can i remortgage if my two kids own half property ?

tesorocibola

Me and partner have recently split and shes kept her promise to sign her half of mortgage over to my two girls 25 per cent each,girls are 15 and 17 years old,can i still remortgage the house as i want to take advantage of some of the equity that's accumulated over the years to get the house done up,is there age going to be a problem ?

CLAPTON

two girls ; aged 15 and 17 have a mortgage?
bizarre

Mojisola

How can the girls take on the mortgage when they won't have an income high enough to repay it?

HappyMJ

Maybe...How much of a mortgage do you want? You should be able to remortgage your half to about 75% LVR so getting a mortgage equal to 37.5% of the value of the entire house easily enough. How is the kids share in the house held. I would imagine it's held in a trust.

david39

Are you sure that your children share part of this mortgage? A mortgage company would not re-assign to people under 18 as they are not of age to enter into legally binding contracts.

Does your ex-partner still have their name on the deeds of the property? If so, you will not be able to raise more money on it without her agreement.

tesorocibola

Her solicitor has told me shes been instructed to give her half to children i just presumed it would be shared 25 percent each to children,how would this happen then if it were in some kind of trust fund,i told solicitor that if she signed it over to me i would remortgage and help her out with her debts as she has people chasing her for cash

CLAPTON

very confusing

so essentially nothing has actually happened and you and your ex are still joint owners and joint mortgagees?

tesorocibola

clapton wrote: »

very confusing

so essentially nothing has actually happened and you and your ex are still joint owners and joint mortgagees?

yes but i spoke to her solicitor and she said shes been instructed by my ex to give her share to children,how would this work ?

Mojisola

tesorocibola wrote: »

yes but i spoke to her solicitor and she said shes been instructed by my ex to give her share to children,how would this work ?

But if you have a mortgage, she doesn't own half the house. She has a debt. I don't think handing over the debt to the children is something they will thank her for!

sharpy2010

tesorocibola wrote: »

yes but i spoke to her solicitor and she said shes been instructed by my ex to give her share to children,how would this work ?

You need to explain clearly who owns which part of the house at the moment.

Do you have a sole mortgage on the house?
Do you are your wife have a joint mortgage on the house?
Whose name is on the deeds of the property?
Why would the solicitor tell your wife to give part of the house to the daughters? What business of his is it to say so?

Once you answer these, we may be able to see a clearer picture and give some advice

CLAPTON

people under 18 can't own property directly so it has to be held in trust for them

so what are/will be the terms of the trust
who are the trustees

do the children live with you in the house

in general she will not be able to change the ownership of the house without the lenders permisssion