Protecting a share of a property

Mike_Howles

Hi folks

We are currently in the process of moving our parents into a flat in a sheltered complex. The flat will belong to them once everything has gone through and they pay a service charge and ground rent. All fine. However, in order to get them in there we have had to donate/give/lend money to secure it so this means that we have a part share in the property. Is there any way that we can protect that 'investment' for when the property is sold whether for care costs if they need it or when they leave us. I am only asking because there is one member of the family who refuses to contribute but will be entitled to a third share when it is sold. I just want to make sure that our investment is returned to us at the end.

Thanks in advance.

Loza2016

Put a charge on the property for the amount you are lending. 

I’m assuming no mortgage involved. 

TripleH

It might be your parents need to amend their wills. So after both have passed, the two loans are paid first before the rest of the estate is distributed.

Am I correct to assume the property doesn't have a mortgage on it at all? If so register a charge on the property and get it drawn up as part of the purchase. If done correctly it should negate the need to amend wills and protect your contributions should your parents need care (I think?)

davilown

Put a charge on it - saves messing with wills etc especially as they can be changed at any point to say anything

Mike_Howles

Brilliant, thanks folks I'll investigate putting a charge on the property as that seems to be the simplest option and yes, there is no mortgage involved.