We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
equity gifting with interim charging orders
Whodat
Posts: 1 Newbie
Hi,
My husband and I are 70 and 75 and have been hit by the interest only mortgage problem - it has ended and they won't remortgage due to age. We have never missed a payment or been late.
So we are needing to sell as our equity in the property is only 20% so we are struggling to find a 80% LTV pensioner mortgage(any recommendation are welcomed)
We have decided to sell to our daughter, she has secured a mortgage based on her providing a small deposit and us gifting the equity to her.
We have 3 interim charging orders on the property. 2 in my name from 2006 and one in my husbands name from 2010
We have been paying the creditors associated with these on a monthly basis for many years.
Could these be full charging orders by now but they just haven't been registered or is it not possible to get full charging orders on single names on jointly owned property?
We have been told the gifted equity may be a problem if it is assumed that we are trying to avoid creditors by doing so.
Can the creditors who have interim charging orders in single names on a jointly owned property go for bankruptcy and overturn it or would the insolvency act come into play here?
We are not trying to avoid paying creditors and have paid regularly monthly for many years.
Would appreciate any advise.
Thanks
My husband and I are 70 and 75 and have been hit by the interest only mortgage problem - it has ended and they won't remortgage due to age. We have never missed a payment or been late.
So we are needing to sell as our equity in the property is only 20% so we are struggling to find a 80% LTV pensioner mortgage(any recommendation are welcomed)
We have decided to sell to our daughter, she has secured a mortgage based on her providing a small deposit and us gifting the equity to her.
We have 3 interim charging orders on the property. 2 in my name from 2006 and one in my husbands name from 2010
We have been paying the creditors associated with these on a monthly basis for many years.
Could these be full charging orders by now but they just haven't been registered or is it not possible to get full charging orders on single names on jointly owned property?
We have been told the gifted equity may be a problem if it is assumed that we are trying to avoid creditors by doing so.
Can the creditors who have interim charging orders in single names on a jointly owned property go for bankruptcy and overturn it or would the insolvency act come into play here?
We are not trying to avoid paying creditors and have paid regularly monthly for many years.
Would appreciate any advise.
Thanks
0
Comments
-
See an independant mortgage adviser.
There are a few smaller building societies that will grant mortgages to older borrowers (subject to income etc!), but none of the mainstream banks will do so.0 -
Can the creditors who have interim charging orders in single names on a jointly owned property go for bankruptcy and overturn it or would the insolvency act come into play here?
In simple terms. The property will be deemed to be owned as tenants in common not owned jointly.
Are you planning on living in the property afterwards?0 -
You plan to remain in the house? If so, does the prospective mortgagee know this?
In view of your ages, is there any chance that you might qualify for local authority housing?0 -
Information on charging orders here.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards