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  • FIRST POST
    • Sheveko
    • By Sheveko 10th Oct 17, 4:48 PM
    • 76Posts
    • 16Thanks
    Sheveko
    Bank telling us I can't live in house after selling out to co-owners
    • #1
    • 10th Oct 17, 4:48 PM
    Bank telling us I can't live in house after selling out to co-owners 10th Oct 17 at 4:48 PM
    I bought a house with two others a few years back, and we signed a Declaration of Trust.

    I'm about to sell my share of the house to the other two.

    As part of this transition we were planning for me to stay living in the house for a few months after completion while I find another place to live.

    However Nationwide has been advising the other two that I would be unable to stay in the house after completion due to rules in the Trust of Land and Appointment of Trustees Act 1996. But they couldn't point us to the relevant section.

    Does that sound right?
    Last edited by Sheveko; 10-10-2017 at 4:54 PM.
Page 1
    • kingstreet
    • By kingstreet 10th Oct 17, 5:17 PM
    • 32,383 Posts
    • 17,391 Thanks
    kingstreet
    • #2
    • 10th Oct 17, 5:17 PM
    • #2
    • 10th Oct 17, 5:17 PM
    I don't know about the act being quoted, but yes, many lenders will expect you to move out in the circumstances described if the remaining parties require a mortgage.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Tigsteroonie
    • By Tigsteroonie 10th Oct 17, 5:29 PM
    • 22,563 Posts
    • 56,213 Thanks
    Tigsteroonie
    • #3
    • 10th Oct 17, 5:29 PM
    • #3
    • 10th Oct 17, 5:29 PM
    It's to do with gaining beneficial interest by staying but no direct interest due to not contributing to the mortgage. If you want to google, it's generally known as ToLATA and comes up in divorces!

    I wonder if the matter might be resolved by moving out for a night, and then returning under a formal Lodger arrangement?
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