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assistance required
jamesworley1980
Posts: 7 Forumite
Hi all,
my brother owns a house but due to financial implications he cannot afford to live in it and is living at his wife's parents house. He ideally would like to get a council house in the area he is living in du to his children as one of them is disable.
To assist him i have moved into his house and am paying him rent (effectively his monthly mortgage payment).
He would like to sell the home but there is a large amount of negative equity on the property so no one is willing to meet the asking price.
I am wondering if there is anyway of transferring the mortgage into my name, and the property, so that he is effectively free of the house and i then own the property?
Due to council rules, i am told, he cannot be given a council house whilst he owns a property and i would like to assist him so he can get himself back on his feet.
I look forward to hearing any thoughts
kind regards
James
my brother owns a house but due to financial implications he cannot afford to live in it and is living at his wife's parents house. He ideally would like to get a council house in the area he is living in du to his children as one of them is disable.
To assist him i have moved into his house and am paying him rent (effectively his monthly mortgage payment).
He would like to sell the home but there is a large amount of negative equity on the property so no one is willing to meet the asking price.
I am wondering if there is anyway of transferring the mortgage into my name, and the property, so that he is effectively free of the house and i then own the property?
Due to council rules, i am told, he cannot be given a council house whilst he owns a property and i would like to assist him so he can get himself back on his feet.
I look forward to hearing any thoughts
kind regards
James
0
Comments
-
Unlikely you will be a ble to transfer the mortgage you could ask.
most likely senario is
You raise a mortgage on the place.
He would need to pay off his mortgage
Some how you would need to bridge the gap between the two.0
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