Tweet
Hi all,
First time posting here I am after some advice on a situation my parents have. This may be a bit long and wishy washy so please bear with me.
My parents starting building a house almost 10 years ago, about half way through an individual (Lets call them MH) invested £50,000 into the property. My father lost his business and so all work on the house stopped. Eventually my parents got divorced but it had been quite amicable and the decision was taken to complete the house and spilt the finances in the future. MH seeing this upheaval had a charging order placed on the beneficial interest of my father in the property for £54,000 (it says NOT including costs and interest becoming due...) My mother and father are jointly named on the current mortgage.
My father and I made the choice to complete the works on the house as there was still equity to be had even with the charge. We agreed with MH that once completed I would obtain the mortgage and pay MH what they are owed. Mum was happy with this also.
What followed was trying to get by paying for the works on whatever money we could scramble together but unfortunately also several spots of bad luck with builders and therefor the works have taken an extra year to complete. With just 3 things left to go (about 3 weeks work) before a completion certificate can be obtained, relations have broken down and MH has passed the debt onto a company called the Sheriffs office. They have some how plucked some figure of £111,000 owed out of the sky and have been round inspecting the house and goods etc.
I was looking for some advice on how to deal with this as we have little cash to employ lawyers etc to help us with this. It seems a bit shady to be honest and it seems like they are trying to scare tactic us into paying something when we don't have to just yet. Is it still viable to carry on with the works and pay MH the initial £54,000 charge once I obtain a mortgage or has that ship sailed.
Any advice on any sector of this complicated issue would be grand and if I have posted this in the wrong place or should copy and post somewhere else just let me know.
Many thanks in advance
:just an update, my father has no other assets apart from 2 vans worth about (£5000 total) and a very small income just to cover the mortgage. I pay all bills council tax etc. On inspecting the house they obviously found not enough value of goods to even come close to the debt. My mother also has no other assets and now lives away.
I have posted this in the money and debt section also but as this is my first post was unsure of the best place to situate it!
First time posting here I am after some advice on a situation my parents have. This may be a bit long and wishy washy so please bear with me.
My parents starting building a house almost 10 years ago, about half way through an individual (Lets call them MH) invested £50,000 into the property. My father lost his business and so all work on the house stopped. Eventually my parents got divorced but it had been quite amicable and the decision was taken to complete the house and spilt the finances in the future. MH seeing this upheaval had a charging order placed on the beneficial interest of my father in the property for £54,000 (it says NOT including costs and interest becoming due...) My mother and father are jointly named on the current mortgage.
My father and I made the choice to complete the works on the house as there was still equity to be had even with the charge. We agreed with MH that once completed I would obtain the mortgage and pay MH what they are owed. Mum was happy with this also.
What followed was trying to get by paying for the works on whatever money we could scramble together but unfortunately also several spots of bad luck with builders and therefor the works have taken an extra year to complete. With just 3 things left to go (about 3 weeks work) before a completion certificate can be obtained, relations have broken down and MH has passed the debt onto a company called the Sheriffs office. They have some how plucked some figure of £111,000 owed out of the sky and have been round inspecting the house and goods etc.
I was looking for some advice on how to deal with this as we have little cash to employ lawyers etc to help us with this. It seems a bit shady to be honest and it seems like they are trying to scare tactic us into paying something when we don't have to just yet. Is it still viable to carry on with the works and pay MH the initial £54,000 charge once I obtain a mortgage or has that ship sailed.
Any advice on any sector of this complicated issue would be grand and if I have posted this in the wrong place or should copy and post somewhere else just let me know.
Many thanks in advance
:just an update, my father has no other assets apart from 2 vans worth about (£5000 total) and a very small income just to cover the mortgage. I pay all bills council tax etc. On inspecting the house they obviously found not enough value of goods to even come close to the debt. My mother also has no other assets and now lives away.
I have posted this in the money and debt section also but as this is my first post was unsure of the best place to situate it!
Comment