no mortgage, my house, can someone get morg on it

Barbiegirlju

I own a house house outright. My friend wants to have a half share in it, get a mortgage on her onw on the house and give me the half share in cash. Can this happen? Would she have to go on the deeds for it to happen or for it to be legally binding? She actually owns another house which she lives in. This one will eventually be rented out as i live with my partner and children.

Thanks in advance

Mr_helpful

Barbiegirlju wrote: »

I own a house house outright. My friend wants to have a half share in it, get a mortgage on her onw on the house and give me the half share in cash. Can this happen? Would she have to go on the deeds for it to happen or for it to be legally binding? She actually owns another house which she lives in. This one will eventually be rented out as i live with my partner and children.

Thanks in advance

Your friend can do this but if she is going to own half of it she will need to be on the deeds but then a transfer of equity doesnt cost much.
It may be more tax advantageous to put a buy to let mortgage on the house rather than add to her own mortgage.

niklepic

Just wondering why you would want to give up the security of your own house to your friend - who could potentially default on the mortgage and result in your house being reposessed?

niklepic

whoops double post

Barbiegirlju

Thanks for the replies...

Would she be able to get a mortgage on my house on her own, would i have to sign anything, would she have to prove she will / does own it.

1 reason is that I may be splitting up with partner and this way he could only ask for half of a half.
2 I may need the money for another investment.
3 she can pay half costs as i am struggling

Would I have to go on the buy to let, or just her? I actually wouldnt need to.
Could you recommend any buy to let mortgage lender?


Do not think she will default (sounds too trusting or stupid maybe), but she has her own house / mortgage and holds a good full time job and would take out some kind of covering insurance.

Thank you!!

planemad

niklepic wrote: »

Just wondering why you would want to give up the security of your own house to your friend - who could potentially default on the mortgage and result in your house being reposessed?

That is what I was thinking.

Seems strange to give up the security of owning ones house, but I suppose that we are all different and that we all have different circumstances.

planemad

Barbiegirlju wrote: »

Thanks for the replies...

Would she be able to get a mortgage on my house on her own, would i have to sign anything, would she have to prove she will / does own it.

1 reason is that I may be splitting up with partner and this way he could only ask for half of a half.
2 I may need the money for another investment.
3 she can pay half costs as i am struggling

Would I have to go on the buy to let, or just her? I actually wouldnt need to.
Could you recommend any buy to let mortgage lender?


Do not think she will default (sounds too trusting or stupid maybe), but she has her own house / mortgage and holds a good full time job and would take out some kind of covering insurance.

Thank you!!

See a solicitor my friend, the above seems like a tangle of wires, you will certainly require legal assistance. :beer::beer::beer::beer:

Shineyhappy

What about just letting her rent a room? I don't think I would add a friend to my mortgage. It is funny how when money is involved some friendships turn nasty very easily!

Barbiegirlju

Shineyhappy wrote: »

What about just letting her rent a room? I don't think I would add a friend to my mortgage. It is funny how when money is involved some friendships turn nasty very easily!

She owns and lives in her own house.
I do not have a mortgage.
I know what your saying about friendships though....

Dithering_Dad

Are you married to your partner?

If you're not, and he hasn't made any contribution to your home, then he doesn't have any claim on it.

p.s. I wouldn't touch your plan with a bargepole, it has financial disaster written in large letters all over it!

Mrs_Thrift

This is a very strange situation to say the least! I don't understand why anyone would take out a mortgage on your house to give you the money for you to use in another investment and pay half of the costs of the upkeep of the house, when they have their own house???

As said above, an unmarried partner shouldn't be able to claim anything from your house. And if you do go ahead with this strange plan a solicitor should be your first call.