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Registering a charge/notice/restriction against a property?
DreamweaverB
Posts: 99 Forumite
A few years back I helped my elderly uncle out by paying off their (£xx,000) outstanding mortgage and it was agreed I'd get this back when they finally passed - he would leave the property to me in his will, I'd get back my £xx,000 and then share the remainder equally between myself and my brother and sister.
As he gets older I'm worried he may need care and the local authority will put a charge on the property meaning there won't be enough left to repay my £xx,000 loan.
What's the best way to protect my interests? If he needs LA funded care in the future then I don't have a problem with there being nothing extra to share between us all but it doesn't seem fair that my genuine documented loan goes unpaid.
I'm aware that he could always change his will to leave what's left to the local cat's home anyway but assuming he doesn't is there anything I/he can do so that the LA would have to take into account that I'm owed £xx,000 before they can start levying a charge against his estate?
As he gets older I'm worried he may need care and the local authority will put a charge on the property meaning there won't be enough left to repay my £xx,000 loan.
What's the best way to protect my interests? If he needs LA funded care in the future then I don't have a problem with there being nothing extra to share between us all but it doesn't seem fair that my genuine documented loan goes unpaid.
I'm aware that he could always change his will to leave what's left to the local cat's home anyway but assuming he doesn't is there anything I/he can do so that the LA would have to take into account that I'm owed £xx,000 before they can start levying a charge against his estate?
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Sign a loan agreement (assuming you haven't already) and a legal charge to secure it, registered against the property.2
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