Repayment of loan - Mortgage?

MP49

Two years ago, we funded, through a maturing investment, the purchase of a flat for our son. The flat is in his name and we got a mortgage document drawn up by our solicitor with us as the party providing a mortgage. The flat is a low rise ex local authority in a reasonable part of central London. The price paid was £175,000 and it has since been refurbished with a new bathroom, improvements to kitchen, redecoration etc. It is probably now worth about £195,000. Our son lived there until recently, when he took a job in Canada. The flat is now rented out for a 3 year term via a reputable agent. We would now like to liquidate the investment in this flat, without selling it. Any ideas or guidance on how we would go about this would be gratefully received. We have no mortage on the property we live in, earn a good salary and retirement is not imminent. Our son earns appoximately £37,000 in CAD$.

CLAPTON

what does liquidate mean... you want the money back from your son or you simply want to raise money?

MP49

We would like to raise cash, but in the most tax efficient way for all concerned. We feel that a mortgage against the property in our sons name, subject to the criteria of loan to value and salary is the most appropriate way to tackle.