Deeds advise

glennbtn

Hi All

In a second marriage and we are buying a home together. The wife is putting in 50% cash and I am doing the other 50% mortgage to make things fare. (HSBC Mortgage) both of us to go on the deeds.

I have been trying to get a solicitor sorted out but they are telling me that she can not go on the deeds as the is not on the mortgage (she refusing to buy if she not which I agree with as she is stumping up 50% cash)

I have spoken to HSBC twice and have recordings of both calls to cover my backside saying it's not a problem but the solicitor is insisting it can't be done as the bank won't allow it but clearly they do.

Can anyone advise here please

Thanks

Glenn

silvercar

Deeds need to match the mortgage. Otherwise if you didn't make the mortgage repayments the bank could have a difficult job turfing her out of the home.

Put both of you on the mortgage and both on the deeds with a private agreement that you are responsible for the mortgage repayments.

glennbtn

Thanks for replying. She does not want or need a mortgage so don't see why we should need to do it.

HSBC have told me they have done this in the past.

Also it's taken nearly 3 weeks to get this far as they are so slow with the new government requirements and we would just loose the property to someone else as the seller already thinks we are dragging out heals.

Thanks

Glenn

Senior_Paper_Monitor

Your solicitor is correct - No lender is going to permit her to be on Title Register and not on mortgage.

kingstreet

I have heard suggestions HSBC will allow more owners than borrowers, but I've never seen it happen.

I know they will permit more borrowers than owners, as that is the usual way to set up a guarantor case. It's possible an inexperienced member of staff has assumed HSBC will do both.

I agree with the others. The solicitor is correct in suggesting the owners and borrowers should match, with the odd exception where you can have more borrowers. The only way to verify this is to ask one of HSBC's panel legal firms, such as its panel manager Countrywide Conveyancing, or whatever it's called these days.

kingstreet

Having mulled this over, I have just spoken to a solicitor we use on a regular basis and yes, he has done one.

He said it was a nightmare to administer, but yes, HSBC will allow more owners than borrowers and what the OP says is possible.

Finally, put that to bed once and for all...

Senior_Paper_Monitor

Well 'you live and learn' as they say !!


I'm gobsmacked that HSBC will do this - but appreciate Kinstreet's time in checking it out and clarifying

magpiecottage

I wonder how, if it had to, HSBC would take possession of, and sell, half a house.

More fool them for trying it, though!

glennbtn

I have checked with countrywide who HSBC use and they have no problem with this so guess we will go with them to do the paperword.

Seems like only HSBC offer this so guess this maybe why no one knows about it.

Thanks all for the advise

Glenn