Joint Names on Deeds but sole name on mortgage

Mike_22

Hi,

We're currently re-mortgaging and have an offer but a condition is that we need to get independent legal advise as we are keeping the deeds in joint names but a sole name on the mortgage, as I'd only just moved jobs the bank said this would be easier and quicker. My problems is I'm not sure what I'm asking the solicitor for, I assume we need a letter confirming we understand the impact of having only one name on the mortgage. I spoke to a solicitor they didn't understand what we required, has anyone ever been asked to do this before and what I should be asking for? Also what I should expect to pay for this?


Thanks for any advice.

Mortgage_Mark_2

I'm surprised a mortgage lender is happy with this, usually they will only allow the mortgage to be in the name of the exact entry(ies) on the deeds with Land Registry.

If they have advised you get legal advise it could be with regards a transfer of equity, they may have misunderstood that you want the deeds to remain in joint names and the mortgage in one name only.

Either way I'd phone your lender/broker and a solicitor ASAP.

loubel

I agree it sounds unlikely, but perhaps the lender wants the other owner to be a party to the loan as home owner not borrower. That way the lender can still get first Charge and repossess. The non-borrowing home owner would need independent legal advice to ensure they understood they were putting their home at risk without any benefit to them (as they aren't receiving the mortgage funds). It would be fairly unusual though. You need the lender to clarify what they require.

Thrugelmir

Mike_22 wrote: »

Hi,

We're currently re-mortgaging and have an offer but a condition is that we need to get independent legal advise as we are keeping the deeds in joint names but a sole name on the mortgage, as I'd only just moved jobs the bank said this would be easier and quicker. My problems is I'm not sure what I'm asking the solicitor for, I assume we need a letter confirming we understand the impact of having only one name on the mortgage. I spoke to a solicitor they didn't understand what we required, has anyone ever been asked to do this before and what I should be asking for? Also what I should expect to pay for this?


Thanks for any advice.

No lender is going to accede to such a request.

Why aren't both parties named on the mortgage?

ethank

This will not get past a solicitor.