When you become the owner of the property when you pay instalments of mortgage?

[Homeless]

When you become the owner of the property when you pay instalments of mortgage?

After you redeem a mortgage, the total amount,

or

immediately from the very first beginning when you start to pay instalments of mortgage?

[des8]

You become the owner when you purchase the property.
The person who lends you money on the security of the property (a mortgage) has a charge registered against the property on Land Registry records but is not the owner.

[Homeless]

So, you mean, I will become the owner at the moment when I will pay off the last instalment?

I mean the situation when a landlord of a property will let me live in the property and I will be paying to this landlord every month some money till I will reach the total value of the property. Which will be our arrangement in a contract so that I can become the owner of the property. When I will become the owner of the property, generally speaking according to the laws?

How we should call such contract? A mortgage or a tenancy agreement? Or a contract about a purchase?

[ostell]

If you are are tenant and paying rent then you will never own the property.

[des8]

So, you mean, I will become the owner at the moment when I will pay off the last instalment?

I mean the situation when a landlord of a property will let me live in the property and I will be paying to this landlord every month some money till I will reach the total value of the property. Which will be our arrangement in a contract so that I can become the owner of the property. When I will become the owner of the property, generally speaking according to the laws?

How we should call such contract? A mortgage or a tenancy agreement? Or a contract about a purchase?

So what you need is a contract for deed https://uk.findlegalforms.com/produc...and-and-wales/

However the instalments are not eligible for housing benefit payments

[Homeless]

"...However the instalments are not eligible for housing benefit payments..."

Nooo. I will not pay any instalments. I will be paying the rent, only, using Housing benefit for the rent, only.


The contract for deed will be about a charity gift about the future. Nothing to do about any instalments. The contract for deed will be a charity gift as a prize for my good behaviour of the fact I will be paying the rent regurally, which will be written in the contract for deed. Simple.

Thank you! This one I probably mean.
"...So what you need is a contract for deed https://uk.findlegalforms.com/produc...and-and-wales/ ..."

[Homeless]

"...If you are tenant and paying rent then you will never own the property..."

What do you mean? A tenant must not receive a charity gift (the property where the tenant lives) from the landlord, as a prize for the tenant's good behaviour of the fact the tenant will be paying the rent regurally, which will be written in the contract for deed?

[des8]

I think what you are searching for then might be a Gift Deed

[Homeless]

"...I think what you are searching for then might be a Gift Deed..."

So, what you think, it will be better, in my case?:

a Gift Deed

Or

a contract for deed https://uk.findlegalforms.com/produc...and-and-wales/

[des8]

Either is going to be problematic for you as the authorities could look behind the deeds to see what is going on, and however you dress it up you are looking to use Housing Benefit to acquire a property.
it will not just be you involved, but also the person who is taking the rent and eventually giving you the property.

Do you have someone lined up to obtain the property for you?
Are they aware of the risk they run of being accused of fraud?

I am not prepared to advise which is the "better" choice for you.
I have only indicated the way one can purchase a property (contract of deed) or how one can gift a property (Gift deed)

[Homeless]

An interpretation of the laws can be various. Each of three lawyers can have different view and each of them can be right.

Authorities could look behind the deeds to see what is going on. If they have the dirty prejudice and if they dirtily speculate, they can find whatever. But if they look at the thing with the objective way, they have to say, everything is OK.