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mortgage help + transfer of equity + not on deeds for 6 months
JOHNSON
Posts: 4 Newbie
Just after a bit of advice please,
I have just been put on the deeds of my fathers property as tenants in common in the form of transfer of equity. In other words if my father was to die I would get full rights to the property. This has only been done last week by our solicitors via a TR1.
Please bare in mind the property is owned outright with no debts. Before the transfer of equity, my father tried to raise £100k on the property which is about 50%ltv, he was refused due to his age as he is over 80.
We decided to transfer it into both of our names, then applying, then found out to our disappointment that no lender will still touch us because he is still on deeds.
Now after agreeing with my father he has agreed to put it in my sole name if need be.
Not sure what to do now, if say i get a offer for a mortgage and accept it will it go through or not as i have not been on the deeds for 6 months. I understand most mortgage lenders will not lend on properties unless they have been owned for at least 6 months. is this the case even if the property is transferred via equity from a family member.
So confused.
Help!!!
I have just been put on the deeds of my fathers property as tenants in common in the form of transfer of equity. In other words if my father was to die I would get full rights to the property. This has only been done last week by our solicitors via a TR1.
Please bare in mind the property is owned outright with no debts. Before the transfer of equity, my father tried to raise £100k on the property which is about 50%ltv, he was refused due to his age as he is over 80.
We decided to transfer it into both of our names, then applying, then found out to our disappointment that no lender will still touch us because he is still on deeds.
Now after agreeing with my father he has agreed to put it in my sole name if need be.
Not sure what to do now, if say i get a offer for a mortgage and accept it will it go through or not as i have not been on the deeds for 6 months. I understand most mortgage lenders will not lend on properties unless they have been owned for at least 6 months. is this the case even if the property is transferred via equity from a family member.
So confused.
Help!!!
0
Comments
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I have just been put on the deeds of my fathers property as tenants in common in the form of transfer of equity. In other words if my father was to die I would get full rights to the property. This has only been done last week by our solicitors via a TR1.
You need to be joint tennants for this to happen.
Tenants in common the parts owned fall into the relevent estate.0 -
It is likely there will be equiries into what the money is to be used for.0
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sorry my mistake yes we are joint tenants0
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I am sure you are aware of this but if your father ever needs long term residential care, the local authority will in all likelihood find out about this transfer and refuse to provide funding - google Depirvation of Assets0
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yes fully aware, not looking for him to go into care as he lives with me0
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