Adding wife to house deeds- how and why?

pvt

CLAPTON wrote: »

now you need to ask the mortgage company because they will require the names on the deeds to be the same as the names on the mortgage

Clapton,

Just trying to clarify my own understanding here, because this is contrary to my understanding of how property charges (mortgages) work. But I am no expert.

I am not aware of a mechanism that would allow the mortgage company to stop the names of the proprietership being changed, to joint name or indeed any other name. I thought the lender was protected by the fact that their charge on the property cannot be removed other by their agreement (settlement of the loan), and will always allow them to reposses to recover any debts, irrespective of who the owner (proprieter) is.

When a mortgaged property is sold the buyer is told by the land registry about the charge on it, but it is for the buyer to satisfy himself that the lender will remove the charge at the point of completion of the sale, usually by the buyer paying off the lender as part of the sale process.

Apologies to Pumpkin for hijacking your threat - but I'm just keen to test my understanding.

Cheers

DVardysShadow

pvt wrote: »

Clapton,

Just trying to clarify my own understanding here, because this is contrary to my understanding of how property charges (mortgages) work. But I am no expert.

I am not aware of a mechanism that would allow the mortgage company to stop the names of the proprietership being changed, to joint name or indeed any other name. I thought the lender was protected by the fact that their charge on the property cannot be removed other by their agreement (settlement of the loan), and will always allow them to reposses to recover any debts, irrespective of who the owner (proprieter) is.

When a mortgaged property is sold the buyer is told by the land registry about the charge on it, but it is for the buyer to satisfy himself that the lender will remove the charge at the point of completion of the sale, usually by the buyer paying off the lender as part of the sale process.

Apologies to Pumpkin for hijacking your threat - but I'm just keen to test my understanding.

Cheers

The terms of the charge for the mortgage at the Land Reg will probably prevent a change of proprietorship without first getting mortgagor's consent

pvt

DVardysShadow wrote: »

The terms of the charge for the mortgage at the Land Reg will probably prevent a change of proprietorship without first getting mortgagor's consent

Thanks Shadow, I didn't realise there was such a facility possible, that puts an onus on HMLR and presumably a liability if they do not do it.

Always learning...

pvt