property

[w.smith]

my brother is in financial difficulty i am willing to pay of the remainder of his mortgage then he will gift me the property is this legal?

[dannydingbat]

Yes, though it may not be the best option. Get him to sign a charge in your favour, register it and, when you pay off the other mortgage, you will have a claim on the property which gives you the right to possess the property in the event that he does not repay you. Clearly, your agreement is that he does not so you have protected your position and will be able to acquire title. If he continues to live in the propery, you should formalise the arrangement. Go to see a solicitor as, if you get it wrong and he dies or absconds during this process, you may be out on a limb. .

[WendyS]

I would urge you not to do anything on an informal basis. So often in these threads we read of cases where family members have let each other down. Talk to a solicitor and have a legal document drawn up so that there are no misunderstandings later. If your brother were to die unexpectedly or some other unfortunate situation arises, you could find yourself in a difficult position.

[Peter Pedant]

No, I think you need adviceand a solicitor

If he is going backrupt, then it is an asset
and youare buying an asset of his which his creditors may be after once they find out they have er been diddled....then it maybe restored to them and you lose your money

time I am afriad for a lawyer.....


PP

[Nether Edge]

See answer to VannaB post in "LAW" main forum (on 3 February) raising same question.

[andrew123]

You will need to be careful about all the tax-impliactions here such as tax-free gifts and also capital-gains taxes................