Son temporarily coming home to save to buy house

Littlewhitedog

Hi
My son wants to save to buy his own home and is currently renting.  I understand the issues about him being registered at our address etc but we took equity release on retirement and were told nobody could effectively live with us.  

He is hoping a year will be enough time and really doesn’t want to live here permanently.  

Would our Equity release company find out through electoral register that he is here?  

Silvertabby

It depends on your equity release contract.  They may allow it if your son signs a waiver confirming that he knows that he has no rights to live in the house, and will have to move out in the event of your deaths or if you move into care.  

Flugelhorn

I don't know the ins and outs with it being a relative but can he sign some sort of lodger's agreement? 

Decades ago I was a lodger in a vicarage , the house went with the vicar's job and if he prematurely went to meet his boss one day then we lodgers knew we would have to leave 

elsien

Silvertabby said:

It depends on your equity release contract.  They may allow it if your son signs a waiver confirming that he knows that he has no rights to live in the house, and will have to move out in the event of your deaths or if you move into care.  

Not equity release, but I had to do that with my mother when she had a business mortgage and we lived about the business. Just meant paying for some independent legal advice, signing the relevant document, then I was fine to stay there. 

user1977

Any breach is only going to be relevant if the lender wants to sell while son is still living there (i.e. they don't want any hassle with evicting unexpected occupiers). So if you know he'll be long gone by then I'm not sure there's much point trying to figure out what you're meant to do to ensure technical compliance with the mortgage conditions. The lender is not monitoring the comings and goings at your house or going to penalise you in some way.