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Tenanats in Common or Joint Tenants?
Puntosaurus
Posts: 3 Newbie
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!
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!
0
Comments
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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.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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