Is a parent responsible for their son's debt

Kavanne

Deprivation of assets might not be a concern now, but read this: http://www.ageconcern.org.uk/AgeConcern/transfer-of-assets.asp

VIGILANT22

speedypeavey wrote: »

Thank you very much.

She's not involved in his mortgage in any way.

She's not chasing any 'Deprivation of assets'. The house was 'discounted', but not well below market value. She was, and is, happy with the selling price.

Her only concern is that the mortgage company can't come to her to cover his debts.

If the house was not well discounted then she has no problem.......Is she is a position to buy it back? or does she want to?

Gorgeous_George

A suspicious lender may consider it to be mortgage fraud. I doubt they'd be able to prove it.

GG

speedypeavey

Thanks for the replies. I'll need to get further info from her regarding her interest in the house. Will post when I have that info.

I misunderstood the relevance of 'Deprivation of Assets'. Thanks for the link. I thought it meant that she was being deprived of assets (by the discounted price of the house). The money from the sale of the house went into her bank accounts, so there's nothing dodgy going on to cover up assets.

VIGILANT22

speedypeavey wrote: »

Thanks for the replies. I'll need to get further info from her regarding her interest in the house. Will post when I have that info.

I misunderstood the relevance of 'Deprivation of Assets'. Thanks for the link. I thought it meant that she was being deprived of assets (by the discounted price of the house). The money from the sale of the house went into her bank accounts, so there's nothing dodgy going on to cover up assets.

I dont think that's what was being implied..it is a "little more complex" than that...however you get the info and post back...:)