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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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we are in our 60s have an interest only mortgage which finishes

Customer Question

we are in our 60's have an interest only mortgage which finishes 2016 can our son and his partner take over or re mortgage property and we live in the house... we have been in an iva situation and have just had closure 6 months ago we are waiting for the closure certificate ...we have always paid up and don't know what to do... re where we are going to live...we have registerd with local council...is there anything else you can suggest it is a worry our financial situation was due to me losing my job and both my in laws suffering illnesses before dying my husband being self employed had to look after them consequently no monies coming in ...I'm sure you have heard it all before but we also paid for our son to have a university chance in the USA as all the above was going on alas financially it went wrong for us....if you can give any help or advise we'd be very grateful....sorry if I gave to much information ...
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : I do not understand what is it you want to achieve please?
JACUSTOMER-x1oblnef- :

what I'd like to know is if there would be a problem with our son and his partner re mortgaging our property in their name so we can continue to live in our home of 31 years ....and also because we went into a an iva situation which finished 6 months ago what will our position be to rent ...checking things out seems we are going to have difficulty because of credit rating when we get this closure certificate can we clear any bad credit rating off ? we have always paid everything and its been a nightmare especially at our age can you give any advise on what we should be doing

Alex Watts : Will you have any form of tenancy agreement please?
JACUSTOMER-x1oblnef- : If the mortgage company they use I would think they would want some type of agreement... Do you know if there are any alternative solutions we could consider
Alex Watts : So they have remortgaged or you will remortgage, or it is just an existing mortgage?
JACUSTOMER-x1oblnef- :

They will have to get a mortgage....just to take our house over...

Alex Watts : Ok. I assume you want to stay there for life?