Jump to content


Is it legal to allow my son to take a 2nd chg over my property?


pritchy
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 5628 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Thinkng about IVA but have heard that when deciding whether to accept proposals, the companies look at whether they would get more by making you bankrupt. Would it be legal to allow my son to take a 2nd mtg over my property so that b'rupcy wouldn't look like a favourable course of action to them?

 

P

Link to post
Share on other sites

In effect you are borrowing money from your son and giving your property as security. This will require the approval of the existing mortgage company.

Money will of course have to change hands, but how much is a question to be considered. If you borrow £1 and offer a property worth (for example) £100,000 then people will wonder what is going on.

I really do appreciate all those 'thank you' emails - I'm glad I've been able to help. Apologies if I haven't acknowledged all of them.

You can also ding my gong if you prefer. :)

Link to post
Share on other sites

But, a second charge up to £15,000 does NOT require the permission of the mortgage company.

 

I had a mortgage with Preferred (Now that's a contradiction!) until earlier this year with some arrears. They would not allow us to have a second charge for £20K in respect of a Black Horse Personal Loan. So Black Horse offered £15,000 and secured it, without their permission. All now redeemed. However, worth being aware!

 

H

Link to post
Share on other sites

But, a second charge up to £15,000 does NOT require the permission of the mortgage company.

 

I had a mortgage with Preferred (Now that's a contradiction!) until earlier this year with some arrears. They would not allow us to have a second charge for £20K in respect of a Black Horse Personal Loan. So Black Horse offered £15,000 and secured it, without their permission. All now redeemed. However, worth being aware!

 

H

 

thats interesting. Would it also apply (for example): a 15K 2nd charge to son 1 and another 15K 2nd charge to daughter 1 ?.

Link to post
Share on other sites

If they make a transfer whilst solvent the trustee can go back 2 years However an IVA within 2 years might not be considered by the trustee as being solvent

 

The OP needs to take proper legal advice from a Private Client lawyer

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...