Mortgage advice

[Peachie1]

Good morning all,

This is a bit of an odd question. I don't have a mortgage so I'm not sure about rights and responsibilities.

My father in law has a beautiful house that they have added a large extension on, refurbished and turned the garage into a living area for a great grand parent that wouldn't be able to live on their own. Because of my father in laws age they decided to have the mortgage put into my brother in laws name and one of his daughters (not the one married to my brother in law.

Due to some very unpleasant occurrence's in the family the trust level of the brother in law has plummeted to near none existence. We know the value of the house has increased and there is a nice amount of equity in the property. We are concerned that as one of the names on the mortgage he might try to get some of the equity.

My questions is, can he do anything like that? Legally is there anything he can do to get money from the mortgage? We are trying access if they should be concerned and seeking legal advise.

There is about £150K left to pay on the mortgage, can his name be removed from it or replaced with someone else to help ease their minds.

Thanks in advance

Peachie 1

[atticus]

If the mortgage has been put into a person's name, then the likelihood is that legal ownership of the property that is mortgaged has been transferred into that person's name. There are facts that need to be ascertained here about the ownership of the property and the terms on which any interests in the property are held.

I strongly recommend that you get professional legal advice.

[Peachie1]

Thank you, it has been set up so both names are on the mortgage 50/50. I totally understand that's it's a very odd situation and murky waters.

I'm not sure if this matters but the mortgage payment goes through a business account that the son in law is the director of so my father in law has no connection to the payments either, although he is the one putting funds into the business account. His daughter is basically on the mortgage as name only she makes no financial contribution.

Do you know what type of legal advise they should seek? Would if be a financial advice, mortgage adviser..... solicitor...

[dslippy]

His name can be on the mortgage only if his name is on the deeds. It sounds as if hte house was transferred into BIL's and the daughter's names. Good practice would require a deed of trust to state who owns the equity. Mortgages differ greatly. If it secures borrowings which are under the control of A, then A may be able to borrow on the account, increasing the mortgage. That would not be standard, but what you describe is already non-standard.


You are personally distant from this and have no real input, but your concern may be justified. If things have been done properly and well there should perhaps be little cause for concern, but doing that often involved people spending money on stuff they do not see at the time as legally significant. It may not have happened.

[atticus]

legal advice should be be sought from a lawyer - a solicitor.