Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Ealing Councillor's Loan | |
Posted by: | Nigel Brooks | |
Date/Time: | 28/03/15 20:06:00 |
A loan for care arrangements or adaptations is normally secured by having a charge on the property. This was the case with my mother's house. Where a mortgage is in place this is a 'second' charge. Mortgage discharge first and then the council loan. The care loan is normally payable when the person being cared for passes or when the property is sold. I have not known them however to be granted on a property in which the cared for person has no beneficial interest. My concern in this case is that the charge has been secured on what is effectively a 'buy to let' property from which rental income is derived and in which the loanee does not live. It needs a clear public statement as to the terms of the loan, particularly repayment. We can then debate the ethics of owning this property as a landlord while occupying much needed social housing. |