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Deed of gift
Comments
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I'm currently in the process of remortgaging due to my current fixed rate ending.
Due to my age I had problems getting a mortgage so my boyfriend decided to pay off most of it from his savings. Because this isn't a gift the solicitors want his ID, his bank statements showing where the money has come from and they wanted him to sign something to say he would not have any interest in the property!
The property is worth about £180,000 my boyfriend was putting in £52,000 and the mortgage was for £20,000, so why would the solicitors want my boyfriend to sign something saying he had no interest in the property? After all, if everything did go t*ts up, (which it won't) the bank would easily get their £20,000 back!!
Any way, because of all the ar$ing about he's decided to pay off my mortgage..........I know I'm very lucky and not everyone can get out of this sort of situation. I understand why they solicitors would need to see his ID etc. I just can't understand why they needed him to sign away his rights to a share of the property for such a small mortgage?0 -
I understand why they solicitors would need to see his ID etc. I just can't understand why they needed him to sign away his rights to a share of the property for such a small mortgage?
It is because you cannot get a mortgage on part of a house, and the lender cannot repossess part of a house if you default. So either he would need to be named on the deeds and the mortgage, or he would have to sign to say he had no interest in the property.I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0 -
the mortgage company wants first dibbs on the property if you can't pay they will not be prepared to fight your boyfriend for their money through court sontheybwill only lend to you if the house solely belongs to you with no other interested parties.
Your choice, get a mortgage jointly with boyfriend and have his name on the deeds or the money's a gift you are being fraudulent if you claim it is a gift and it isn't
They will require his detail under the money laundering laws, see the thread above.0
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