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thank you. Regarding your comment that you do not want your daughter to have a mortgage, I understood from your initial question that she would need a mortgage? it may be that I've misunderstood precisely what your proposal is. Would you be able to confirm in a little more detail precisely what is envisaged. It may be hopeful if you mention some figures the context - i.e. what the property you believe is worth, how much your daughter would pay for it and when she would pay what amounts and how she would finance those payments?
thank you. Is there presently a mortgage on the property in your name?
thank you. From what you describe, the simplest approach is likely to be to pay off the existing mortgage and transfer the property to your daughter subject to a legal charge in your favour (like a mortgage but the mortgage would be held by you) together with a loan agreement ( albeit at zero interest) which sets out the terms of repayment that your daughter will make to you. Once full repayment is made under the terms of the loan agreement the charge can be removed ( or at such earlier time entirely at your discretion).
If repayments were not made, again entirely at your discretion, you could serve a default notice upon your daughter and then seek to repossess the property from her should you wish to do so.
A solicitor would need to set the above arrangement up but in principle it is relatively straightforward to do so.
Are they married please?
Thank you. where they are not married, her partner will have a claim in respect of anything they have contributed towards the property in terms of capital - so for example if they made any payments back to the loan you give your daughter, her partner may be able to then subsequently claim such sums if they were at a later part company. An unmarried partner will not have claims against them partners own assets expect in circumstances where they have children together and the potential claim is made by the parent with custody for the maintenance and welfare of those children. They would have no claim against you personally in any event.
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