How do we get around this problem??

thestens

My mum has agreed to lend my husband and I some money to help us finance a house move without having to sell our existing house first. We will pay her back on the sale of our house. The problem is that as she is 90 years old and very frail, she can no longer physically write a cheque - loss of most movement in her arms and hands. The money will be transferred to her bank account, but how can we get it into ours? Can we take her to the bank and can she ask them to transfer the funds? If they ask her security questions like her address she might not be able to remember - depends on if it is a good memory day or not! Having said that, she is mentally pretty good, just slower than she was. Any ideas?

le_loup

You need to have a power of attorney for her. In which case you could not do what you propose.
Catch 22.
But probably not wise anyway to take advantage of her kind offer because people may get the wrong idea.

Lokolo

She is mentally very good but might not be able to remember her address??

As le loup says, tread very carefully.

Prothet_of_Doom

Set up internet banking on her behalf, clear her account, look like crooks. I'd go and see a solicitor with her, and explain the dilema I think.

pmduk

If you have siblings, be careful. This sort of thing can tear families apart with accusations and the like.

getmore4less

If this loan is for a deposit and you need a mortgage that may be an issue.

[Deleted User]

getmore4less wrote: »

If this loan is for a deposit and you need a mortgage that may be an issue.

well the way i read the op's post was the money was to help with moving. i see nothing sinister about borrowing some cash from a parent, isn't that what parent's do for their kid's

Mojisola

Deleted_User wrote: »

well the way i read the op's post was the money was to help with moving. i see nothing sinister about borrowing some cash from a parent, isn't that what parent's do for their kid's

I read it that it was enough money to buy a new house. Transferring that kind of money from the account of someone who could be considered not capable of managing their own affairs is a very risky business.

PeacefulWaters

Deleted_User wrote: »

well the way i read the op's post was the money was to help with moving. i see nothing sinister about borrowing some cash from a parent, isn't that what parent's do for their kid's

It's not about what parents do for their kids.

It's about how a mortgage lender would view the source of deposit being a loan.

As for the OP, what's the rush? Sell then move.

le_loup

PeacefulWaters wrote: »

It's not about what parents do for their kids.

It's also what kids do for their parents. Like not taking advantage.

Mojisola

thestens wrote: »

My mum has agreed to lend my husband and I some money to help us finance a house move without having to sell our existing house first. We will pay her back on the sale of our house.

The problem is that this plan might all be above board but it won't look like that to other people - relations, carers, social workers, etc - unless you involve some independent representation for your mother.

If you do go ahead, everything needs to be formally written down with the repayment plans laid out (if your house doesn't sell within a set time-frame, what happens, and so on).