This complex situation regards a problem I am facing with a tenancy in common, it was previously a joint tenancy and there is a restriction on the deeds at the Land Registry in respect that this was severed.The property is owned by myself and the personal rep's ( the son )of a deceased person.The outstanding mortgage is £22,000 with arrears of £900,the house will be valued at approx.£65,000+ there was no life policy in effect a year ago which is why this amount is outstanding. I left the property 7yrs ago ( ex- partner remained there ) but I took over the mortgage payments again a year ago after his death,the property has stood empty since. The son with whom( I have no contact ) I gathered wished to take over the outstanding mortgage and pay me my share of the equity, I made a preliminary start and completed an Application for Transfer Form as at the time I felt it was the easiest option. Based on this the Halifax who have been very fair gave me three months without payments to allow time to sort it out but I now find nothing has transpired at all as they have had no further contact from the solicitor representing the son. When I took over the mortgage there were £600 arrears and that has now increased. The Halifax are now asking me to contact them and state they will commence legal action very soon. I am just in such a dilemma as to what to do next, I have a solicitor but he has not impressed me with good advice which is why I hope someone can suggest what course of action to take now. I feel like giving up and just telling the Halifax to go ahead and re-possess, if I did how long does the process take and what will it cost? I know I would be blacklisted but at the moment I feel that is the least of my worries. On the other hand as presumably I am not committed to transferring the property and would be able to maintain future mortgage payments am I entitled to move back into the property. Finally if I did move back in what course of action would be available to me if the son refused to let me buy his share of the equity? I would be so grateful if any kind person can advise me.

-- joyce (jpurple1953@aol.com), June 04, 2002

Answers

If you can cope with the mortgage payments and do something about the arrears in agreement with the Halifax then my advice would be MOVE BACK IN QUICK! It sounds as though you have some money at stake here in the equity and it would be foolish to lose it and give yourself all manner of debt problems and credit stains when from what you say a solution is available.

If as I understand the mortgage is still in your name then it is you that have the cards in hand. As to the son you mention who seemingly is not helping progress matters, rather than sell out to him, once you have moved back in I would say you have a much better negotiating hand since he can't sell the property without your agreement (or a huge legal fight anyway). If I was in your shoes I would see about squaring things with the Halifax and applying for a re-mortgage with them or another lender in order to buy out the son's share. As you would be the occupant, you can offer less than the current equity value and if needs be play for time.

Above all though DON'T LET YOURSELF BE REPOSSESSED!

-- Gordon Bennet (arsenewhinger@hotmail.com), June 05, 2002.