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Do Both People's Name's Have To Be On The Deeds On A Joint Mortgage?
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ImAlanPartridge
Posts: 23 Forumite
Me and my GF are trying to buy my mother's house that she has rented for years, (me and my mother are on the title deeds), but only me and my GF are applying for the mortgage. Do both of us have to be on the deeds or will it be good enough that just I am?
Cheers
Cheers
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Comments
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in general a mortgage company will require the same names on the deeds as on the mortgage0
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if you are both on the mortgage you both will need to be on the title deeds.0
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No you don't both need to be on the deeds, although I don't know why you wouldn't in this situation?
I know this because I have divorced my husband and the deeds to the property which we both lived in are now in my sole name but the mortgage currently stands in joint names with an indemnity in place that he cannot make any claim against the property. The mortgage company will amend their mortgage category from A1 to A2 I believe but I do not know the full details of this, someone else may have more information?MBNA [STRIKE]£2,029[/STRIKE] £1,145 Virgin [STRIKE]£8,712[/STRIKE] £7,957 Sainsbury [STRIKE]£6,870[/STRIKE] £5,575 M&S [STRIKE]£10,016[/STRIKE] £9,690 Barclaycard [STRIKE]£11,951[/STRIKE] £11,628 CTC [STRIKE]£7,629[/STRIKE] £6,789 Mortgage £[STRIKE]182,828[/STRIKE] £171,670
LBM Dec12 excl mort 47,207/42,784 Dec13
Excl mortg and CTC 39,578/35,995 Dec13
Incl mortg 230,035/214,454 Dec13
Extra payment a week:this week £0 / YTD£1,457.550 -
No you don't both need to be on the deeds, although I don't know why you wouldn't in this situation?
I know this because I have divorced my husband and the deeds to the property which we both lived in are now in my sole name but the mortgage currently stands in joint names with an indemnity in place that he cannot make any claim against the property. The mortgage company will amend their mortgage category from A1 to A2 I believe but I do not know the full details of this, someone else may have more information?
The reason being is we want to buy now, but my GF would have to have lived at the address we want to buy for 12 months to get on the deeds, but if only 1 has to be on the deeds then we can go ahead and buy now, as im on the deeds already.0 -
Northern Rock won't let me come off of the title deeds so I imagine it depends on the lender.:A
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why does she have to have lived there for 12 months?0
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sounds like 'right to buy' of a council property...Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
CloudCuckooLand wrote: »sounds like 'right to buy' of a council property...
Yeah it is. Its my mothers house but me and my GF are looking to buy it, im already on the deeds but she isnt, so I just wanted to know if both have to be but I know now that you dont.0 -
Get something signed up that says what happens if you break up and one of you wants to sell the house, trust me you dont want to be in the mess i am in0
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You aren't on the deeds as you don't own it yet! I think what you mean is that you are named on the tenancy but your g/f is not. I think you should look into whether you can buy the property alone or whether you'll have to buy it with your mother as she's your co-tenant.
Depending on how old your mother is buying a council property under the "Right To Buy" may not be a sensible decision. The rather modest discounts available don't necessarily compensate for the lack of security of tenure or the risks entailed by having a mortgage in the current economic climate, never mind being beholden to a family member to keep the roof over one's head.0
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