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Hi everyone.
This is a little complicated and I cannot get a simple answer from a solicitor at this moment in time so I am hoping someone here will be able to advise. So thank you in advance for any help/advice.
OK.
My mother and I bought the council house we were living in under the right to buy scheme in 1986 and the mortgage repayments were split 50/50. over the next 10 years I carried out a lot of home improvements including fitting a new kitchen, bathroom conversion, installing central heating along with all the general maintenance that needed to be addressed as and when needed.
10 years later in 1996 I got married and my wife and I wanted to buy our own home but we were advised that we could not have two mortgages. Taking advice, I was told that the easiest way was to remove my name from the title deeds, which would allow me to apply for a new mortgage.
We were also advised that, by rights, my mother should have "bought me out" of my 50% share of the house at that time. Unfortunately, mum could not afford to do this and so we had a verbal agreement that this would be dealt with either when or if she sold the property in the future or when the estate was being sorted out after her death.
Fast forward to 2004, my mother took out Equity Release on the property (although I am certain that she was manipulated to do so, I cannot prove it) I advised her against doing it when she first mentioned it a few weeks previously but I was then told after the event that she had actually done it.
I would like to know if I can put a charge on the property for 50% of the value of the house as it was in 1996 plus interest and also, would it be fair to add a cost for all the work that I carried out on the property during that time.
I understand that the lifetime mortgage provider will have priority of being paid back, but how would I be able to recover the value of my asset if they refuse to give me authorisation to register a second charge on the property.
The reason that this has cropped up now is that my mother has recently changed her will and has left virtually everything to a relative.
Any help or advice would be extremely helpful, thank you.
This is a little complicated and I cannot get a simple answer from a solicitor at this moment in time so I am hoping someone here will be able to advise. So thank you in advance for any help/advice.
OK.
My mother and I bought the council house we were living in under the right to buy scheme in 1986 and the mortgage repayments were split 50/50. over the next 10 years I carried out a lot of home improvements including fitting a new kitchen, bathroom conversion, installing central heating along with all the general maintenance that needed to be addressed as and when needed.
10 years later in 1996 I got married and my wife and I wanted to buy our own home but we were advised that we could not have two mortgages. Taking advice, I was told that the easiest way was to remove my name from the title deeds, which would allow me to apply for a new mortgage.
We were also advised that, by rights, my mother should have "bought me out" of my 50% share of the house at that time. Unfortunately, mum could not afford to do this and so we had a verbal agreement that this would be dealt with either when or if she sold the property in the future or when the estate was being sorted out after her death.
Fast forward to 2004, my mother took out Equity Release on the property (although I am certain that she was manipulated to do so, I cannot prove it) I advised her against doing it when she first mentioned it a few weeks previously but I was then told after the event that she had actually done it.
I would like to know if I can put a charge on the property for 50% of the value of the house as it was in 1996 plus interest and also, would it be fair to add a cost for all the work that I carried out on the property during that time.
I understand that the lifetime mortgage provider will have priority of being paid back, but how would I be able to recover the value of my asset if they refuse to give me authorisation to register a second charge on the property.
The reason that this has cropped up now is that my mother has recently changed her will and has left virtually everything to a relative.
Any help or advice would be extremely helpful, thank you.
