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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10735
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My son wants to buy a second home. A country property

Customer Question

My son wants to buy a second home. A country property and he wants us his parents to renovate it and live in it for the rest of our lives. ( we are in our 60s.) he has a partner who is lovely and a child on the way.. He obviously has a high paying job fior over 10 years now.and it's his intention at the moment to use it when we are gone.
The question.
What is this best way for us to secure the fact that we can legally stay in this property.?
*A long term lease .?
*An insurance policy to cover the mortgage should anything happen to him / them.
*Maybe contribute a small amount to the mortgage.
* or something else ?
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

The only way of giving you 100% security in the property for the rest of your lives would be by the grant to you of a "Lifetime Lease" by your Son.

However, if he proposes to take out a Mortgage on the property, his Lender will not agree to such a Lease, as this will affect the value/saleability of the property, in the unfortunate event of your Son not paying the Mortgage and the Lender repossessing the property.

Indeed, if your Son is going to have a Mortgage and you will be occupying th eproperty, the Lender will require you to sign a Form stating, that any rights you have in the proeprty are postponed behind the rights of them as Mortgage Lender (ie if they did repossess the property, you could not then turn round to them and say that you have a right to remain living in the property).

I am afraid, therefore, that you are not going to be able to obtain any security, if matters proceed.

The only thing you could possibly do is to become joint owner with your Son and this would also mean you both going on the Mortgage. If this is indeed feasible, it would mean that you have a right to remain living in the property as one of the legal owners. I am not sure, however, whether the Mortgage Lender would be happy to grant you a Mortgage as I do not know your personal circumstances/age etc.

I am sorry this is not the answer you were looking for, but it sets out the legal position.

Kind Regards


Expert:  Aston Lawyer replied 2 years ago.

Hi John,

Can I assist any further?

If not, I would be grateful if you could rate my answer.

Kind Regards