Mortgage Issue

ANewHope_2

Hello I am not sure where in the forums this exactly fits in. In 2008 I purchase my first property and I put it into mine and my brothers names. I paid the deposit however a quite sizable amount (circa 100k). Unfortunately i am really concerned about things as my brother has proved to be quite bad with money and even had a stint of loosing money at gambling. I am concerned that in the future if he amounts any debt through this or other means that my home could be taken away from me. I am only taking precautions here, there has not been any clear evidence of him doing anything bad, but i am worried nevertheless)

Does anyone have suggestions what to do? I cant do a transfer of equity at the moment as I have just started a new business. Is there any legal declaration that can be done to protect myself as much as possible?

Thankyou

ANewHope

Thrugelmir

Rather late to back date a transaction. If your brother is in serious financial trouble.

Though still worth having a declaration of trust drawn up by a solicitor to protect your intial deposit into the property. Should anything happen to either of you.

kingstreet

He can't tie the property to a credit agreement without your written permission and a lender can only place a restriction, not a charging order, on a sole debt on a joint property.

ANewHope_2

Thankyou for your responses

He is not in any trouble at this time. I am just looking out for my future and the work I have put in to get my property and trying to protect my financial assets.