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My daughter's mother in law (aged 77) lives in a property…

My daughter's mother in law...
My daughter's mother in law (aged 77) lives in a property (no mortgage) subject to a leasehold which runs out in about 16 years time. Initial enquiries indicate that it would cost about £40K to buy the freehold. It looks like taking out a mortgage is not an option at her age. My wife and I are thinking of loaning her the money on an interest only basis but would want to make sure our best interests are fully protected (e.g. by way of a charge on the property) so that if she is no longer resident in the property or passes away, we recover the loan in full. How would you recommend we proceed? Is a loan from us the best solution or are there other viable options that we haven't thought of?
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Answered in 7 minutes by:
10/1/2017
Aston Lawyer
Aston Lawyer, Property Solicitor
Category: UK Property Law
Satisfied Customers: 10,797
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
Verified

Hi, on the basis that you will of course wish your money back, the only safe way of doing this is by her granting you a Charge over the property.

This would mean that no sale could proceed to completion unless the amount outstanding under the Charge is paid back to you. You can prepare a simple Charge document, using the Land Registry Form "CH1".

However, bearing in mind what is at stake, it would be wise for you to instruct a local Conveyancing Solicitor to prepare it and register it at the Land Registry, on the same day as she completes the purchase of the Freehold.

I hope this assists. If so, I would be grateful if you could rate my answer in the top right hand corner of your screen. Kind Regards Al

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Customer reply replied 8 months ago
One concern I have is if she has one of her other children to go and live with her. When she passes away or goes to live in a care home, that child could then continue to live in the house presumably. In that case, would we have a problem in recovering our money if that child then wishes to continue residing in the house long term? Could the loan be made subject to the condition that it gets repaid (subject to reasonable notice), via sale of the house, when she passes away or moves to a care home?
Customer reply replied 8 months ago
Thanks by the way for the initial prompt reply.
Customer reply replied 8 months ago
Not sure whether you received my second posting. Let me know if I should repost.
Thomas Judge
Thomas Judge, solicitor Advocate
Category: UK Property Law
Satisfied Customers: 33,763
Experience: award winning lawyer with over 15 years experience
Verified

You could set out in the mortgage certain conditions which would/could become due under certain circumstances. A solicitor could draft the conditions for you for the purpose of the loan.

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Customer reply replied 8 months ago
Thanks. At the back of my mind, I was thinking that a sale of the property may not be possible if there's a sitting tenant. Is that something that could be dealt with in the conditions attached to a charge on the property?

It can be yes. But the value of a property sold is not normally as good on the open market when there is a sitting tenant. I hope that this helps and please rate positive.

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I hope that this answered your question. Justanswer works on people giving ratings. I would be grateful if you could please take a second to leave a positive rating (3, 4 or 5 stars) as that is an important part of our process and recognises the time I have spent assisting you. If you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you

Thomas Judge
Thomas Judge, solicitor Advocate
Category: UK Property Law
Satisfied Customers: 33,763
Experience: award winning lawyer with over 15 years experience
Verified
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