Ask an Property Solicitor. Get an Answer ASAP.
Thanks for your question.
Did the gift form effectively confirm that your transfer of monies was a gift and not a form of loan?
Has the purchase completed already? if not, what stage has it reached?
Thanks for your question. I will try to help.
You are much better off sorting this out before exchange of contract or completion.
There will be a mortgage condition in your daughter’s mortgage stating that no second charges shall be granted without their consent. So, you need to be sure that you will have their consent to your second charge before the matter exchanges.
This means that you should attempt to get nationwide to agree for a second charge to be granted to you, so that it ranks after their first charge. Provided that the second charge in your favour simply requires that the original sum is repaid upon sale but only after their first legal charge has been paid then they are likely to agree but it’s going to take a few days to sort out.
I would suggest that you get your daughter or her solicitor to speak with nationwide to see if they would be agreeable in principle to this and then take it from there. You should conisder have a charge drafted in your favour by a solicitor that you yourselves instruct so that you can be assured that the monies will be repaid. Nationwide will likely need to see this charge once in order to sign off on it.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back. Please remember to leave positive feedback using the stars at the top of the page.
It will not protect it against the debt owed to nationwide under the mortgage.
However, if properly drafted then it would protect it against other creditors who would seek to claim against the property, because you would be paid after Nationwide upon sale and then the other creditors would be paid after you
Please remember to leave positive feedback using the stars at the top of the page.
I would still consider doing this before exchange in order to be sure, or at least have it acknowledged in writing at the very least
Please remember to leave feedback using the stars at the top of the page.