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Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 35059
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Can I transfer my home to my son and daughter even though there

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Can I transfer my home to my son and daughter even though there is a mortgage still on the property and if so could my daughter remortgage the said property to clear the existing loan so the mortgage would then be in her name instead or would it have to be a mortgage in their joint names?
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstHow much is the property worth and how much is outstanding on the mortgage?
Customer: replied 2 years ago.
The property is valued at around £270,000 and there is just under £78,000 left on the mortgage.
May I ask how old you are and why you wish to do this?
Customer: replied 2 years ago.
I am 69 and I took out the mortgage to help my son-in-law when inflation occurred. At the time the mortgage was part repayment and part interest only and he was paying the repayments' intending to gradually move the interest only part to repayment. However my daughter and son-in-law have since separated and divorced and I am left with the mortgage. My daughter did not know how much he had left her in debt but is managing to make the repayments. But I will have to find £60,000 as a lump sum to repay for the interest only part when the mortgage finishes so we are trying to find a way of doing this. This seemed a possible solution. I had considered a lifetime mortgage but the amount that has to finally be paid is astronomical so this appeared a better way.
Who currently lives in the property?What was the mortgage money used for?Was the issue dealt with in the financial side of your daughter's divorce?
Customer: replied 2 years ago.
I live in the property and the money was used to try and stop my son-in law losing his business. However it did go under a while later. No the issue wasn't dealt with in the divorce as they did that by themselves without any legal help. My son-in-law has no money to pay off the mortgage and my daughter is doing all she can as she doesn't want me to lose my home. This is why we have come up with this possible solution.
What happened to the matrimonial home?
Customer: replied 2 years ago.
My daughter is about to put it up for sale but their mortgage was also interest only. She is about to come and live with me until she can find somewhere to rent.
How much is the house worth and how much is outstanding on the mortgage?
Customer: replied 2 years ago.
The house is worth about £155,000 and there's about £140,000 outstanding on the mortgage.
Have you discussed your daughter living with you - or can she afford both mortgage and rentClareIf I go offline I shall be back on tomorrow - my apologies for the delay
Customer: replied 2 years ago.
She can afford to pay the mortgage she wants to take out on my house to clear the current one so I don't lose my home and pay rent for somewhere for herself and my granddaughter to live but she can't afford to change hers to repayment and pay one here as well which is why she will have to rent and then try and save for a deposit in order to purchase a new home. They will live with me for a while however until she can find a property to rent but it's not very easy for my granddaughter to get to her school from my home so she doesn't want to stay here too long.
When does your mortgage end?
Customer: replied 2 years ago.
In 3 years time.
For clarity - would your daughter rather remain in her current home?
Customer: replied 2 years ago.
No she cannot afford to take over the mortgage on her own and make it a repayment one as well as paying the mortgage for me. However she is sure she can afford rent and a mortgage to keep my home for me and then try and save for a deposit for a new house.
If the house is in the joint names of your son and daughter then the mortgage will have to be in their joint names as wellYour daughter could still make a claim against her ex for a regular payment towards the debt to you which remains outstandingI am afraid that other than the equity release this is the only optionPlease ask if you need further detailsClare
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