Name on deeds of a no equity property

atush

I get the 50Kloan,but not hte 30Kpossible theft.

He needs to start paying them back at least, via James's estimation of 3Kper annum until he can either sell the property at a profit or until he can remortgage and get their money out.

Or he could take them in and pay all their living expenses as he has made them poor.

BobQ

atush wrote: »

I get the 50Kloan,but not hte 30Kpossible theft.

He needs to start paying them back at least, via James's estimation of 3Kper annum until he can either sell the property at a profit or until he can remortgage and get their money out.

Or he could take them in and pay all their living expenses as he has made them poor.

Well if I had generously loaned my son £50K interest free so that he could buy a house by adding another £15K of his savings and taking a mortgage of only £85K, at the very least I would expect him to ensure my £50K remained as equity in the property. I would also have expected him to use the opportunity of reduced mortgage payments to pay off more of the capital so he could release at least some of equity when he knew I needed it.

The circumsances in this case are not entirely clear but it seems the son has dipped into the capital that he was loaned by taking an additional mortgage out that was not understood by the parents, possibly allowed the mortgage provider to think there was no third party loan involved, and had no other plan to repay the parents.

The measures you suggest are all possible but this does not make it right. A lot depends on the motivation of the son, at best he has made mistakes but at worst he has knowingly spent their money and misguidely speculated on a rising housing market, which is arguably a form of theft. But it does depend on his motivation.