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  1. #41
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    Quote Originally Posted by turquoisecoast View Post
    agree with you @VicPark

    the missing link for me is that the op has said their house is now paid off in full and has no mortgage over it. given that's the case, why not get the caveat removed so they can unlock some of the equity? they could give mil her $100k back and then have the balance of the equity at their disposal.

    op is this scenario an option?
    The MIL may have (understandably) some concerns regarding the caveat being removed before the $100,000 is returned to her?

    From the OP it sounds like due to the business being up and down they may not be able to service a loan/re-mortgage in their own right which is a whole other kettle of fish.

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    Yep, now MIL is unwilling to remove because she thinks at our current situation we won't be able to afford.
    We can't remortgage or touch the house at all unless she removes the caveat. It's not just about the 100k she's out in, she's scared we might lose the roof over our heads. In her mind she's protecting us.
    And I can understand where she's coming from. But both DH and I need the cash injection in order to get out of our situation and without it we are seriously stuck.
    And yes back then caveat was put in just in case we seperate, because DH bought the house before we meet and I have contributed little to it financially. And I am not fussed over any of this.
    At the moment I am trying to persuade myself to move in with MIL which I really don't want to. I think if we rent out the house and save the rent it could be an option to save some money but I am not sure if it's worth all the trouble we could get ourselves into. At the moment I am on good terms with MIL but I can imagine the arguments I would have with DH about MIL if we lived together.

  3. #43
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    What a tricky situation are you are in. Be mindful of renting out the house, as it is income, therefore taxable, so you would need to pay tax on it. As there is no mortgage on the house (therefore no interest to claim etc), the tax may be quite high. So just something to think about with renting the house option - gahhh ! Sounds like you are very much stuck where you are.

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    Wise Enough  (29-07-2015)

  5. #44
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    Quote Originally Posted by tubster View Post
    Yep, now MIL is unwilling to remove because she thinks at our current situation we won't be able to afford.
    We can't remortgage or touch the house at all unless she removes the caveat. It's not just about the 100k she's out in, she's scared we might lose the roof over our heads. In her mind she's protecting us.
    And I can understand where she's coming from. But both DH and I need the cash injection in order to get out of our situation and without it we are seriously stuck.
    And yes back then caveat was put in just in case we seperate, because DH bought the house before we meet and I have contributed little to it financially. And I am not fussed over any of this.
    At the moment I am trying to persuade myself to move in with MIL which I really don't want to. I think if we rent out the house and save the rent it could be an option to save some money but I am not sure if it's worth all the trouble we could get ourselves into. At the moment I am on good terms with MIL but I can imagine the arguments I would have with DH about MIL if we lived together.
    Can I ask, with respect, how does she intend on getting the $100k back, ever, if she doesn't remove the caveat?

    I thought a caveat was there to protect the interested party in case you do sell, as the caveat holder would receive their funds after the bank, but before anyone else. And it is not just up to her, she is not the only interested party with regards to the property, she really needs to let you and DH make your own choices and decisions. She may think she is protecting you, but that's not up to her to do.

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    Chillies  (31-07-2015)

  7. #45
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    I would be paying her back before I bought a new house or did anything else (holidays etc). That would be my first priority.

  8. #46
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    We pay her weekly instalments for the deposit.


 

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