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Hello!
Newbie to this site - if this question has already been answered, please do accept my apologies.
Ok, so here goes:
My parents are now reaching 70 years of age and do not have much in terms of savings. My eldest sibling who also has their name on the mortgage / deeds has not lived in the property since 2011 and has not made any contribution towards payment of the re-mortgage. These payments have been made by myself and other sibling.
The situation my parents and other sibling who still live in the property are facing is that my eldest sibling has occurred a debt and now has a charging order (by an former friend) on the property. Due to not being around to defend this charging order, the final charging order was made by default.
The query i have is can my parents sell / gift or allow change of ownership to myself and other sibling so the property & mortgage will be under our names? We have enough to put down a 20% deposit on the £250K. I know i will require my eldest siblings consent, but I have no doubt this will be obtained.
Will the charging order prevent any change of ownership / gifting of the property to myself and other sibling?
Any advice will be greatly appreciated until i appoint a solicitor in the next couple of weeks.
Many thanks,
D
Newbie to this site - if this question has already been answered, please do accept my apologies.
Ok, so here goes:
- Property purchased (family home) in the name of both my parents.
- Property remortgaged in 2010 for £250k (interest only re-payment) on the request of my eldest sibling who needed capital to start a company (my parents obliged). Property now in the name of both parents and eldest sibling.
- Interest only remortgage due to mature in the next year - £250K to be paid back in full to the building society.
My parents are now reaching 70 years of age and do not have much in terms of savings. My eldest sibling who also has their name on the mortgage / deeds has not lived in the property since 2011 and has not made any contribution towards payment of the re-mortgage. These payments have been made by myself and other sibling.
The situation my parents and other sibling who still live in the property are facing is that my eldest sibling has occurred a debt and now has a charging order (by an former friend) on the property. Due to not being around to defend this charging order, the final charging order was made by default.
The query i have is can my parents sell / gift or allow change of ownership to myself and other sibling so the property & mortgage will be under our names? We have enough to put down a 20% deposit on the £250K. I know i will require my eldest siblings consent, but I have no doubt this will be obtained.
Will the charging order prevent any change of ownership / gifting of the property to myself and other sibling?
Any advice will be greatly appreciated until i appoint a solicitor in the next couple of weeks.
Many thanks,
D
