Mortgage Transfer - Ok to Sign?

somethingidontno

Hi
I am new to this forum, (although I have been skirting around the edges for months!) so please excuse if I have posted in the wrong place!
My daughter has asked me to sign a Transfer Deed, and I need some urgent advice. We used to be joint owners of the property in which my daughter now lives. She and her 1st husband bought me out in 2004, but were unable to meet all of my share of the equity at the time, so a charge was placed against the property for the remaining £7,500.
She has since been through a messy divorce, and has not yet been able to pay me, so the charge still exists; it is my life savings, so I have no option than to leave the charge in place.

However, she now wants to put her current partner on the mortgage as she is struggling with payments on her own - fair enough. After a long legal process, her 1st husband's name has been removed from the property at her request.

As I still have a financial interest in the property, I have been sent a TR1 or Transfer of Whole Registered Title(s) form to sign so that her partner can go on the mortgage. I am disabled and cannot afford a solicitor, but I really need to know the following before I can sign:

1) Will there be a waiting period of, say, one year, before my daughter and her partner, as mortgagees, can apply for a re-mortgage (in order to pay me off - I have waited over 5 yrs and interest starts to accrue on 31 Dec 10, so the sooner the better, for my daughter).

2) What does "On Trust" mean? There is part of the form which says "Declaration of Trust. Tick as appropriate: joint tenants, tenants in common, hold the property on trust"
I have always, since her bad divorce, advised my daughter to enter into this under the "tenants in common" option: her equity, should things go wrong, must be proportionate to the 12 years she has owned the property before her partner came on the scene. I don't know what "On Trust" means, but I don't like the sound of it!

3) To the question, “The transferor transfers with full title guarantee/limited title guarantee”, my daughter has ticked the 'full title' option. Is this a risk for her?

4) It looks like I will need a solicitor to witness my signing this. Should I be liable for the costs, when it is not me who wants to make this addition?

I am not opposing this request at all, I simply want to ensure that my daughter’s and my own interests are thoroughly protected.

Any help/pointers would be very greatly received.

SmlSave

Can't help with all of the questions but I'll try with some:

1) I don't think so.
2) The on trust bit should have more detail added to it I think.
3) this is correct as she owns the property. Its only imited if a personal representative/executor is doing it.
4) You just need an independant witness i.e. not a family member

Hope this helps, may i suggest that you call the CAB for a bit of advice though?

Cannon_Fodder

If finances are that tight, I'd ask daughter to pay for a solicitor to check it over.