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....?
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