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Joint ownership and secured loans
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petal239
Posts: 5 Forumite
Hi
Myself and my brother were gifted joint ownership of our parents house and now are named on deeds as joint owners and we each have equal shares.My parents have lifelong tenacy. My question is this - can my brother raise a secured loan against only his half of the house and can he do this without my consent? I have a good credit score and I do not have any debt and I do not wish to be liable for anything in the future because of said loan.
Many Thanks
Myself and my brother were gifted joint ownership of our parents house and now are named on deeds as joint owners and we each have equal shares.My parents have lifelong tenacy. My question is this - can my brother raise a secured loan against only his half of the house and can he do this without my consent? I have a good credit score and I do not have any debt and I do not wish to be liable for anything in the future because of said loan.
Many Thanks
0
Comments
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Hi
Myself and my brother were gifted joint ownership of our parents house and now are named on deeds as joint owners and we each have equal shares.My parents have lifelong tenacy. My question is this - can my brother raise a secured loan against only his half of the house and can he do this without my consent? I have a good credit score and I do not have any debt and I do not wish to be liable for anything in the future because of said loan.
Many Thanks
From whom?
This sounds messy....0 -
He wont tell me.0
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Doesn't really make sense. But no, any securities need all owners to sign.0
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Without consent of all owners, the lender cannot repossess if required. Since that's precisely how the security works, they won't go near it.
I presume your parents have considered the myriad of IHT and deprivation-of-asset issues arising from giving their home away, together with the consequences of either you or your brother divorcing or becoming bankrupt. It would have been foolhardy not to.0
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