First call on property - how to do this?
Posted: June 7th, 2023, 9:11 am
I am about to lend my son some money to purchase his house when his mortgage is due for renewal later this year.
He and his wife are happy with the arrangement, but I am insisting on having first call on their property. This is so they cannot take out a further mortgage on the property, without refunding the loan, and also covers the case were they to sell the house.
I am also changing my will, so that any outstanding loan on my death is counted as part of my son's legacy (to be fair to my daughter).
I am about to engage a solicitor to help me organise this with the Land Registry. Is it a conveyancing solicitor I need for this, or can the solicitor dealing with my will cover the Land Registry change?
Anything else I need to watch out for?
FD
He and his wife are happy with the arrangement, but I am insisting on having first call on their property. This is so they cannot take out a further mortgage on the property, without refunding the loan, and also covers the case were they to sell the house.
I am also changing my will, so that any outstanding loan on my death is counted as part of my son's legacy (to be fair to my daughter).
I am about to engage a solicitor to help me organise this with the Land Registry. Is it a conveyancing solicitor I need for this, or can the solicitor dealing with my will cover the Land Registry change?
Anything else I need to watch out for?
FD