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Original poster

Mortgage Matters

12 replies

julezboo · 04/08/2006 09:44

possibly gonna be a long one sorry in advance...

Right we are buying mil's house off her for £60,000. Its worth £80,000 but its a gift to her son. We are just about to sign all the papers and this morning me and her had a bit of a deabte about me allowing my 4yr old son downstairs on in own to get into all kinds!!! Anyway thats not this issue.

Im currently not working, 11 weeks pregnant and a stay at home mum to a 4 yr old, my pregnancy is very high risk, so lots of appts to go to, lots of medication its not in anyones best interests if i go back to work now even if i could find someone to employ me, plus we would have childcare costs for ds1 to pay for through the summer!

DP said he wants my name on the mortgage though and on the deeds, just so i have security with two kids if the worst ever happens. I feel more comfortable with doing that however Ive told him I trust him to not kick us out and if its gonna cause problems etc then leave me off. So long as i have a roof over mine and the kids heads Im not fussed.

We moved in 3 weeks ago with mil so dp could start his new job and she has been a bloody nightmare.. she has just blew off this morning and told me that she will not be having my name on the mortgage or the deeds because Im horrible and she doesnt trust me... Sureley though if we are buying the house its our sayso on who goes n the mortgage not hers???

She also said that if we are to continue living here we will pay her mortgage off instead, we cant afford her mortgage its an extra £80 a month on top of the one we are just about to take out...

SO i just told dp to tell her if she carries on acting like a spoilt brat she will have to struggle to pay the mortgage living abroad (she goes tomorrow) or start the ball rolling on selling the house... I know she's being ridiculous, im suffering with terrible morning sickness (but according to her Im not). If she choses not to sell the house to us then fair enough, but can she dictate who goes on our mortgage, the house will be ours then and not hers but I dont think she understands that...

Im getting myself in a right tizz, we moved 200 miles to live here, i have no family or close friends and facing being homeless and i wouldnt put her past her to be honest

OP posts:
Quootiepie · 04/08/2006 09:57

get legal advise if shes living there and you own it, or its a gift. If its gifted, she cannot stay there (if she does, you have to pay inheritence tax). If your name isnt on mortgage, and DP dies, youi will have to pay taxes - whereas if its joint names itll pass to you tax free. Tying one handed so cant type much... Let DPs name go on mortgage, then marry him. That'll piss her off

LIZS · 04/08/2006 09:58

It isn't up to her who is on the mortgage or deeds. The contract would have both your names on though so I suppose she could refuse to sign it.

Original poster
julezboo · 04/08/2006 09:59

I just said to dp to get it all done in his name, I can be added later cant i once house is his and nothing to do with her anymore??

OP posts:
Quootiepie · 04/08/2006 09:59

sorry, didnt read right... errr... get in DPs name then marry, or get in DPs name then add yours. Itll cost maybe £20 or £200 - cant remember.

Quootiepie · 04/08/2006 10:00

yes, you can be added later.

Tinker · 04/08/2006 10:01

Below level for IHT but you do need your name on the deeds. If the worst happened, you would have no rights to house, he could kick you out and you'd have no claims to it. See a solicitor.

Original poster
julezboo · 04/08/2006 10:08

the house isnt ours yet... We were due to sign the papers to get the mortgage today, would have been completed in a few weeks.

My worst fear is that shes got us all to move down here (shes obssessed with matthew) and has now "changed her mind" about moving abroad, shes gave up her job, she has no income (other than credit cards lol) to pay for the house so It is all gonna be put on dp, already causing arguments. It would be in her best interest to sell it, doesnt matthew who to...

tinker whats IHT?? I would be getting added onto it later on, financial advisor has told us that if anything happens to dp, without my name on the deeds i would have nothing. So we understand all that, thing is she doesnt, its her firt grandchild shes talking about putting us on the streets or making us pay out an extra £80 a month for her mortgage, so the house wil still be hers at the end of 9 years! Shes not right and i refuse to pay it for her x

OP posts:
Tinker · 04/08/2006 10:11

Inheritance tax. Limit is 275k ish now before you'd have to pay it. Glad solicitor has explained that bit about your name needing to be added. No advice about crazy mil.

LIZS · 04/08/2006 10:11

Inheritance Tax - over a certain £ of assets (£285k this year I think) you could be liable to pay tax if dp died , whereas it passes tax-free between spouses.

Xena · 04/08/2006 10:12

What a crazy lady. TBH I'd pull out, you can't have her dictating to you. Is your DP strong enough to stand up to her?

Quootiepie · 04/08/2006 10:22

Dont pay off her mortgage! If she wont piddle off and sell you the house, move out. Or as I said, let DP get it in his name, then get yours added.

Original poster
julezboo · 04/08/2006 10:38

Xena and ladies thanks for your advice,

Im getting myself all worked up and i need to calm myself down, Im taking ds to the zoo today to keep out her way, dp has rung for her mobile number he said he will sort it so he can get the house and we will add me on later once she is out of the way.
Xena - dp tries to stand up for her, but tbh we think shes got mild alziemers or something, shes not totally with it and its quite worrying, dp thinks once shes over in madiera with her close family she will be looked after, she just onwt listen to anyone (cept god)

thanks girls x x x

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