Loan To Brother To Pay Off Mortgage

K60mall

My brother is severely disabled and has an Interest only mortgage where the DWP are paying the interest monthly. In April this year they will stop paying and he will have to go onto a load scheme which is payed back once he passes away.

His mortgage finishes in four years time so we his family will have to pay the mortgage off so I was wondering which would be the best way to do this.

I contacted a solicitor and was told we could draft up an agreement where we put a charge on the property through the land registry to ensure we get our money back if at anytime he had to go into care and the council made him sell his home to pay for his care. As per usual the solicitor wants to charge us an extortionate £600 charges to draw up an agreement and upload the agreement to the land registry.

A couple of years ago I loaned my other brother money to purchase a property and a deed of trust was drawn up and uploaded to the land registry so that if anything happened to him I would get my money back.

My question is would a deed of trust work the same in this situation and if so does anyone know If I can upload the deed of trust to the land registry to save the £600 charge?

Thanks in advance. :beer:

bengalknights

You can do it yourself but far more quicker to do it via solicitors who will have the relevant access

Malthusian

£600 to ensure the agreement is properly drafted and safeguard you against the possibility of forfeiting the value of the property (maybe several hundred thousand) if the agreement is unenforcable or otherwise poorly worded. Plus the admin.

I'm surprised you didn't report this extortion to the police.

If you have to ask random people on the Internet whether you can DIY then it is probably a bad idea. Ask some other solicitors for quotes if you think they are overcharging you.

Voyager2002

The £600 fee seems reasonable to me... don't forget that for the money you are not just getting the legal work, but also the solicitor's professional insurance. So if anything goes wrong, either the solicitor or the insurance company will meet any costs. Whereas... if you use the Trust deed that you have for a different purpose and then, perhaps years later, you find that it does not do the job that you need it to do, you could lose many thousands have no-one to blame but yourself.