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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10650
Experience:  30 years as a practising solicitor.
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I will be sixty two years old in June 2014. I am in receipt

Resolved Question:

I will be sixty two years old in June 2014. I am in receipt of Disability Living Allowance, and other benefits, and will be in receipt of state pension from September. I live in Edinburgh and in 1994 I entered into a joint mortgage with my daughter who went to live and work in London, contributing nothing towards the cost of the mortgage or the maintenance of the property ever. In 2001 my health made it impossible for me to continue working and I became reliant on Disabilty Living Allowance, Incapacity Benefit and Income Support. In 2005 my daughter became pregnant and returned to Scotland. By 2010 my health had become such that my daughter suggest we sell the house and that I should contribute my share of the property with that of her share, together with her partner and that I would have a permanent home without the worry of living on my own. I first bought into their then mortgage, and in 2011 that property was sold and we entered into a mortgage on a new 4 bedroom property. We are now in the position where that mortgage has come to an end and, because of my age, I am no longer able to get onto a new mortgage that they can afford. The position now is that my daughter and her partner have been offered a new mortgage which leaves me in the position of having to come off the deeds of this house and I am panicking because my daughter is informing me that I will just have to trust her! What can I do to ensure that my third of this property remains my third? I thank you in advance for any advice you can give me. Ann
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

You should be asking for a second security over the property for the amount of your share. That means you won't own a share of the property but you will have a security over the house. It will be a second mortgage to them as they could not sell the house without paying you what you are due.

Happy to discuss further.

I hope this helps. Please leave a positive response so that I am credited for my time.
Customer: replied 3 years ago.

Thank you very much for your reply but I have to admit that I don't understand. Does this mean that they will be paying a second mortgage for the valuation of my third, along with their new mortgage for the value of the whole property? I feel really stupid and very anxious about everything, particularly what should be a really understandable answer you have given me..

Expert:  JGM replied 3 years ago.
It depends what deal you seek to have. If you want to preserve your capital in the property then you take a security for that amount of capital. Are you looking to have repayment of the capital and also some interest. If so that can be reflected. As I understand the position you want to safeguard your capital but are content to have it tied into the property. Do you want the capital repaid to you in instalments, at a fixed point in the future or on death? Whichever, the security should be framed accordingly.

The main issue is that a security is recorded on the title to the property so that your interest is registered as a heritable obligation.
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10650
Experience: 30 years as a practising solicitor.
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