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Alex J.
Alex J., Law
Category: UK Property Law
Satisfied Customers: 3493
Experience:  LPC, 2 Years Conveyancing
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The house is in my son's name but I paid 85,000 deposit and

Customer Question

The house is in my son's name but I paid 85,000 deposit and he got a mortgage for the remainder 60,000. We live here together. I had to write a letter of no interest in the house and gift it to him incase a charge order was needed if the house had to be repossessed.
He has now list his job and I don't know what options we have to get the house in my name. I can't buy the house off him as it would cost me nearly a thousand a monthfor the mortgage as I'm 60 now but I can pay the current monthly amount which I'm reluctant to do without any control over the house.
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Why don't you get him to acknowledge that the £85,000 was a loan and get him to give you a charge over the property?
You could feasibly do this as long as it is not anticipated that your son will imminently go bankrupt.
I look forward to hearing from you.
Kind regards
AJ
Customer: replied 1 year ago.
Thank you for a quick response. He'd happily acknowledge the 85,000 but how would he go forward with giving me a charge on the house. He isn't likely to go bankrupt.
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
You would have to go and see a solicitor, but you could draw up a very short document to say, in consideration of you servicing the mortgage he will give you a second charge over the property to cover all monies owed to you.
This will remove the problem of you having to potentially pay Stamp Duty for transferring the property back into your name (although this would be a small sum) and obtaining the consent of the mortgage company.
http://solicitors.lawsociety.org.uk/ - Any local solicitor can do this and it will give you the piece of mind that your money is secured.
I look forward to hearing from you.
Kind regards
AJ
Customer: replied 1 year ago.
Thank you so much. This seems to make perfect sense.
Expert:  Alex J. replied 1 year ago.
Can I assist any further?
I wish you the best of luck.
Kind regards
AJ
Customer: replied 1 year ago.
Just one question, can we go straight to a solicitor or would we have to consult with the mortgage lender first?
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
You can go straight to a solicitor, he will advise on whether you should or should consult your mortgage company.
I look forward to hearing from you.
Kind regards
AJ
Customer: replied 1 year ago.
That's great, thank you for your help. I think that's all now.
Thanks
Expert:  Alex J. replied 1 year ago.
Thank you. Any feedback is gratefully received.

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