FledNanders
New Member
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- 1
My question is, are banks usually ok with lending a mortgage on a house where there is a right to residence attached to the house like this scenario?
It is planned that once the transfer is done, my brother will take out a mortgage to buy out my portion of the house so he will then have 100% ownership, and my father retains his right to residency.
Your father will have to trust your brother to allow him to stay in the house for life and to keep up repayments on the mortgage. It can't be a legal agreement.
This could create a mechanism for the children to get the father kicked out of the house, and let them get their hands on the proceeds after repossession, if they were not good children.Ask a broker, not unheard of years ago anyway, father needs to waive right of residence in favour of bank, doesn't affect him other than if house being repossessed then he's out on his ear together with son.
They wouldn't want to be in a hurry! I'd say it would take a fair old while for a bank to get a repossession order with an elderly parent in the house, it takes ages at the best of times but I'd say a judge would be slow! Which of course is why banks won't necessarily be too keen to do this sort of loan.This could create a mechanism for the children to get the father kicked out of the house, and let them get their hands on the proceeds after repossession, if they were not good children.
You're right about the duration, but maybe the kids should be trusting the parent?They wouldn't want to be in a hurry! I'd say it would take a fair old while for a bank to get a repossession order with an elderly parent in the house, it takes ages at the best of times but I'd say a judge would be slow! Which of course is why banks won't necessarily be too keen to do this sort of loan.
There has to be some element of trust sometimes, hopefully the father knows at this stage what sort of children he has!
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