Hi
I have been pondering over this for a very long time and I’m not really sure whether I should pay:
Claimant owned their property
1.Mortgage is in joint names and they are aged 55 and 57, in receipt of I/S and of poor health (recovering from leukiema and one has had a heart condition over the years)
2.The property is made of concrete construction and is not considered to be of a high value compared to typical 2 bed roomed terraced property in the area however would have sold for around £65,000.00
3. Current outstanding mortgage on the property is roughly £13,000.00 occassionally there have been arrears but never anything for the mortgage lender to write to them about and some months made the monthly repayment of £190.00 and paid off some of the arrears.
4. The property has a charging order placed upon the property for roughly £22,000.00 however this is currently being repaid at £50.00 per month and is only in one of the joint names on the mortgage.
The property was sold because they owed their son £15,000.00 and they could no longer live with the stress of the charging order. The property was sold to the son for £45,000.00 which paid off the mortgage, paid back the son and settled with the company who placed the charing order on the property for £9,000.00. He now rents the property to his parents for £450.00 every four weeks.
Would you consider repaying the loan to the son as a practical/ legal compulsion to relinquish ownership?
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