Struggling to buy mum out of house

[Tryandtryagain02]

Hello, I'm really struggling with a solution here, any ideas would be welcome! My mum and I inherited my Grandparents house 50/50 in 2021. I agreed to buy my mum out of her half, however, I haven't got very good credit. The mortgage broker tried multiple lenders who dealt with bad credit and unfortunately I was refused. Subsequently, my mum had a contract written with a solicitor that suggested I pay her rent (£550 a month) as this is the equivalent to half of what the rent would be and so we agreed. The rent is to be paid for 2 years and if I don't buy her out within this time then it has to be sold. It has caused endless arguments and ruined our relationship. I've sought advice from a solicitor who said that it would be enforced and my partner and our 3 children would have to sell. Every couple of weeks she gets angry and insists I sell the house as I won't get a mortgage. I've searched for other properties to buy and nothing is within my price range, renting is slim to none in my area and I'm running out of ideas of what I can do. The mortgage broker told us to go back in 6 months as they declined due to a loan I had taken out - which is now paid off. But I worry every day that when we do reapply we will be declined and I have no idea where we will end up. Does anyone have any other ideas please?

Thanks

So if granddad was in a care home, and you moved into the house, were you paying rent to him?

Of course not, he would have never wanted rent from me and he didn't have the capacity to decide either.

So you have been paying rent since 2021 when you inherited the house?

Who paid the care home fees?

Sounds like you have done quite nicely out of it all so far, living a year in a house rent free then the next 3 at reduced rent. What's your partner contributing in all this? You mum has every right to be fed up. Sell up, be grateful that you inherited half a house and stop whining.

Well in that case you are very, very lucky and have already done well.

I lived in my (now late) mother-in-laws home rent-free, after she went into a care home, and was only able to do so because I rented my home out to pay for her care. I only stayed in her home because we'd moved in to look after her before she eventually had to go into a care home...we couldn't face the upheaval of moving back and then renting her home out, so we rented ours instead.

Whether she would have wanted rent from me or not was not the issue, the fact was that with fees of £800+ per week it's just not on to have the home occupied AND no rent being paid.

If I hadn't used the rent from our home to put towards the care home fees, we would have either sold her house or rented it out.

Do you think perhaps your mum is frustrated by your lack of financial management?

You've been living rent free or very low rent for four years but you still have credit card debt.

Unless it was for something specific like education I might feel a bit annoyed at giving you more time too.

Is 50% of the house within what should be an amount you can secure on a mortgage i.e as a multiplier of income?

If so you need to throw everything you can at getting rid of the debts and apply again.

I've been paying rent since 2022 as it was all settled at the end of 2021. And why is it relevant how he paid for his care home fees - he did out of his pension.

It is relevant because you were able to live there rent free, when in fact his home should have been generating him an income.

I wondered if your Mum had paid them as they are horrendously expensive and usually mean the house has to be sold to cover them.

How would it benefit him generating an income when he receiving end-of-life care and didn't have the mental capacity?

How did he have the mental capacity to say yes to you moving into his home?

Because it was HIS home, his asset, no one else's, and him not having capacity is neither here nor there - the people responsible for his welfare should have seen to that, so they are as much responsible for not charging you rent as as much as you are for not paying it.

I'm no longer surprised that the mother is being forceful over this.

I don’t understand how you think you will pay the mortgage if you are still increasing your debt

Sounds like you can’t afford this house

This.

You have racked up £3k of credit card debt whilst getting a VERY good deal rent wise for years. It's awful that you just moved into your grandad's house whilst he was dying as he "had no capacity"!!

Where is your integrity? Sell the house and give your mum her cut.

It's up to you and your partner to house and support yourselves and the three children you've chosen to have.

You are taking the piss OP.

My Grandparents would have wanted nothing more than for me to live in their home, that was the way our family worked. You don't know them personally so for you to suggest that is incorrect.

More time? You've lived in the house paying no/little rent FOR THREE YEARS.

You are being very unreasonable to expect your mum to delay receiving her inheritance any longer.

You need to sell the house, share the proceeds with your mum and find somewhere else to live, even if it means you have to rent until your credit rating improves.

Can you come to another arrangement?

So give her a quarter lump sum, and reduce the rent?

How would that stack up?

If you can’t afford a 50% mortgage, what can you afford?

It’s strange that you had two years rent free but still have debt.

personally I’d pay mum back asap. It’s wrong to withhold her inheritance and irrelevant that she owns two houses.

Look at what options are open to you mortgage wise. You may find you can get a smaller mortgage. Buy a ground floor flat with garden.

You’re being selfish and greedy.

If your credit card debts are £3000... can your Mum pay these for you and pay her back either when you get the mortgage .. ie get it for £3k higher than 50% or find another way to pay her back?

Though it does sound like your relationship is strained.

Would it be possible that she act as guarantor on your mortgage?

It sounds challenging.... I am sorry you can not find a solution working together..

Stop being a sponger and sell the house. You say you have a good deposit, well that and the half you’ll get from the house will give you more than enough for a house. Presumably your partner works too where is his part of the deposit. Your mum has waited long enough.

Is there any way you could use your mum as a kind of mortgage provider by just paying her a sum each month to pay off her share of the house?

What about your partner? What is his part in this?