Transfer of Equity Query

Rosesgirl

user1977 said:

Rosesgirl said:

I assume he just wants to back this up by going on the deeds for the duration of this agreement and that's what I wanted info on really. 

But what does he think he means by "on the deeds"? A chargeholder (would make most sense)? A joint owner? Something else?

I think he probably thinks it's his only option to safeguard himself by going on the deeds I will speak to solicitor and ask her if his best option is to put a charge on the property and pass this onto him...

canaldumidi

What does he mean by 'on the deeds'?

a) as a named joint owner with you? That means you are going from joint ownership to joint ownership (but different joint owner). It also means he'd be becoming the owner of a 2nd property since he already owns one in Ireland, so additional SDLT would be payable

b) as owner of a charge on the property? Like a bank has with a mortgage? That means you cannot sell without paying off the loan (just like a mortgage). This would ideally need backing up with a Deed confirming the loan, the amount, the loan period or time/point for re-payment (eg death of parent not receipt of inheritance which you might or might not receive at the time!), interest to be charged or not, whether the loan is a fixed amount, or in any way linked to the property value or cost of living or....or....;

The Deed should ideally be drawn up by a solicitor, though you could DIY it and Execute it properly. It then needs to be registered against the property, using (I think) form CH1:

https://www.gov.uk/government/publications/legal-charges-registration-ch1