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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34234
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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The property we live in is owned by our son on mortgage. If

Customer Question

The property we live in is owned by our son on mortgage. If we were to pay a sum of money to our son is there anyway that a trust document could show our part ownership without affecting the mortgage lender.
Submitted: 4 years ago.
Category: Law
Expert:  Clare replied 4 years ago.
Hi
Thanks for using JustAnswer. My name is Claire, I will do whatever I can to answer your question.
Yes your son could sign a Declaration of Trust confirming that he holds the property on trust for all three of you even though the property remains in his sole name.
This doe snot effect the mortgage company who will still have first claim on the sale monies to settle the mortgage
Claire