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yes my sole name and yes a mortgage but also equity
I owe him lots of cash and have equity in my house but no way to release it as i dont work so cannot re mortgage, if he owned it he could re mortgage.
also, i have my father living there. i have always paid all the mortgage and allowed him to live rent free because i could afford it.
then i tried to get him housing benefit as he is on pension credit (eligible) and i dont work so cannot afford to lose the rental value of the property by allowing him to live there rent free.
when we approached council re housing benefit they claimed "contrived tenancy" and basically suggested that i should have charged him rent from day one ( played the system and taken cash from gvt because i could rather than what i thought was the right thing to do which was not to approach gvt until he/i needed it ).
so if he paid off the mortgage for me i could then transfer to him free of charge and not pay stamp duty?
he could then get a mortgage against the property?
would you suggest i take legal action against the council re housing benefit - can they claim contrived tenancy or do i have an argument?
so if mortgage is 297k, i could pay off 47k and then he could buy it from me at 250k ( 1% stamp duty) even if worth 550 ish?