mortgage dilemna

trackers_trojans

Hi all i have a joint mortgage with my nan on the house which is ex council house and where i used to live. I have always paid the mortgage and always will. Could i change the mortgage and deeds solely into my name, my nan will still live there rent free, she has no problem with this, just wondering is it straightforward to do thanks:T

CloudCuckooLand

Not if your Nan has any common sense or a decent solicitor.

If you married, and the died, your Nan could turfed out of her home, when your grieving Ex winds up your estate.

Security of tenure, for your Nan, should not be tinkered with.

The fees involved, Land Registry, lenders, solicitors, etc, makes me ask what do you think the benefit of doing so is?

https://forums.moneysavingexpert.com/discussion/2852138

trackers_trojans

I pay the whole mortgage always have done what if my nan was taken ill and had to go into care where do i stand from that point of view?

getmore4less

trackers_trojans wrote: »

I pay the whole mortgage always have done what if my nan was taken ill and had to go into care where do i stand from that point of view?

Depends how the place was purchased, but changing that now probably won't help with the potential fees anyway due to deprivation of assets rules.

If you no longer live there then there are also future capital gains tax considerations.

trackers_trojans

I have the mortgage payments taken out of my account and the mortgage was approved on my wages my nan has never paid anything towards the mortgage, she just pays the utility bills that she uses, does this make any difference?

JimmyTheWig

I would guess that any plan to get out of paying for care home fees that you can think up will have been thought up already by the authorities and legislated against.

Have you always paid the full mortgage, or was there a time when your nan was paying it?
Have you always had joint names on the deeds, or was your name added at a later stage? If at a later stage, did you pay your nan to be added? Did you pay the full market rate for the whole property?
In whose name was the right-to-buy?
Even if you have to sell the house and your nan's half gets eaten up in care home fees, will you still have done alright on the deal overall as an investment?

trackers_trojans

Both our names have always been on the deeds and the mortgage, i have always paid the mortgage in full my nan has never paid a penny towards the mortgage would this make any difference?

Conrad

To stop the state taking the home away to cover care costs, it would need to be in your sole name I suspect. The way this is usualy done is your Nan would need some legal license to remain for life, but no Lawyer would recommend this course where a mortgage is in place because if you were ever repossessed / died etcd, there are implications which could see her thrown out.

All you can do is carry on as you are and hope you ncould argue the toss if the state ever come for the place.

trackers_trojans

I have life and critical illness insurance that would cover the mortgage should anything happen to me, it is not a big mortgage i have a fairly secure job my nan would not have to worry about anything

Senior_Paper_Monitor

The first question ... is there any reason to believe that your nan may need to go into care in the foreseeable future ?

Second - If not, why have you rasied this question at this time ?

Third - is the property owned tenants in common (if so what split) or joint tenants ? Value ? Mortgage ?

More - Are you married ? Do you have Children ? Are your parents alive ?

Finally - Does your Nan have a will and how old is she ?

There may be some sensible/fair courses of action available to you (but taking mortgage in own name does not seem to be one of those).

There may be some more questions - but those will do to start.

trackers_trojans

Hi the mortgage is in joint names it is for about 40k the value of the property is about 80k my nan is aged 97 no she doesnt have a will my parents are still alive i am divorced and i have a 13 year olddaughter she has been in hospital recently but is ok now think thats everything