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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 10512
Experience:  I have been practising for 30 years.
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I have inherited some money and would like to help my friend

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I have inherited some money and would like to help my friend pay off her mortgage.
The mortgage has just 4 years to run to term.
Is there a way that I can give her the money to clear the mortgage and have my name added to her deeds of the house for the percentage I am paying off for her?
In other words if my contribution is 10% of the total mortgage can I legally get my name added to her deeds stating that I own 10% and this would be paid back to me only when the house is eventually sold in the future?
Thank you
Martin Cairns

Are you paying off all of the mortgage or just part of it?

How would you go on if your friend decided to never sell the property?

As the mortgage has such a short period to run, why are you doing this?

Is the money which you are proposing to pay, going to be repaid?

If we have the full background detail and your concerns it would help please.

Customer: replied 1 year ago.
I would be paying off just part of it (about 10%). I t would eventually be sold and If I was not around (I'm 72) it would go into my estate.
She needs to give up work through illness and is concerned about earning money to complete the mortgage.
I only want repayment when she sells the house.
I have three other Buy to Let properties and know that I can earn a better interest on the money in property. As my percentage will not change but the house price may rise then I get a more than the initial load back. I've got the maximum invested in Premium Bonds and a very good pension, so I am looking on this as a safe investment,
Martin Cairns

The existing lender would not let you go on the title deeds unless you became party to the mortgage which means that you would have the liability for it along with your friend. To secure your interest in the property which you have by way of the mortgage, you could register a second charge against the property but only if the first mortgage lender does not have a restriction. If it does have a restriction, your friend is going to need the lender’s consent. They would only give consent if there is any requirement for your friend to repay the money you are lending at any time prior to the sale of the property.

If you can get a charge against the property to protect, you would need to register a restriction against the property to prevent it being sold without you getting noticed.

It is essential that you have a deed of mortgage drafted which details exactly how much you are putting in and exactly how much you are getting out as a percentage, when the property is sold. It is also essential that your friend takes legal advice from the solicitor that you are not involved with.

Can I clarify anything for you?

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Best wishes.


Customer: replied 1 year ago.
Thank you very much for your advice, it is very clear and I understand it. Many thanks, ***** *****

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