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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7569
Experience:  UK solicitor holding an England and Wales practising Certificate.
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In November 2007 my wife & I put money towards buying a house

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In November 2007 my wife & I put money towards buying a house with my son & his wife, my son got a mortgage and my wife & I signed consent to the mortgage papers & we became occupiers, part of the papers state the occupiers agrees to the lender give the borrowers any advances & further advances they need. To the lender giving the borrower a mortgage over the property, that any rights or interests that the occupiers may have in the property now or in the future will be postponed & will be subject to the lenders rights & powers under the mortgage, & not to claim any right or interests against the lender. The occupier confirms that the effect of this form of consent has been explained and the occupier has been advised about the effect of this form. We moved out of the property in 2010 we have now been told the property is to be sold are we entitled to any money from the sale & if so how easy would it be?
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas replied 2 years ago.

Hi

Thank you for your question and patience, I’m Tom and I’ll try to help you.


If the deed of postponement is a standard deed of postponement then you signing it will not necessarily prevent you from making a claim. It just means that you cannot claim any monies ahead of the mortgage.

The question of whether or not you are entitled to claim any monies depends entirely on whether the monies were a gift (with no expectation of repayment) or a loan (requiring repayment).

Usually, you would state which at the time. If a loan, then you would probably either have those monies secured by way of a second charge OR by executing a declaration of trust with your son in which it states that you have an interest in the equity even though you are not named on the registered title. A declaration of trust could say that you should receive your money before your son receives his in the event of a sale.

If you did not execute anything at the time then I would strongly consider seeing a property solicitor locally for a consultation about claiming that the monies were a loan. If there is no evidence for it then you might have to claim a trust under the trusts of land and appointment of trustee act, which is not quick or easy which is why I suggest a consultation soon.

My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.


Kind regards,


Tom
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7569
Experience: UK solicitor holding an England and Wales practising Certificate.
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