mortgage query!

molly22

Can you help? My sister and I share a house. We jointly pay the mortgage, which is in my name only.
She now wishes to clear her half of the mortgage but somehow make sure that the house is half hers legally.

Any idea how to do this? thanks

mandalay_2

My advice would be to get it done through a solicitor and get some advice first as I'm not sure how you would stand with your lender.

mandalay_2

Lender will want to be 1st charge only and might not let you have a mortgage for half a house if the other half is legally owned by your sister. Only thing I have seen done in past is a) a legal charge over property (if favour of your sis) or b) a legal agreement between yourselves
If it were me, I would just contact local sols for some free advice first. Don't say anything to your lender yet.

molly22

:rolleyes: thanks for your reply mandalay,

will have a think about that, best not tell the lender too much!

i will have a few endowments to sort out once ive remortgaged to a repayment, do i keep them or what?

thanks
molly
xx

FairyElephant_2

I've had a couple of little endowments going from previous mortgages for a while now - every so often I get a quote from them on what they would pay me if I cancelled them early. Then I work out how much I have paid in....and sadly they often are not worth even what I've put in! So I leave them going in the hope that when they finish they might be worthwhile.....

I guess it depends if you can afford to keep paying them, treat them as savings, or you need to cut your losses (if any) and cash them in early.

Re your original ? - def. get legal advice before you talk to your lender!

Good luck,

FE