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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10778
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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my father wants me to have his property now while he is alive

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my father wants me to have his property now while he is alive he is not dying or anything he has equity release on it which is if paid off stands at 75,000 and his property is worth 320,000 I look after him as in doing shopping cleaning appointments and such and as he is the freeholder of the building which has 3 other properties in it all leaseholders he can't cope with it and I can't get a mortgage he wants me to have it and take over responsibilities for building is this legal and can it be done
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
Will you or your Father be able to pay off the Equity Release mortgage, if you proceeded with the Transfer of the property?
I look forward to hearing from you.
Kind Regards
Customer: replied 3 years ago.

No unfortunately not I do understand that the charge would need paying but I couldn't get a mortgage as I don't earn enough

Thanks for your reply.
Unless the Equity Release Mortgage can be paid off in full, I'm afraid that your Father won't be able to transfer the property to you.
This is because it is a term of the Mortgage that your Father will not transfer the property to a third party.
I am sorry this is not the answer you were looking for, but it sets out the legal position.
Kind Regards
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