Adding a name to my title deeds

Tollie02

Hi, my father lent me money to start a business, i haven't been able to repay him the money back yet but wish to add his name onto my house title deeds (there is no mortgage on my property) so that he could eventually get his money back if needed. Would there be any implications on this and how do I do this. I would probably need to take my Husbands name off this in order to add my father but my husband is ok about this as it shows my father that we do intend to repay but due to recession this could take a long time.

sammyjammy

I'm not sure how it works but instead of getting your dads name on the deeds he could put a charge on your property via the Land registry it would probably be cheaper and easier to undo when you repay your dad.

Sam

Thrugelmir

sammyjammy wrote: »

I'm not sure how it works but instead of getting your dads name on the deeds he could put a charge on your property via the Land registry it would probably be cheaper and easier to undo when you repay your dad.

Sam

Agreed.

As putting your fathers name on the deeds raises other issues. Seek professional advice. I know its family, but this often complicates matters.

Tollie02

Hi, my father wouldn't really want any of the monies back. It's just a goodwill gesture. Also my husband has signed a personal guarantee on a commercial lease, if for any reason the business failed, would anyone still be able to get hold of my house or would it be safe.

Thrugelmir

Tollie02 wrote: »

Hi, my father wouldn't really want any of the monies back. It's just a goodwill gesture. Also my husband has signed a personal guarantee on a commercial lease, if for any reason the business failed, would anyone still be able to get hold of my house or would it be safe.

If you sign any form of personal guarantee then you have to accept the risks. Creditors would investigate the lack of assets in the event of default. Defending the situation in court would be an additonal expense to bear.