Deeds help please

[public school boy]

Burn it down and claim on the insurance, but make sure no one is in the house when you set fire to it. does that help?

 

[Mutts Nuts]

The lender would be not be happy with this as the mum would still living in the house. Most lenders these days would insist on vacant possession and even if they were willing to do this then the op would need to buy the house from her and would have to pay legal costs and stamp duty if sale is over £120k. Lenders won't like the fact the mum still lives in the house and op owns it, they would have concerns as to how to get the house back in the event the op doesnt pay the mortgage as they will have a sitting tenant. As hard as this may sound if the op remortgages he will be responsible for the debt and if the mum decides not to pay, unless she has signed a consent to mortgage form he would find it very hard to sell and it will have an impact on the op buying his own place. The best thing would be to clear the arrears and for the mum to start paying the monthly payments. If the mum has not been in touch with the lender she needs to ASAP as the lender will start to repossess very soon. My experience of this situation is that in 6 months time you will be in the same position that the mum hasn't been paying. Be very careful as this could end any chance you have of buying yourself.

A few people i know have done this successfully,a 30,000 mortgage over 30 years for example would need to be affordable to the op obviously, and a half decent solicitor would have to be involved for both parties anyway this would ensure all paperwork is correct.The bank will be happy as they will be making a bit more out of the origonal deal with a longer mortgage term in place.The op could rent for the time being as he has the knowledge that this property will be his in the future,alot obviously depends on the age of the old lady concerned.It is definately a very good medium term investment

 

[Mutts Nuts]

Even assuming the mortgage lender is happy with that, there may well be other family members who are not. Also, as Cheshire cat pointed out having this type of arrangement may well go against this guy and his gf if they go for a mortgage for themselves

Why would the lender not be happy,they would be lending 30,000 on a property worth in eccess of 150,000 as security

 

[bravohotelalpha]

And what about any other family members ?

 

[imissworthing2]

Jesus, Ur starting to lose me now. I think I'm starting to side with Public school boy, it's only in plymouth so the damage will be minimal.......


In all seriousness, her repayments are 350quid ish a month and I can't see her ever being able to pay them again, she's only 56 but can't seem to get any type of permanent job in her field, getting infrequent agency work since march 2010

 

[Mutts Nuts]

And what about any other family members ?

No mention of them helping her out,why should the op worry about them.

 

[Mutts Nuts]

Jesus, Ur starting to lose me now. I think I'm starting to side with Public school boy, it's only in plymouth so the damage will be minimal.......


In all seriousness, her repayments are 350quid ish a month and I can't see her ever being able to pay them again, she's only 56 but can't seem to get any type of permanent job in her field, getting infrequent agency work since march 2010

As in my reply to your PM see a solicitor.

 

[TottonSeagull]

A few people i know have done this successfully,a 30,000 mortgage over 30 years for example would need to be affordable to the op obviously, and a half decent solicitor would have to be involved for both parties anyway this would ensure all paperwork is correct.The bank will be happy as they will be making a bit more out of the origonal deal with a longer mortgage term in place.The op could rent for the time being as he has the knowledge that this property will be his in the future,alot obviously depends on the age of the old lady concerned.It is definately a very good medium term investment

Sorry mate, I do this for a living and it wouldn't work like that! Refer you to my previous post.

 

[bravohotelalpha]

As in my reply to your PM see a solicitor.

I'm not a night owl so too tired to reply to your two points above sensibly right now - but I am very glad we agree on one thing - our friend does need to see a solicitor

 

[Mutts Nuts]

Sorry mate, I do this for a living and it wouldn't work like that! Refer you to my previous post.

Not going to debate about it but i have 3 friends who have completed such transfers successfully, 2 of whom had mortgage free homes before they were 30 and one who has a very successfull business financed by the deal

 

[imissworthing2]

Its getting late, we're all tired. Lets just leave it till I actual have something concrete to post. We'll seek advise and go from there....

 

[Mutts Nuts]

Its getting late, we're all tired. Lets just leave it till I actual have something concrete to post. We'll seek advise and go from there....

Once you have done the deal get the old girl sky diving and kite surfing