Giving other half the power to sell our house?

Richard_Webster

Quote:Originally Posted by Fire Fox
Not necessarily, they may be able to purchase at tenants in common and so the ownership is split. The bank would have to agree to this - they'd obviously want access to at least some of the deposit, not effectively lend 100% on the wife's share.

What bank will realistically agree to that though?

A scenario the bank won't entertain is:

Wife has mortgage in her name, house registered in both names. Wife defaults on mortgage so bank tries to repossess, bank can't then repossess because husband has a legal interest, bank loses lots of money.

I have never heard of a mortgage lender that will agree to this tbh, the OP should really get legal advice in order to protect his interests.

You can draw a distinction between who borrows the money and who gives the security for it - although most lenders don't go down that road and say that the borrowers and the security givers must be the same, i.e loan to one person that person is sole owner - loan to two people - both must own property.

HSBC and a few others will lend to one person but if the house is to be held jointly they still require the other person to sign the mortgage deed to give security - so that would not work in OP's case unless they would accept an attorney's signature.

Being tenants in common makes no difference at all. A lender can't realise a security on a share in a property!!!

Also OP will need to have someone other than the other joint owner appointed as attorney because the Land Registry require at lease two signatures on the sale or other disposition of a proeprty owned by more than one person and the same person cannot sign in both "hats"

dellboy102

Thanks, my solicitor has just said " [FONT=&quot]Yes the Land Registry will require two signatures. The power of attorney would be limited to the sale of the property so anyone can be a signatory. [/FONT][FONT=&quot][/FONT] "

I'm hoping that is correct.

dellboy102

Also does anyone know how much a general power of attorney should cost, I've seens forms for about £15 which say you can do it yourself as it does not have to be registered.