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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34233
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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In order to keep a roof over his head as he has not been able

Resolved Question:

In order to keep a roof over his head as he has not been able to find affordable rental property my 21 yr old son has approached me to support him in enabling him to obtain a concessionary mortgage in his sole name of the house he has lived in all his life.
I have tried to look into this thoroughly.
This property he wants to buy is the former marital home and subject of a court order sale at the highest valuation.
Our Son tells me that he can obtain a mortgage for £85,000 and buy me out with £ 60,000. (existing mortgage has outstanding balance of £25,600 which is to be cleared from the proceeds of the sale).
All I need to do according to him is give him a letter where I agree to this in principle so that the mortgage provider will agree to provide a mortgage and I do not need to do anything else until the mortgage is agreed. In principle I have agreed because it would help him.
I would like to trust him BUT I feel sure that his father is whispering in his sons ear because he was trying vigorously to make me accept the above mentioned sum in court proceedings earlier this year.
I really want to help my son who is very dear to me but alarm bells seem to be ringing simply because I can not trust the extremely abusive and manipulative person to whom I was recently divorced from.
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.

Thank you question.

I will do my best to help you but I need some further information first.
How much is the house actually worth an dhow is the equity meant to be divided between you?
Where will you live?
Clare
Customer: replied 2 years ago.

Clare,

the valuation £175,000 and not less than £160,000 of house.

Wife 57%. Husband 43%.

Earlier I promised £10,000 each to our daughter and son to be released to them over ten years. Son will be counting his gift in the house.

I have been in social housing since 2010.

Expert:  Clare replied 2 years ago.

How will your son pay his father off?
Clare
Customer: replied 2 years ago.

, I do not know but I am thinking that his dad will stay in the house and pay bills.

Expert:  Clare replied 2 years ago.

Have you checked that your son is not obtaining a mortgage with his father?
Clare
Customer: replied 2 years ago.

Yes I have and the mortgage will be in solely in my sons name.

Expert:  Clare replied 2 years ago.

Only you can know if this is something that you wish to do.
It would appear that you are gifting your son as much as £13,000 - which is of course your choice.
However what is unclear is the position of your ex in this.
Since your son will not be buying him out it is likely that the property will be held on trust by your son benefit of your son and your ex - so your ex will retain his 50% interest in the property and continue to live there
You may feel that it would be better if your son was honest with you about this - but it is a purely personal choice - not a legal one
Please ask if you need further details
Clare
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