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Hi,
a good freind has the Right To Buy her council place. However, she cannot get a mortgage on the property. I am considering remortgaging my home to put the money up for her. Her discount is £100,000 I would put in the other £120,000.
We we have the basis of an agreement. I would own 55% of the property. We would share all the costs (55:45 %). She would pay me a monthly amount equal to 55% of the rental value of the property. After five years either one of us could call for the property to be sod, or to be bought out of it by the other one.
The he question I have is how do I protect myself? Can I be named on the Land Registry Deeds without having a problem with the council? Would I be protected if we had a Deed of Trust drawn up? What are the risks to me?
many thanks for any help.
a good freind has the Right To Buy her council place. However, she cannot get a mortgage on the property. I am considering remortgaging my home to put the money up for her. Her discount is £100,000 I would put in the other £120,000.
We we have the basis of an agreement. I would own 55% of the property. We would share all the costs (55:45 %). She would pay me a monthly amount equal to 55% of the rental value of the property. After five years either one of us could call for the property to be sod, or to be bought out of it by the other one.
The he question I have is how do I protect myself? Can I be named on the Land Registry Deeds without having a problem with the council? Would I be protected if we had a Deed of Trust drawn up? What are the risks to me?
many thanks for any help.
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