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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10779
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My son owns a property which he is selling! I want a buyto

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My son owns a property which he is selling! I want a buyto let so Is it possible for me to give him the collateral he has got in it and then I take over the mortgage and I collect the rent?
The mortgage stays in his name so effectively we are joint owners and on my death he is still the owner!!
Many thanks
Gillian Mackay
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
I am afraid you are unable to "take over his Mortgage" as such, as the Mortgage will need to be in your name, to enable the Deeds to be transferred into your name.
You would therefore need to apply for a new Mortgage in your name-explain to the Lender that you are buying your son's property etc- and your purchase of the property can then proceed.
I hope this assists you and sets out the legal position.
Kind Regards
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