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Thomas
Thomas, Solicitor
Category: UK Family Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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i own my house so have no mortgage.

Resolved Question:

i own my house so have no mortgage.i have willed one third each to my daughters and kept the last third.can my girls use their third to get a mortgage
Submitted: 1 year ago.
Category: UK Family Law
Expert:  Thomas replied 1 year ago.
Hi

Can you explain what you mmena by "..willed one third to my daughters.."?

Do you mean that you have transferred the legal title in to the name of you and your daughters, or do you mean that in your Will you have specified that your house should go to your daughters upon your death~?

Tom
Customer: replied 1 year ago.

i went to the land registry and paid a fee to give them one third of my house each.i did this as im 66 and if i ever have to go into care they could only claim one third of the value for my care.everything will go to my girls when i die,i am widowed by the way.hope this helps

Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

If you have transferred the registered legal title in to the names of your two children so that you and they each have a one third interest in the property then I’m afraid it’s not likely that they would be able to raise a mortgage.

This is because the lenders require that each person named on the registered title are included on the mortgage. This means you would have to be included on the mortgage. Because of your age, most lenders would not include you unless you have substantial other assets or capital.

That is not to say that you cannot investigate the possibility with some of the lenders, but it may be very tough going.

I doubt that it would be a prudent thing to do either. Courts have wide powers to set aside transactions that are taken with a view to denying local authorities fees they are due. So, if you transferred the property to your daughters for no value then they could set aside the transaction and mortgage to take fees from the home. This would leave lender requiring the mortgage debt to be paid but reduced equity in the property to pay it. For this reason, I would strongly advise against it.

Sorry it could not be better news.

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Kind regards,


Tom
Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 6594
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and other UK Family Law Specialists are ready to help you
Customer: replied 1 year ago.


before i rate i want to know how much i pay? it mentioned £32 when originally it was £22.i do not want a monthly deduction as this is the only question i need answering

Expert:  Thomas replied 1 year ago.
Hi,

I'm an expert I'm afraid, I just answer questions.

Once you have rated my answer I will refer this to Customer Accounts who will contact you, but please be patient.

Tom
Customer: replied 1 year ago.


soon as someone tells me it will only be £22 i will gladly give you positive rating

Expert:  Thomas replied 1 year ago.
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