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Joint names on house deeds
confusedhousebuyer_2
Posts: 1 Newbie
I'm buying a house jointly with my brother both putting in the same amount of money but he has an existing small mortgage on his property. We've now been told we can't have the deeds in joint names and mortage in his name only. Is this correct?
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Comments
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Yes this is correct; you cannot mortgage a share in a property. But if you are both putting in the same amount of money would you not both need the mortgage anyway?0
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Yes this is correct; you cannot mortgage a share in a property. But if you are both putting in the same amount of money would you not both need the mortgage anyway?
I think he means he's putting in just cash whereas his brother needs to top up his 50% of the input with the mortgage.0 -
You have a mortgage, but your brother, who is a joint owner, does not.
You default on your mortgage repayments.
The mortgage lender wants to repossess to get their money back.
But they cannot 'kick out' your brother from the house as he is a joint owner and has in no way defaulted.
So mortgage lender cannot sell the property and get their money back.
that is why the names on the mortgage must be the same as the names on the Title.0 -
It might be a good idea to see if your solicitor can write up some sort of trust deed to protect your interest in the property if you go ahead with it.
Something that says after payment of the mortgage you get your share before your brother gets his/whats left over. Just something in case it all goes wrong years from nowCurrently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0
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