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Original poster

Borrowing against interest in house

11 replies

ninah · 14/07/2006 11:43

Any advice please. I have a small terraced house which has been on market for 6 months with no offers. I am currently living with p looking to move into a three bedroomed house with my two children. My father died recently and I have a one third interest in his house which combined with sale of mine would enable me to relocate. Father suggested selling next summer and my sisters would wish to keep the house as it is for some while to remember him (they do not have children yet). I am contemplating staying there with the children pending the sale next year and looking around for something for us in the locality, but my ds starts school next September so if there are likely to be delays (eg the HIPS coming in in June) I'd like to be able to press on and get us settled. We are all in a bit of a fog at the moment. It has been an uneasy time living with p in the circs, so the sooner the better for me, but have to balance this with everyone else - so any way I could borrow cheaply against my share, for example, or any other ideas?

OP posts:
CountessDracula · 14/07/2006 11:53

I'm not sure that you could put something up as collateral against a loan unless you own it outright - ie the loan company would see that you would need the agreement of the other parties to sell, there is a chance they could not give that agreement therefore they would not get their money IYKWIM

Can you not rent in the area that you want to end up in, rent out your existing house for 6 months or a year until you are in a position to buy?

Original poster
ninah · 14/07/2006 11:59

See what you mean. Am currently renting out my house to friend while it's on the market to cover mortgage, while remaining in p's house with children. On second half of mat leave ie no income - if I relocate would mean changing job anyway so chances are I'd have to pay back something as well. It's complicated. I think you're right I'll have to wait to sell at least one maybe both properties to settle. I am totally re-evaluating what's important in life at the moment.

OP posts:
sobernow · 14/07/2006 11:59

This reply has been deleted

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Original poster
ninah · 14/07/2006 12:04

thanks sobernow. Sounds like I'm in a similar situation to yours - feel really heartless pressing on with this kind of thing at the moment, but need to have some kind of ideas. Doubt my sisters would be able to buy me out. I wasn't aware of the laws re compulsory purchase at all and doubt dad/they are ... it seems everyone else is taking a strictly emotional view at the moment.

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sobernow · 14/07/2006 12:11

This reply has been deleted

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Original poster
ninah · 14/07/2006 12:21

You made me laugh for the first time in ages! money grabbing coffin chaser! god, that's just it. You sum it up so well about children and the future. My middle sis is getting married next year and the youngest one is very young for her age (although she would disagree) - they are very much into the shrine thing at the mo and I have been travelling up and down as they say they find it being difficult around the children in case they get upset in front of them. It is very early days still, I just want to be prepared for those discussions I know are coming. It is also complicated by the fact that p and I have a lousy relationship and I need to make a break sooner rather than later. I'm hoping we can pull together as a family.

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Original poster
ninah · 14/07/2006 12:24

oh, yes and all power to Mumsnet! waht are the chances of someone being on here who's been through that exactly can understand and even make me LAUGH! thanks so much Sobernow
It's my birthday today, dad was going to take me to Pavarotti tomorrow night - turns out they both had pancreatic cancer, and guess what they FOUND it and operated on it in Pavarotti - life is bizarre ...

OP posts:
sobernow · 14/07/2006 12:30

This reply has been deleted

Message withdrawn at poster's request.

Original poster
ninah · 14/07/2006 12:33

that's very kind! I thought I was asking a practical question but I guess it's really more an emotional one after all. Good to know I'm not a 'MGCC' - and with your comments in mind I'll handle it a lot better
Thanks again!

OP posts:
NotActuallyAMum · 14/07/2006 12:42

Can't advise you ninah but just wanted to say I hope you manage to enjoy your birthday and I really hope you get things sorted sooner rather than later, you've waited long enough to make the break and be happy - you so deserve it

{{{hugs to you}}}

Original poster
ninah · 14/07/2006 21:45

thanks NAAM will let you know what happens - you've always been so kind - as soon as I do get my own place I'll make sure you're in the picture. You can always have an all inclusive there instead of Greece if you need one - although I can quite understand that the Midlands might not have quite the appeal! xxx

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