What I want to achieve is set out in the attached two letters of intent / commitment. Can you comment on them or tell me a better way to ensure the same outcomes.
Thanks for your help.
7th March 2013
This letter is to set out my commitments that we have been talking about in writing.
1) Although the term of the Legal Charge on the house is due to end in 2015, I agree not to call for a repayment of the charge, nor enforce the repayment terms, unless Freya needs the money for some substantial reason in the future and after she is 18.
2) If you die whilst the Legal Charge is still held on the house then I will transfer it to Freya and she can decide what to do with the house if she is over 18 and if under then I will hold it in trust for her until she is 18 and then transfer the charge into her name.
3) If Freya dies before you then I will not call on you for repayment of the charge, and you can have a lifelong security to stay in the house.
4) If you and Freya want to move house, the Legal Charge on Bradford Road must legally be discharged but I will agree to a similar mortgage being taken out on the house you move to as long as:
a) You pay the legal charges for the this process
b) The move does not take you out of UK Legal jurisdiction
c) The charge is not put into jeopardy by adding another mortgage or another person apart from you in ownership of the property.
5) If you move house and a similar mortgage is taken out on the new property then the commitments in this letter will apply to the new mortgage.
6) If I die, my Will will instruct my executors to follow these commitments.
Suite 7, 3 Edgar Buildings
7th March 2013
I agree that :
1) The commitments in your letter dated 7th March 2013 are satisfactory to me and no other commitments by you about the house or the mortgage are implied or unstated.
2) That I will take full responsibility for maintenance and insurance and legal costs on this house (170 Bradford Rd) or any house in the future on which we agree a similar mortgage.
3) That, in the future, if Freya needs the money held in the charge that I will either repay the charge if I am a position to do so or positively support the sale of the house in order to repay the charge to use for Freya's benefit.