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Is this fair?

(17 Posts)
EscapeFrom Fri 31-Aug-07 11:45:04

I don't really understand how money works, so I would be grateful if you could tell me if this will work out fair or not.

My mum cannot afford her mortgage. My brother and sister live with her, and she is signing the mortgage over to my brother. Presumably also putting him on the deeds of the house. He will pay all the mortgage, I don't know if she is making a contribution towards it.

If she dies, she leaves half the house to him, and a quarter each to my sister and I. She says she is stipulating that the house must be sold within a certain timespan after she passes away.

I am confused by the whole thing!

Dropdeadfred Fri 31-Aug-07 11:50:13

In what way do you think it's unfair? How much longer has the mortgage to run?

gringottsgoblin Fri 31-Aug-07 11:52:34

so will he get his half of the house (if he is on the deeds) plus half your mums so you and your sis get 1/8th? cant she just charge rent so she can afford the mortgage

claricebeansmum Fri 31-Aug-07 11:57:49

There are a couple of things that trouble me about this...

presumably if your brother is taking over the mortgage he is also going to take over ownership of the house therefore not your mothers to give away on death...

however...someone needs to sort out who owns the equity in the house up until the point whereby your brother takes over...

and on your mothers death presumably she means that sh is leaving half of her equity to your brother and quarter to you and your sister but it that the equity value now or in the future....

and presumably your brother will want to continue living in the house - as may your sister - when your mother dies so wy does he say the house must be sold...

which I don't think she can do because I am not sure you can make those sorts of wishes from the grave IYSWIM

You need to get a really good solicitor to sort this out.

Mumpbump Fri 31-Aug-07 12:01:40

The names on the title deeds to the house have to match the names on the mortgage so you need to check that your Mum will continue to be named on both to protect her interest in the house. They should then hold the house as tenants in common which means that they will have "shares". So if they hold the house in equal share, ie. 50% each, he will have half and she can leave her half to you and your sister, ie. 25% each. But you do need to make sure that your Mum gets proper legal advice, independent to any which your brother is getting, to make sure she gets the result she wants.

hanaflower Fri 31-Aug-07 12:03:32

Message withdrawn at poster's request.

Mumpbump Fri 31-Aug-07 12:04:40

The other thing is that if your mother is elderly and your brother is living with her, there could be all sorts of family arguments about him exercising undue influence over her... None of you want to go down that road, if you ask me!!!

Mumpbump Fri 31-Aug-07 12:05:39

And if he owns 50% of the house, say, she can't make him sell his share so you could end up going to court if he doesn't co-operate. Again, not something you want to do when your mother has just passed away...

EscapeFrom Fri 31-Aug-07 12:51:44

she's not elderly, she's 53, my brother is 22 and my sister is 17 (and unemployed)

what concerns me is that my brother and sister have such a volatile relationship, that he may one day decide to have her evicted. My mum may not agree with this but if he has equal say over the house, he has equal say over who lives there, right?

What if my brother decides he wants to move out? She would have to buy him out and she can't afford that.

claricebeansmum Fri 31-Aug-07 12:53:20

I see you posting in a few months time about how it has all blown up and gone wrong...

TellusMater Fri 31-Aug-07 12:55:44

What if he wants to live with someone? Without his mother and sister.

It all sounds a bit complicated TBH.

EscapeFrom Fri 31-Aug-07 12:56:18

To be honest, I don't even get a say. she rang to inform me, and when i ventured an opinion she told me it wasn't wanted ...hmm

She's rabbling on about 20 grand this, and 30 grand that, Icannot make head nor tail of it, but I think it is not the money that will give us the problems here, it'sthe legal crap!

TellusMater Fri 31-Aug-07 12:58:04

Given her age, the chances of him wanting to settle down with someone before she dies are pretty high.

bubblerock Fri 31-Aug-07 13:03:42

I would let them get on with it if I were you, sounds very complicated and a recipe for disaster whilst she's still alive never mind when she dies - which hopefully is a long way off.

Mumpbump Fri 31-Aug-07 13:05:07

TBH, I suspect there is little you can do to control the situation - at the end of the day, it's her house, her choice, but I don't think it sounds great. Why can't she downsize to something more manageable?

LIZS Fri 31-Aug-07 13:07:09

Presumably they'll get something legally drawn up . It isn't as simple as transferring an existing mortgage but they'll find that out in time .

EscapeFrom Fri 31-Aug-07 13:09:40

Well, with all three of them living there, she can't find anywhere cheaper that is big enough. I think she is bloody mad.

Hey ho, you are all right, there is nothing I can do.

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