I haven't answered yet because I am not altogether certain what
the problem is.
It appears that you are selling one house and buying another but
need more money and you are not able to get a mortgage.
Your daughter is therefore going to get a mortgage on the
property for you and let it out to you but what the lender is asking for is for
you to give your daughter the substantial deposit and then the property will be
in her whole name.
Is that the scenario? If so, it is quite normal. It may not be
acceptable to you but it is normal. It might be possible for your daughter to
be a guarantor on your mortgage but very few lenders now will accept a
If you are particularly concerned about your daughter going
bankrupt or getting divorced and she owns the house, why don't you simply buy a
cheaper house where you don't need to borrow money off your daughter?
Assuming that that is not an option for whatever reason, there is
no reason why there cannot be a deed of trust in respect of the house where she
holds £165,000 of the sale proceeds on trust for you. The solicitor dealing
with the purchase can easily do that for another couple of hundred pounds.
Does that answer the question? Can I assist
further or answer any specific queries?
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rate my answer service even if it was not what you wanted to hear. You should
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If you don't rate it positively, then the site keep your deposit and I get 0
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It doesn't give me, "a pat on the head", "good boy" (like ebay), it is my
If in ratings you feel that you expected more or it only helped a little,
The thread does remain open for me to answer follow-up questions
after rating my answer service.
Rating doesn't close the enquiry at
all even though the site may give that impression. It remains open for you to
read and ask for further clarification.
PS Experts on here are online and off-line all day each day and
weekends so please bear with me if I do not get back to you immediately.
PS. I use voice type, voice recognition typing because I only
type with two fingers and it would take me ages. Sometimes, a computer does not
hear me correctly and you will get an incoherent word. I do try to but
sometimes they slip through. I apologise therefore if anything doesn't make sense.
It is me losing it, not you. Just ask if anything is not clear please.