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Does joint mortgage mean you must have joint ownership?
louisck
Posts: 10 Forumite
I have took out a joint mortgage with someone and I am wondering, does that mean the property has to be in both of our names. Or can one person have the name on the property with a joint mortgage? Kindly advise.
If you can have single ownership, how do you do that? Is it done by the conveyancing lawyer.
Thank you for everything. :beer::beer:
If you can have single ownership, how do you do that? Is it done by the conveyancing lawyer.
Thank you for everything. :beer::beer:
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I have took out a joint mortgage with someone and I am wondering, does that mean the property has to be in both of our names. Or can one person have the name on the property with a joint mortgage? Kindly advise.
If you can have single ownership, how do you do that? Is it done by the conveyancing lawyer.
Thank you for everything. :beer::beer:
Any particular reason for this arrangement?0 -
I have came across situations where two people are liable for a mortgage, and only one person named on the deeds. The reasons behind this I am not sure, but potentially it could be people who are divorced (one person being granted the house, but the other unable to come off the mortgage due to affordability reasons), or other tax reasons.0
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My only experience is that many years ago I purchased a property with my now ex-wife. The mortgage lender insisted that we would be joint owners and both on the mortgage even though only I was working at the time.0
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Ask the mortgage company? It'll probably be different rules for different lenders. In theory, you can have people liable for payment of a mortgage who aren't on the title of the property (at least one of the parties must have an interest in the property).
If you can buy the property in a sole name then you just tell your solicitor that as part of the transaction and they will make sure the paperwork is completed correctly.0 -
I dont think you can.
You are either tenants in common (where you specify a set amount of the ownership each, 60/40 or 50/50 etc). This is usually for people putting in enequal amounts.
Or joint tenants where no person has more right than the other.0 -
Why are you asking? Do you mean you are currently joint owners and one of you wants to drop off as owner (but still be jointly responsible for the mortgage)?I have took out a joint mortgage with someone and I am wondering, does that mean the property has to be in both of our names. Or can one person have the name on the property with a joint mortgage? Kindly advise.
If you can have single ownership, how do you do that? Is it done by the conveyancing lawyer.
In theory it's possible, but in practice lenders generally want the ownership and the liability for the mortgage to match up. Saves all the potential arguments about bad advice.0 -
I am asking because I can not get a mortgage on my own so someone is helping me get a property. However, I do not want them to change their minds down the road, which will mean I end up owning only half. Its not the end of the world if they change their mind, but I would love to have a house of my own and this is the only way I can get on the property ladder. Hope that helps and thank you so much for all your replies! :rotfl:0
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But if they help you to get on the property ladder by having a joint mortgage with you but are not on the deeds then if you can't/won't pay the mortgage they have to pay without owning a thing.finally tea total but in still in (more) debt (Oct 25 CC £1800, loan £6453, mortgage £59,924/158,000)0
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thriftylass wrote: »But if they help you to get on the property ladder by having a joint mortgage with you but are not on the deeds then if you can't/won't pay the mortgage they have to pay without owning a thing.
I'll take one of those, thanks! Clearly I've been looking in the wrong place for my fairy godmother.0 -
what if i get a 'tenancy in common' with me having 90% share or 95% share. Will that be a good way to keep me safe?0
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