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Putting kids on house deeds
zenshi
Posts: 1,133 Forumite
Not sure if this is in the right section but here goes...
I own my house but with a mortgage and have been thinking about putting my adult kids on the deeds.
I know there are lots of ways about doing this but don't know the implications? Can anyone point me in the right direction please
I own my house but with a mortgage and have been thinking about putting my adult kids on the deeds.
I know there are lots of ways about doing this but don't know the implications? Can anyone point me in the right direction please
LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764
0
Comments
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You need the lender to accept them as borrowers before you can embark on the transfer of equity.
They will be vetted like any other applicant.
Cost £400 to £600 for lender and solicitor.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Even if they won't be on the mortgage?LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
They cant be on the deeds and not on the mortgage - if you stopped paying, the lender would then struggle to repossess the house as other people own a share of it, which is why the lender would never agree to it.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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Most lenders will want the mortgage and the house to be in the same names. So if you put them on the deeds, the lender would probably require you to put them on the mortgage tooEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
OK thank you.
If they did get on the mortgage, they then wouldn't be able to have a mortgage if they wanted to buy their own property?LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
They would. You can have as many mortgages as you can afford. However, their affordability may be affected with a lower possible mortgage, with some lenders.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Out of interest why do you want to put your children on the deeds?0
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The mortgage is on the property. Mortgages are always on the property. People are on the deeds of the property. The mortgage lender dictates who may be on the deeds of the property.Even if they won't be on the mortgage?You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
Radiantsoul wrote: »Out of interest why do you want to put your children on the deeds?
I live by myself and the kids will get the house when I pop off anyway. A friend of mine was recently killed in an accident and I'm trying to think ahead
it would be one less thing they had to worry about! LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
Best just to write a will. Having them on the deeds of your house especially if they don't live with you can cause all sorts of problems for both you and them.:j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)0
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