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An adult (John) and two elderly parents (Peter and Janet) owned a house as tenants in common: John 50% and Peter and Janet 25% each. The original mortgagor would not accept three names on the mortgage so only Peter and John were named on the title with Janet’s interest being noted on the land registry.
John took out and was responsible for the mortgage (although Peter was also on the mortgage) and Peter and Janet both put in capital. The mortgage was for less than 50% of the cost. Peter died and left his 25% share in the property to be divided equally between his adult children John and Susan in trust during the life of the surviving parent. There were mirror wills between the parents.
John needs to remortgage and has been told that the will trust is an insuperable obstacle. The family has agreed...
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