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Answered in 27 minutes by:
9/27/2011
Joshua, Lawyer
Category: UK Law
Satisfied Customers: 34,804
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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Your daughter has two problems here - financial and legal. She needs to address them separately though in practice they are linked together.
LEGAL: She has the right to force the sale of the property or force her partner to buy her out subject to finance. She can do this under the provisions of the Trusts of Land and Appointment of Trustees Act but it costs money in itself.
If she has moved out her partner owes her something called an occupation rent to compensate her for the fact that she is no longer living there and he enjoys exclusive occupation of the property. As a rule of thumb this amount happens to usually be roughly equivalent to the interest element that is due on the average mortgage though it is not actually linked to this in any way.
She remains liable for half the mortgage payments whether she is living there or not and is jointly and severally liable in the event that he defaults. Repeat missed payments will be damaging her credit report already if they have occurred and it will escalate quickly particularly if the mortgage company registers a default so it important payments are kept up regardless of anything else. .
FINANCIAL: Her options above are inextricably linked with finances. If her partner cannot afford to take on the or a mortgage on his the the property would have to be sold. If it is in negative equity money will have to be found to pay the shortfall on the mortgage.
If you are prepared to help then obviously this will assist but the lender will not agree to release the charge unless all of their loan is repaid or an agreement is reached so she may have to find more than just her share in practice to pay off the loan altogether.
Consider making an appointment to see an independent mortgage broker to assess his options mortgage and finance wise as this in turn unlocks or restricts access to her above legal rights.
Your daughter has two problems here - financial and legal. She needs to address them separately though in practice they are linked together.
LEGAL: She has the right to force the sale of the property or force her partner to buy her out subject to finance. She can do this under the provisions of the Trusts of Land and Appointment of Trustees Act but it costs money in itself.
If she has moved out her partner owes her something called an occupation rent to compensate her for the fact that she is no longer living there and he enjoys exclusive occupation of the property. As a rule of thumb this amount happens to usually be roughly equivalent to the interest element that is due on the average mortgage though it is not actually linked to this in any way.
She remains liable for half the mortgage payments whether she is living there or not and is jointly and severally liable in the event that he defaults. Repeat missed payments will be damaging her credit report already if they have occurred and it will escalate quickly particularly if the mortgage company registers a default so it important payments are kept up regardless of anything else. .
FINANCIAL: Her options above are inextricably linked with finances. If her partner cannot afford to take on the or a mortgage on his the the property would have to be sold. If it is in negative equity money will have to be found to pay the shortfall on the mortgage.
If you are prepared to help then obviously this will assist but the lender will not agree to release the charge unless all of their loan is repaid or an agreement is reached so she may have to find more than just her share in practice to pay off the loan altogether.
Consider making an appointment to see an independent mortgage broker to assess his options mortgage and finance wise as this in turn unlocks or restricts access to her above legal rights.
Joshua, Lawyer
Category: UK Law
Satisfied Customers: 34,804
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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