The transaction would only be subject to challenge if it was not at market value, so as Cybus has suggested do ensure that an independent valuations is conducted before considering this. If your relatives are going to take over the liability to the secured creditors, then this ought to be sufficient justification for a transfer, but this will need the consent of both lenders.
You will also need to be seen to be paying a market rental - so if the local rate for a property of your size is £800 but you are paying £1,500 to cover the secured loan costs, then this transaction is also challengable.
It is not a bad idea, so long as you comply with the above and find someone prepared to help you.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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