Offering to sell me his house and pay him back without interest!

PlutoinCapricorn

Yes, there are decent people in the world but I have never heard of anything quite like this. One thing that occurs to me is to cover yourselves against possible accusations of taking advantage of a vulnerable person, from family who were expecting to get the house for example. Where is he planning to live, and how will he afford it?

princeofpounds

Yes it is totally possible. There are a couple of ways of structuring it but a private mortgage is probably one of the neatest. You need to agree how a repossession would work if you fail to make payments, so there are no arguments at the time.

You just need a sol who knows what they are doing.

I will leave interpretations of motivation to others; I know of similar arrangements but within families.

nikkita_2

He is single and an only child (adopted) and has never been married,he lives at home with his mum and chooses not to live in the house.He is not considered to be a "vulnerable adult" and has always had money.He says he just wants to be a decent person and that my family and i deserve it.

PlutoinCapricorn

What does his mother think about it? How old is he?

Mojisola

Will you become the owners as soon as the paperwork is signed (and owe him a debt) or will he still be the owner until the money is paid up?

Thrugelmir

nikkita wrote: »

he says that we will go to a solicitor and get an agreement drawn up so that he can sell me the house on those terms.

To cover all eventualities what seems a simple request at the outset will become somewhat more complex.

You'll need your own representation from an independent solicitor.

nikkita_2

Quizzical_Squirrel wrote: »

Just a heads up that if you can go ahead, you're going to be giving an emotionally needy person a vice-like grip on your life for the next 10 years.

All the emotional support you've given this man so far has been voluntary and you could have walked away at any time. All that's about to change. He would almost be buying your continual support and that level of support required could change for the worse - and perhaps not entirely accidentally.

yes i can see ur point,i will always feel grateful to him for the help but i hadnt considered that i might feel oblidged to continue being an "emotional crutch"
His mum is happy when he is happy and doesnt see a problem

nikkita_2

Mojisola wrote: »

Will you become the owners as soon as the paperwork is signed (and owe him a debt) or will he still be the owner until the money is paid up?

Again,this is a great point and the very reason why i am asking for your help.He just told us that the deeds of the house would be passed over and it would be ours

nikkita_2

Thank you to everyone who has replied to my post.I now have a list of things that i need to discuss and i will make sure that i have my own solicitor too.Feel free to continue commenting and i will update everyone as things unfold xx

PlutoinCapricorn

Would you say that he is a naive sort of person? Is he definitely in his right mind and a healthy state?