Get UK Law Questions Answered by Verified Experts
Hi. Yes, the house is in England (as is mine). My son has a long history of mental issues, not of the mental deficiency kind. He was a computer programmer with a BSc (Hons). I have not been privy to his mental diagnoses down the years, but I understand he is currently classed as paranoid schizophrenic, and on benefit accordingly. At the time he took out the mortgage I believe he had not registered with a doctor, nor was he receiving benefit. He is quite stable at present.
Hi Tom. Thanks very much for this - bad news though it is.
I have one further query: would my son be in a position to sell if (as I suppose) the mortgagor will be holding the deeds?
In regard to our above exchanges, I am continuing to investigate ways forward.
If my son were to sell his house at some time between now and Nov. 2015 (when his mortgage is due for repayment) the proceeds after repayment would not enable him to buy elsewhere, and I cannot be confident his circumstances will improve sufficiently for him to be able to obtain a new mortgage either where he is or elsewhere.
I have therefore explored the equity release market and believe I am in a position to redeem his mortgage by equity release on my own house. But I would need to safeguard the future against new follies. I believe this would mean taking his house back into my own name, and possibly leaving it in my Will to my daughter (who now resides in Australia), on condition that she guarantees him occupancy (where he is or at a different address) in his lifetime. Or possibly some kind of trusteeship might be possible (if affordable).
If a way could be found through all this, I believe it might be best to act quickly while mortgage rates (fixed for the equity release proposition) are low.
This is of course a complicated mess, but I would appreciate any general comments on the legal processes etc.
I don't seem to have heard from you....?
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).