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Advice Needed Asap
# 1 : Monday 5-11-2018 @ 19:40
Hey all really could do with some advice if possible. I'll make it as short as possible. The mother and father have split for the last 10 years and the mother left the house and moved else where. Me and the sister Dont talk to the mother its a complete other story. But the court case came up the other day and judge ruled 60 40 to the father. He would give us a month to buy the mother out 70000. If we haven't got it sorted we have to PAYE the mother a 1000 every month till we have the 70000. My sister lives with my dad with her 2 kids 1 has autism. We tried to get a loan in with all 3 of us a mini mortgage. But me and the other sister have a mortgage so we couldn't help and the younger sister is only part time and tried in her name she has 20000 saved and the father is putting up his to cover it. The father is unemployed and is 60 so the won't give him one. Any other way to do it. Hope this makes sense. Any help please
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# 2 : Monday 5-11-2018 @ 20:02
Equity release, your father would get to live in the house for his life and then the bank would usually get the house.
Probably more pragmatic your sister needs to get a full time job and get a loan for 50000 or a mortgage.
# 3 : Tuesday 6-11-2018 @ 14:07
Pay the 1000 a month for 70 months.
It would be very generous of your mother to accept that rather than the 70k upfront!

- Get a lodger in, which will cover 500 to 600 (depending in location (could be 300-500), tax free.
- Borrow each month from the 20k of sister, maybe against some extra equity in the house.
- Top-up by all chipping in a hundred each.
# 4 : Tuesday 6-11-2018 @ 17:25
1000 a month doesn't come off the 70000 the 1000 a month is a sweatier so she doesn't look for the house to go on the market. My father is 60 and not going take in a lodger
# 5 : Tuesday 6-11-2018 @ 18:45
Get legal advice and see if it's possible to compel your Mother to accept the 20k from your sister and the 1,000 a month?

Equity release on father's death could cause problems if sister still living with him.

Or could you challenge the valuation being too high?
# 6 : Tuesday 6-11-2018 @ 19:45
I'd strongly recommend legal advice and a conversation with MABS around any financial plans.
# 7 : Tuesday 6-11-2018 @ 21:02
Definitely go to MABS or get similar advice. This is way to complicated and important to you to assume you’ll get the answer from strangers on an Internet forum.
# 8 : Friday 23-11-2018 @ 16:25
The problem is If no settlement can't be reached on the house, a court may decide that ownership should be transferred from one person to another. However, it cannot transfer liability for the mortgage from one person to another without the lender’s consent. the original owner or joint owners will still have to keep up repayments. Therefore, where a situation is not cut and dried or there are disagreements as to what each partner thinks they are financially entitled to in terms of transferring the home to the other partner so I would say you need to seek legal advice. it’s important to check the deeds to your house. In many cases, they contain a ‘survivorship’ clause which entitles the other partner to a share of the house should one partner die, so you need to make sure that once the property is in a sole partner’s name that you have the other partner removed from the deeds or else they could still make a claim on your estate in the future, even if you have split up. Once again, sound legal advice is very important in this regard.
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