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Deeds and mortgage
smashedbooboo
Posts: 4,558 Forumite
Hi new to this forum, Got a question that i hope someone can answer for me please. How many people can have their name on the deeds and also can you have your name on a mortgage but not on the deeds. My friend said his name is on mortgage but not on deeds to house. Can anyone explain how this would work. Does he have any ownership at all towards the house or any call on it if he got divorced. The deeds are in four other names but his name is not one of them. Confused. I know i am. Thanks in advance xxxxx
Night Owl Member No 1 :rotfl: :rotfl:
Night owl member of the threesome. Rules are for fools to follow and wise men to be guided by
No Man is worth your tears,
And the one who is wont make you cry !!!!!
Night owl member of the threesome. Rules are for fools to follow and wise men to be guided by
No Man is worth your tears,
And the one who is wont make you cry !!!!!
0
Comments
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you can be on the mortgage but not the title deeds - all you own is the debt!I am a Mortgage AdviserYou 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.0
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you can have up to four names on the title deed. as said above, not all need to be on the mortgage0
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david29dpo wrote: »you can have up to four names on the title deed. as said above, not all need to be on the mortgage
I don't think you can be on the title dees, but not the mortgage. The lender would not then be able to secure a charge on the entire property.I am a Mortgage AdviserYou 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.0 -
ok. sorry peeps. but am confused. My friend is on the mortgage but not on the deeds. does that have any effect on his rights to the property should they split upNight Owl Member No 1 :rotfl: :rotfl:
Night owl member of the threesome. Rules are for fools to follow and wise men to be guided by
No Man is worth your tears,
And the one who is wont make you cry !!!!!0 -
smashedbooboo wrote: »ok. sorry peeps. but am confused. My friend is on the mortgage but not on the deeds. does that have any effect on his rights to the property should they split up
it certainly does - he has no rights to the property, but is liable for the mortgage debt. If he is paying the mortgage then he may well be able to claim a share through the courts but I'd advise him to get on the deeds asapI am a Mortgage AdviserYou 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.0 -
ok heres one for you. I seem to remember he received a letter from martgage company saying some thing on the lines of you will not have any interest in the property and if it were to be sold due to non payments of mortgage. ie he could not have any say .... oh god i know what i mean just cant put it into words. Years ago when my then boyfriend bought his first house and it was in his name only. i was living with him but i had to sign a letter giving up my rights should he default on mortgage and i not be able to effect the sale as such. l had no rights to the property. Please tell me someone that you understand what i am getting at. Well my friend was sent the same letter. He got a private agreement drawn up with the other deed holders to say that he was entitled to a share if they sell etc. beggar cant even understand what i am writing now. getting cross with myself. He cant go on the deeds now. Split happened. In my opinion he is about to get royally stuffed. sos guys hope someone can make some sense out of my postNight Owl Member No 1 :rotfl: :rotfl:
Night owl member of the threesome. Rules are for fools to follow and wise men to be guided by
No Man is worth your tears,
And the one who is wont make you cry !!!!!0 -
Sorry, a name CANNOT be on the title deed if not on the mortgage.0
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