Tenants in Common - Single Mortgage possible?

Rouseman

Hi All


I'm in the process of first registration of my late fathers house into both mine and my sisters names as tenants in common (equal share). No Mortgage on the property. My mother will continue to live in the house (long story).


Is it possible for my sister to take out a mortgage or loan against just her share of the property?

I do not want to be liable for any debts she may incur.


Many Thanks

csgohan4

You can't mortgage half a house generally, what will happen if your sister defaults, they can't repossess half a house.

She can try and get a loan independently depending on how much she needs

Tread carefully here as money and family shouldn't mix and your mother is in the middle and could be the worst off

Rouseman

csgohan4 wrote: »

Tread carefully here as money and family shouldn't mix and your mother is in the middle and could be the worst off

Yes that's what I'm trying to envisage and cross off as many points as possible now... before its formally registered.

Tom99

If you can get a mortgage, with your mother as occupant, then you would be liable for the whole amount as well as your sister.
You would probably need a deed of trust that says, on a sale, the mortgage will be paid from your sister's 50%.
Depending on the circumstances of your mother's occupation it does not sound a very good idea to let your sister mortgage the property.

Rouseman

Tom99 wrote: »

If you can get a mortgage, with your mother as occupant, then you would be liable for the whole amount as well as your sister.

Its not my intention to get a mortgage or loan on the property or to allow my sister to get one. Just wanted to check if there was anyway she could obtain money from the house without my knowledge that could put the house in jeopardy.

Mojisola

Rouseman wrote: »

Just wanted to check if there was anyway she could obtain money from the house without my knowledge that could put the house in jeopardy.

Once the registration has gone through, you can do this - https://propertyalert.landregistry.gov.uk/

"Property Alert is an award winning free property monitoring service aimed at anyone who feels a registered property could be at risk from fraud.

Once you have signed up to the service, you will receive email alerts when certain activity occurs on your monitored properties, allowing you to take action if necessary."

Rouseman

Mojisola wrote: »

"Property Alert is an award winning free property monitoring service aimed at anyone who feels a registered property could be at risk from fraud.

Once you have signed up to the service, you will receive email alerts when certain activity occurs on your monitored properties, allowing you to take action if necessary."

Very useful, thanks