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Joint ownership
Options
spexs
Posts: 340 Forumite
My wife and I currently live in a house that is too big for us. We are considering going into joint ownership with my daughter and her husband (they will bring their three children). The proposal is that my wife and I will sell them 2/3 of the house for which they will obtain a mortgage. They give us the money and we repay our mortgage. Result they own 2/3 of house with a mortgage in their name and we own 1/3 with no mortgage. Can this be done from a legal and mortgage point of view? Any other comments positive or negative welcome.
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Comments
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You will not be able to get a mortgage where only part of the property is available as security. Those named as owners need to be party to the mortgage.
I've known lenders allow more people to be on the mortgage, than on the deeds, but not vice versa.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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