I am currently suffering serious financial problems. I want to transfer or sell my house to my son who has lived in it for the last 22 years. Could this prevent the property being repossessed?
By transferring the property to your son I presume you mean gifting it – as opposed to selling the property to your son in an arms length transaction at the full market value.
Any transfer to your son for no consideration (a gift) could be deemed to be a deliberate attempt on your part to defraud your creditors under the terms of the Insolvency Acts, and could be overturned by your Trustee in Bankruptcy should you subsequently be declared bankrupt.
If you are in arrears on your mortgage you will not be able to transfer, or gift the property to anyone without the consent of your Lender and this consent will only be forthcoming upon repayment of the amount owed under the mortgage.
In other words, whether you sell to your son, or any third party, will amount to the same thing whereby the Lender will have first call on the proceeds of sale.