Tenanats in Common or Joint Tenants?

Puntosaurus

Good morning one & all.


A question about how I should appear on the deeds if I intend to remortgage a portion of the property. We understand the implications of each ownership, but this query relates purely to possible remortgaging.

I am about to give my father a sum of money so he can free up some money for his retirement and in return I will be put on his deeds for his property. It is my intention to remortgage, in my name only, no more than 50% of the property value at some stage in order to undertake some repairs/improvement of his property. It is this which is causing me some confusion - whether we should appear as either Tenants in Common or Joint Tenants on the deeds?

I am unsure whether a mortgage company would be bothered about how we appear on the deeds at all? For example, if we are tenants in common (50/50 or 60/40, etc.) whether I would be limited to my percentage share in remortgage value or if it is solely based on value of the whole property.

I thought I would see if anybody has any advice before I seek out a mortgage specialist later this week.

Many thanks if you do!

Senior_Paper_Monitor

Not possible - he cannot remain on deeds if not on the mortgage - the mortgage is on the whole property.


The advice is seek out a mortgage specialist.