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Thomas
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7569
Experience:  UK solicitor
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I am currently living with my grandad, he has 80k left on an

Resolved Question:

I am currently living with my grandad, he has 80k left on an interest only mortgage, half of which i am paying There is alot of work that needs doing on the house that my grandfather can not afford to do, i am happy to do the work, but don't want to lose any money i put in to the property. My grandad made a will about 5 years ago leaving the house to his kids, none of whom are willing to do the work on the house. My question is if my grandad was to put my name on the mortgage, what would happen if he was to die? Live in wales uk.

Submitted: 1 year ago.
Category: Family Law
Expert:  Thomas replied 1 year ago.
Hi,
Thanks for your question.
Have you execute any agreement stating that you should have an interest/share/percentage of the property?
Kind regards.
Tom
Customer: replied 1 year ago.

No, my grandad does not want to change will as it cost money. He wont talk seriously about him dieing , he just says he is not going to die. Ideal situation would be for me to get a mortgage and buy the house, i have not the deposit at the moment and my credit score is not great. Plus the work needs doing on the house now. I was hoping if my name was on the mortgage and he were to die, i would be able to keep paying the mortgage and live in the property. Even if he was to change the will, it is likley that the house would have to be sold to pay off the mortgage as it is in his name.

Expert:  Thomas replied 1 year ago.
Hi
Thank you for your question and patience, I’m Tom and I’ll try to help you.
The lender has a first legal charge because of the mortgage. This means that your father cannot transfer the title to the property to anyone else without repaying the mortgage.
If neither of you can re-finance/remortgage in order to pay the exsiting mortgage then you cannot transfer the title in to your joint names.
If you are going to spend money on the property then I would suggest that you see a solicitor to get them to draft either a declaration of trust OR a charge to attempt to secure the monies you will spend on the property.
Either would specify that you must be paid the money that you will spend on the property before the sale proceeds are distributed to him or his beneficiaries (if he were to die). The mortgage lender would obviously get their money first upon sale, but you would be next in line to have your money paid afterwards.
Either document can then be registered against the title for the property in the form of a Restriction, which prevents the property being sold without you getting your money.
You should only consider doing this if you will instruct a solicitor to ensure that the document gives effect to your wishes and is then correctly registered against the title for the property.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Tom
Customer: replied 1 year ago.

Thanks,

There is an option on the mortgage to add names, if my grandad was able to add my name to the mortgage does that mean i would be able to continue paying it and living there if he died?

Or would we not be able to do that unless we refinanced the mortgage?

I will rate you well.

Expert:  Thomas replied 1 year ago.
Hi,
If you were able to add your name to the mortgage (unlikely if you have a bad credit score) then you would have to instruct a solicitor to transfer the title in to both your names.
If you did this then your interest in the property would be protected from his beneficiaries if he died, but they may be able to force the sale of the property but your share of the money from the sale would be protected from them.
Kind regards,
Tom
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7569
Experience: UK solicitor
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