Ask a Law Question, Get an Answer ASAP!
What was the purchase price of the house?
What were they to get in return for the payment of £50,000?
In whose name is ***** *****?
On what basis are they living there , do they pay anything to outgoings?
But the deeds/ title register says you solely own it.
I appreciate that after that it gets terribly complicated but can
( sorry computer having a moment|) you confirm that point to start with.
What is your plan for him, who may arguably have a trust for life, if you sell it?
Have you spoken to him about what he wants to do?
A trust for life is where relatives , usually parents, are allowed to live in the property or part of it until they die. This does not mean that they own it but they live there and pay the usual outgoings , council tax bills etc. once they die the property is usually disposed of in accordance with the Will of the person who owned it, on to children etc.
Obviously paying him off will finish it and give him security , assuming there is enough money to go round .
You have the ability to sell and clearly it makes sense for you to do so. It is not viable for you to continue so.