Putting a charge on a property

[NixnJay]

Can any legal minds help?? If a family member pays off the outstanding mortgage on another family members property, what is the best way to protect that investment from any other parties getting their hands on it, ie creditors, ex husbands, etc? Is it a "charge" on the property, or is an agreement written up by a solicitor acceptable, and any idea of cost? Thank you, in anticipation of some advice.

[lollyangeley]

HI, technically , you would need to have a deed drawn up showing that the funds to repay the mortgage have been provided by yourself. Sometimes this is called a 'deed of trust'. This shows the amount of 'your' money tied up in the property, but you would also need a solicitor for this and make sure that it has a clause confirming what happens to any future growth in the property. CARE as this is what a creditor can claim if you do not!!!. Also be aware that if the relaltive goes into a home etc you would have to check on the changes in law about whether the government can force a sale of the property to cover the cost of the home. Also if the family member has credit problems you would have to check that a bankrucptyc order, by a creditor could not force a sale to get access to any equity in the property in future. You WILL need a solicitors help with this to ensure that it is air tight. Normally a deed of trust is quite simple and can cost a matter of �100 to �200 to draw up, but it does depend on the complexity of the case and who you are trying to exclude from getting access to the house.

[Mr Veritas]

I can put a charge on your property(with a bulldozer) if you want?

[NixnJay]

Would that be with your tonka toy??? Child!