Living in mum in laws home but not on mortgage

Thekopman | 19:11 Thu 04th Nov 2010 | Property

5 Answers

Okay

This may be a bit complex.My wife and my family (2 kids) currently renting a property with the view to moving into a home purchased by mum in law.

This was going well up until today when the mortgage company asked our solictor for my full name and date of birth as it will need to be stated on mortrgage(not my wifes I presume as she is the daughter). Our solicitor had already given them a "consent too mortgage" form signed by us both basically saying we have no rite over the home.

This has left us a bit worried as all costs have been incurred,we have given notice on our rented property and my mum in law has just changed her own mortage to a buy to let so technically has to move.

I am hoping its just a technicality as to add to matters my wife and myself are currently bankrupt and any searches surely would cause an issue.

Any advise would be appreciated.

Housesizes

I have just purchased 50% of shared freehold. I have the first floor flat and my neighbour has the ground floor flat. I would like to convert the bigger of the two loft spaces, my neighbour does not have access to them. Would I need her permission to

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boxtops

If your mother in law has purchased the property as buy to let, she could in fact let it to anyone - I can't see why your name would be on the mortgage. This sounds rather odd. My mortgage is in my name but my husband lives here, and his name doesn't have to be recorded. I would seek your solicitor's advice - the mortgage company may have got the wrong end of the stick,

Thekopman

Question Author

Sorry boxtops - think I confused matters.

The buy to let is the house she currently owns but has remortgaged to put new tenants in. That is all complete!

The mortgage in question is on a new house that she is buying but we will "all" be living in. Because of our situation we couldnt be on the mortgage but will technically be paying all mortgage ourselves(mortgagecompany wouldnt know that of course) as the mother in law is putting the 50% deposit down.

This mortgage is the issue - we have got to the point of agreeing completion and this comes out of blue today. Seems stupid as if we hadnt said anything we could have just moved in after completion

Hope this makes sense.

boxtops

Ah - I see. I would still speak to your solicitor.

Thekopman

Question Author

Like you said box - just because you live in a property doesnt mean to say you have to be on mortgage - I have spoken to solicitor and he is a bit confused also - I hope its just a techinality? The fact that its only my name says that this is probably the case! All they have asked for is my DOB also so hopefully - fingers crossed!

cassa333

Are you going 50/50 with the house? If mil is paying 50% as a lump sum and you are paying 50% via a morgage (in her name) then however and whoever pays the morgage she would own 100% of the house. What assurances have you got that you won't be kicked out if you have a tiff?

Who would be on the deeds? That could be why they morgage company want to know your details?

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