mortgage hell

[jack white]

please help. my dad was self employed but declared himself bankrupt in 1996 ish, which i thought was the end of that. last year he got a letter saying part of the fallout of the bankrupcy was he owed trustees �26k, which was later reduced by a solicitor to �18k. obviously not having that kind of money lying around he was advised by a broker to re mortgage the house, but due to his age, 65, only a few lenders would do this. so it meant me and my sister being named on the mortgage and deeds with my mum and dad. as me and my sister want our own place soon, does anyone know if and how we can both come of the mortgage. my dads pension covers the monthly payments and works part time and my mum works full time. thanks

[acorn]

You could try a transfer of equity. Your morgtage lenders would need to ascertain if your parents had enough income to cover costs of mortgage which is done by a meeting with them and showing bank account details, credit checks etc. If in principle the lender agrees your parents would then need to get a solicitor to arrange the transfer which takes a minimum of around 12 weeks. You would also be advised to get a solicitor especially if you are giving up rights to house yet not being given any money in return (ie you are gifting it to them in the eyes of the law). Not sure if its compulsory for you to have a solicitor you would need to check that but definately your parents would if they were taking on the house. Cost wise is from around �400