House equity security help?

bery_451

hi,

i like to buy a house with someone ie joint application.

Im paying 20% deposit on the house so how do i put my name on the deeds saying i get 20% when the house is sold?

cheers,

AndrewSmith

Hi,

As far as the deeds go, as it is a joint mortgage you will both be joint owners in equal shares. What you need to do is agree with the other person what would happen on sale, then get your solicitor to draft an agreement for you both to sign in his presence.

If you have a good solicitor he won't charge you for doing this.

Andy

bery_451

AndrewSmith wrote:

Hi,

As far as the deeds go, as it is a joint mortgage you will both be joint owners in equal shares. What you need to do is agree with the other person what would happen on sale, then get your solicitor to draft an agreement for you both to sign in his presence.

If you have a good solicitor he won't charge you for doing this.

Andy

what if im blacklisted and did not put my name towards the mortgage because court will reposess the house to pay off debts if i did put my name down.

Then can i still put my name on the deeds arranged by the solicitor or does the court have power to seize my part of the deeds?

AndrewSmith

Whoever appears on the mortgage application form will be the only ones on the Deeds.

Even if you do not go on the mortgage application as an applicant you may still have a financial association with the person who's name the mortgage will be in. As such your details may come up on any credit search carried out in the other persons name.

Also the applicant will ahve to declare you on the mortgage application as someone who will be living at the property but not party to the mortgage.

From your post above do I correctly assume you are a current Bankrupt? If so you cannot actually purchase a property or a share in a property. As such you will have no claim on it. Also how do you have 20% deposit if the courts are likely to force sale of a house you own to repay debts?

Would you not be better using this cash to repay the debts in the first place?

Doesn't quite stack up I'm afraid.

Andy

robwend

oooooooh er smell a rat:D

AndrewSmith

sniff sniff


Me too

bery_451

AndrewSmith wrote:

Whoever appears on the mortgage application form will be the only ones on the Deeds.

Even if you do not go on the mortgage application as an applicant you may still have a financial association with the person who's name the mortgage will be in. As such your details may come up on any credit search carried out in the other persons name.

Also the applicant will ahve to declare you on the mortgage application as someone who will be living at the property but not party to the mortgage.

From your post above do I correctly assume you are a current Bankrupt? If so you cannot actually purchase a property or a share in a property. As such you will have no claim on it. Also how do you have 20% deposit if the courts are likely to force sale of a house you own to repay debts?

Would you not be better using this cash to repay the debts in the first place?

Doesn't quite stack up I'm afraid.

Andy

if im bankrupt can i at least put my name on the trust or deed?

if it is a joint application can the court really sell the house even though the other mortgage applicant is credit fine?

robwend

yup. coz its all fraud

AndrewSmith

robwend wrote:

yup. coz its all fraud

Spot on Robwend.

It could also land you serving up to 10 years at her majesty's pleasure.

Mind you, the fact that you are Bankrupt will immediately show up on the searches that the solicitors carry out, and they will not proceed any further once knowing this.

Andy

bery_451

AndrewSmith wrote:

Spot on Robwend.

It could also land you serving up to 10 years at her majesty's pleasure.

Mind you, the fact that you are Bankrupt will immediately show up on the searches that the solicitors carry out, and they will not proceed any further once knowing this.

Andy

how long does bankrupty last for?

AndrewSmith

bery_451 wrote:

how long does bankrupty last for?

Check out this web site:

http://www.insolvency.gov.uk/

You will find all the answers you are looking for here.

Andy