QLD Taking Over Mortgage in Four Years - What to Do?

[Keegan]

In the house we currently live in, the mortgage is under our son's name who no longer lives here or pays anything to the mortgage. He has given us a statutory declaration saying we have a lifetime lease.

We want to protect ourselves legally as he will be getting married in 2019. This property was bought and all deposit and renovations were paid for by our parents and by me and my sister, we all currently live in the house and pay all costs.

At the present time, we can not take over the mortgage, but could in four years. So is there anyway we can be added to the title deeds? Or how and what can we do to make sure his new wife can not get or claim any rights to this property?

As when we all purchased it, my brother that moved out did agree that this would be our house, as we need somewhere my autistic brother who is 13 can live with a family member if my parents pass away.

At the time of buying this, my parents still owned a house, but they put all their savings into the deposit and renovations. and my brother did not put any money at all into the house, except he did pay some towards mortgage when he lived here, but since moving out does not contribute.

 

[Rob Legat - SBPL]

The main problem you'll have is the existing mortgage will likely make the granting of any other interest in the property an act of default on the loan. There are ways to register your interest, but any notation on the title Deed runs into the default issue.

Anything not on title is largely worthless.

 

[Keegan]

so if he is to keep the mortgage in his name but gives us a lifetime lease , that lifetime lease will be legal, is also him signing a pre nup with his fiancé stating that the property he has a mortgage on, but we have a lifetime lease, that she will have no way of gaining an interest in that property. he has also written in his will the house is to remain in all our hands.

Is there anything we can do to make sure we only that live in the house have the right to it, as we put 90,000 dollars into this house.

 

[Rod]

If you all are currently paying the mortgage now, why can't you take a mortgage in your/parents/sister's name?