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Remortgaging
Former Member
Posts: 1,876,323 The Mix Honorary Guru
As some of you may remember I technically own a house along with my two sisters who are 12 and 9.
I plan to stay in the house for the time being. The house does need work though, so I need some advice about remortgaging.
The house needs new windows (God do they need double glazing!) for noise prevention, insulation and security as the old ones are shite.
The house also needs various bits of upgrading. Aloing with this, I would like to buy a car.
How would it work if I remortgaged for say £5k for a car and £6k for improvements? Obviously £5k would charge to my third of the value but I intend to charge say two thirds of the £6K to my sisters' third of the house. Would I be able to prove that the £6k went to improving the house?
I know I'm not putting myself across as clearly as I'd like to and this has turned into more of a "Tell me what I should do" thread but the whole proof thing is me thinking of the worst case scenario.
So, maybe your two cents on the proof thing and the remortgaging advice, please?
I plan to stay in the house for the time being. The house does need work though, so I need some advice about remortgaging.
The house needs new windows (God do they need double glazing!) for noise prevention, insulation and security as the old ones are shite.
The house also needs various bits of upgrading. Aloing with this, I would like to buy a car.
How would it work if I remortgaged for say £5k for a car and £6k for improvements? Obviously £5k would charge to my third of the value but I intend to charge say two thirds of the £6K to my sisters' third of the house. Would I be able to prove that the £6k went to improving the house?
I know I'm not putting myself across as clearly as I'd like to and this has turned into more of a "Tell me what I should do" thread but the whole proof thing is me thinking of the worst case scenario.
So, maybe your two cents on the proof thing and the remortgaging advice, please?
0
Comments
So it'll all come out in the wash.
Mist - I'm thinking worst case scenario when it comes to selling the house and the money is split if my sisters' mum tries to get out of paying a share of the improvement fees.
The best bet, as far as I can see, is to take out a personal loan rather than a secured loan, and draw up a deed with your sisters to ensure that you reap the rewards of your additional input into the property. In England that's certainly the case, ensuring that the money you put in is returned to you, but in Scotland it may well be different.
If that isn't so, ignore this post. But if I'm right, it doesn't matter if your sisters aren't adults, they should have a say into this if there's a possibility they might lose the house because of a mistake you might make.