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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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, I lost My Father November last year. He Left an amount

Customer Question

Hi,
I lost My Father November last year. He Left an amount on the mortgage. Which My mother has no means of paying (she is 67) If i settle the mortgage for her and get her to sign it over to me. (Cause effectively i have bought it although cheaply) and she then at a later date needs care. Could the house be used as funding in anyway
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.May I clarify how much roughly is owing on the motgage and how much roughly the property is worth please?In terms of your proposal are you able to fund the transaction with cash or would you need to raise a mortage on the property to do so?Finally could you advise whether you would propose to give you mother a right to live in the property for life or anything along these lines?
Customer: replied 2 years ago.

1) outstanding £33k. Value £225

2) From a property

3) Yes right to live

Expert:  Joshua replied 2 years ago.
Thank you. Reference your reply to point 2) would you raise the funds from a mortgage on another property or your mothers?Is your mother willing to gift the balance of the equity to you or would she wish to retain some or all of the equity in the property?
Expert:  Joshua replied 2 years ago.
Would you like to continue?