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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11271
Experience:  30 years as a practising solicitor.
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What is the legal position son to take over the remainder

Customer Question

What is the legal position for my son to take over the remainder of the mortgage as I can not pay the mortgage in full
Submitted: 2 years ago.
Category: Scots Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
The legal steps would be as follows:
1. Your son would have to apply to the lender for a mortgage in his own name or to a different lender for a mortgage which would be sufficient to repay your mortgage.
2. Assuming he is granted a facility, you would transfer the title to the property to him and at the same time the new mortgage deed for his mortgage would be registered in the name of the lender.
3. Your solicitor would prepare and register all deeds with the Land Register of Scotland.
Happy to discuss further.
I hope this helps. Please leave a positive response so that I am credited for my time.