CampbellM20
Registered User
- Messages
- 9
Hi there,
My sibling bought our rented family home back in 2002 and asked if i would go in on the mortgage in 2004 as a joint owner. Didn't want to do it but was convinced by my family it would be a huge investment. My parents were also living with us. We were under the illusion they had "right of residency" only under this new mortgage. My parents never paid rent just contributed to the bills and food for themselves. The mortgage initially was taken out with Irish Permanent and we remortgaged in 2004 to do some renovations and the mortgage was then with RBS who has since sold the debt to Pepper. I have now married and moved out of the family home since 2015. the first year away from the family home i paid the mortgage and paid rent to my husband. after that year i could not sustain the 2 so my sibling decided to get 2 tenants into the house. for those years up to now all transactions have gone through her with nothing coming through my account. Any additional money was pocketed by her and not paid off the mortgage. When my husband and i tried to remortgage our own house i was informed by the bank that i could not get €40K as i was liable for my other home. I have now asked my sister to buy me out as it is now affecting my financial status. It has also come to light that my parents are down as joint owners on the property this may be a mistake by the bank im waiting on confirmation on this. My father is deceased but my mother still resides in the home. she is 80 now. My sister and I were hoping with some independant legal advice that she would sign a deed of postponement to us however this does not solve my problem with the buyout. the property is worth about €350K, Mortgage left to pay is €175K. I have paid in €78K what is the fair amount that i am due? Is it a 3rd of the equity or what i paid in or am i best walking away with €30 - €40K. My sister believes that the bank should give her the remortgage but Pepper have told me they do not do remortgages that they want the debt paid and that we would need to go to another bank but The Mortgage we have on our property is a tracker which she does not want to loose and she believes that i should transfer ownership to her for a small fee? I don't know what to do
My sibling bought our rented family home back in 2002 and asked if i would go in on the mortgage in 2004 as a joint owner. Didn't want to do it but was convinced by my family it would be a huge investment. My parents were also living with us. We were under the illusion they had "right of residency" only under this new mortgage. My parents never paid rent just contributed to the bills and food for themselves. The mortgage initially was taken out with Irish Permanent and we remortgaged in 2004 to do some renovations and the mortgage was then with RBS who has since sold the debt to Pepper. I have now married and moved out of the family home since 2015. the first year away from the family home i paid the mortgage and paid rent to my husband. after that year i could not sustain the 2 so my sibling decided to get 2 tenants into the house. for those years up to now all transactions have gone through her with nothing coming through my account. Any additional money was pocketed by her and not paid off the mortgage. When my husband and i tried to remortgage our own house i was informed by the bank that i could not get €40K as i was liable for my other home. I have now asked my sister to buy me out as it is now affecting my financial status. It has also come to light that my parents are down as joint owners on the property this may be a mistake by the bank im waiting on confirmation on this. My father is deceased but my mother still resides in the home. she is 80 now. My sister and I were hoping with some independant legal advice that she would sign a deed of postponement to us however this does not solve my problem with the buyout. the property is worth about €350K, Mortgage left to pay is €175K. I have paid in €78K what is the fair amount that i am due? Is it a 3rd of the equity or what i paid in or am i best walking away with €30 - €40K. My sister believes that the bank should give her the remortgage but Pepper have told me they do not do remortgages that they want the debt paid and that we would need to go to another bank but The Mortgage we have on our property is a tracker which she does not want to loose and she believes that i should transfer ownership to her for a small fee? I don't know what to do