puddlefish
Registered User
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I am seeking advice on behalf of an elderly couple I know. They owe 300 to Leeds Bank. They re mortgaged years ago, I don't know why, and have been given till 2016 to repay the mortgage in full. My details are sketchy at best as it's so sensitive an issue, I only get drips and drabs from them. They ask me for advice but I have yet to get the full details off them.
Basically, if they sell anytime soon, they might get maybe 470, leaving them around 170 cash. However, this is nowhere near enough for them to buy anywhere near their family members and causing significant distress. The situation is complicated further by the fact their teenage grand-daughter lives with them full time and doesn't want to end up living far away, perhaps in an area they can afford an apartment etc. They are living hand to mouth on state pensions, nothing extra. Both are fairly unwell and are somewhat avoiding the issue of the bank coming knocking next year..
It might seem straightforward but I have a few queries:
1. Assuming I get their consent, what kind of questions should they be putting to their bank? I cannot help but wonder how the hell they were allowed/able to get themselves into this situation. House was originally bought in the 1980's.
2. Who should they get advice from here? They have no money for solicitors etc.
3. If they do sell and have cash, are there any ways of protecting/using their money to ensure they have a roof over their heads (renting maybe). I have a feeling the money would be trickled away, sooner rather that later, and they would be left with zero before long.
Any help is welcome, I am working up to a very frank discussion with them as all of a sudden their bank is going to come knocking and I think they need to be proactive.
Basically, if they sell anytime soon, they might get maybe 470, leaving them around 170 cash. However, this is nowhere near enough for them to buy anywhere near their family members and causing significant distress. The situation is complicated further by the fact their teenage grand-daughter lives with them full time and doesn't want to end up living far away, perhaps in an area they can afford an apartment etc. They are living hand to mouth on state pensions, nothing extra. Both are fairly unwell and are somewhat avoiding the issue of the bank coming knocking next year..
It might seem straightforward but I have a few queries:
1. Assuming I get their consent, what kind of questions should they be putting to their bank? I cannot help but wonder how the hell they were allowed/able to get themselves into this situation. House was originally bought in the 1980's.
2. Who should they get advice from here? They have no money for solicitors etc.
3. If they do sell and have cash, are there any ways of protecting/using their money to ensure they have a roof over their heads (renting maybe). I have a feeling the money would be trickled away, sooner rather that later, and they would be left with zero before long.
Any help is welcome, I am working up to a very frank discussion with them as all of a sudden their bank is going to come knocking and I think they need to be proactive.
