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wingrovebuyer, Senior Solicitor
Category: Property Law
Satisfied Customers: 737
Experience:  Bachelor of Laws (Honours); PG Diploma in Law; Member of ALA; 9 years' experience
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I bought myparents house cheaply twoyears ago. Mywife and i

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I bought myparents house cheaply twoyears ago. Mywife and i signed an agreement for them to live there for£1 a year for as long as they want. Now my wife and I are getting divorced and remortgaging thisproperty is the only way to settle our finances. My parents wont agree to a there anything i can do?

wingrovebuyer : Hello. In fairness, it is your property, and yours to do with as you please. Although you bought it cheaply, you did pay your parents for it. I presume the remortgage was a buy to let mortgage? If so, a tenancy shouldn't be a problem, other than what you seem to have granted is a lifetime tenancy - I can imagine why banks won't like this, as it seriously depresses the value because there is no income for a buyer and no way to occupy the property. Accordingly, unless your parents are prepared to cooperate, I think that no lender will lend money against this property.
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