1. There is no mortgage on my property
2. He is a very high earner in the city and has been for many years
The situation is that my son is building a new house and needs funds to complete it - he cannot get a mortgage until the house is finished - he already has a mortgage offer on my house because initially he was going to buy it from me - however his solicitor is insisting that I give "vacant possession" and I cannot do that even tho at some time in the future I may well live in the new house with my son.
Thank you so much for your help it is making the situation much clearer for me. One other question - if I simply gave him the house would he then be able to raise a mortgage on it with me still living in it?
Incidentally the mortgage offer he already has is with the Halifax and they agreed the offer knowing full well that we would still be living here and they are not the ones making waves - it is his solicitor - or is it?
Oh, that's wonderful!! That's all that was bothering me - the solicitor acting for my son sent a letter today asking us to confirm that it would be "vacant possession on completion" and we could not do that. So now I know the legal way to go about it we can reply to the solicitor. THANK YOU SO MUCH - what a wonderful service you provide!! You have really set my mind at rest - my husband and I are getting on and just wanted to have it all nice and easy!!
So, thanks again and I will leave feedback
ps can I now print this all off?
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