Get UK Law Questions Answered by Verified Experts
Thanks Tom, OK, my details are I have a £200,000 property of which I owe £6,500. I have rented out my rooms which brings me in an income of £745 per month. My job is permanent and my salary is £1200 per month. My risk would be to take out a buy to let mortgage on MY property which would release £70K but how would I get my money back from HIS property if I did so. I have heard of Tenants in Common for his property but would need a WATERTIGHT contract that insures that if anything goes wrong I would have the right to SELL his property thus paying back the £70K + interest and securing my property 100% again.
He pays his ex £70, pays the £56K mortgage back to the Building Society, clears his £13K charges and basically comes to live with me with £50K in hand. Then how could I ensure that HE doesnt then have a claim on MY property.
Its a very tricky position I am in and I need to know what my best options are.
As I said earlier, he has £56K mortgage and charges of £13K, is there ANY credit out there from companies for him to take on another £70K. Surely there must be sites for bad debtors. He does have equity in his house of £130K.
It is as you say too risky with no guarantees for me to take on this £70K but there must be some way of him raising this amount somehow.
Is there any option from his point of view you can think of to go down.
Please can you tell me if I have lived in a property for nearly 3 years is there something I can put on the property (a sort of charge) that gives me the right to live there.
Could you ask a colleague if you cannot help please?
Thank you Tom, would it still be applied to me as we aren't married. How would I go about getting this home rights notice set up please?