How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Thomas Your Own Question

Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6258
Experience:  BA (Hons), PgDip, Practising Solicitor
Type Your UK Law Question Here...
Thomas is online now
A new question is answered every 9 seconds

my father and i are going to buy a property most of which will

Resolved Question:

my father and i are going to buy a property most of which will be funded by his savings, but a mortgage of £35,000 will be required to make up the purchase price. We are both living in a property whichj is on the market, but the owners of the property we are buying want to complete very soon and we have not sold ours yet. Can the mortgage be in my name only and both our names on the title deed as my father is 85 and thus too old to be named on the mortgage. Once the property we are in is sold, we will have the money to cover the mortgage.

Is there a legal way we can work round this?
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.

Hi,

 

Thanks for your question.

 

The mortgage company are very unlikely to allow that. If the size of the mortgage is very small compared to the value of the property then it is a possibility they will allow it but it is something that you are going to have to speak to the them specifically about. If you do not tell them about this then you (and your conveyancer) would be in breach of your mortgage conditions which could entitle the lender to enforce the breach by taking possession of the property.

 

The alternative is if your father is willing to not be named on the Land Registry title for the property, but to take a charge instead. The charge would be similar, though secondary, to the mortgage which is registered as the first legal charge against the property. This means even though he is not named as the owner of the property it could not be sold without his consent. The charge would refer to the amount of money contributed by your father and state that he should be paid upon sale. You can specify other such terms therein.

 

Again, you would have to tell your mortgage company about this and you father's occupation. It would be another breach of the mortgage conditions not to do so.

 

Engaging with the lender is the first issue, their terms will dictate how the issue is to be resolved.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.


Kind regards,


Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6258
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and other UK Law Specialists are ready to help you
Customer: replied 3 years ago.

The value of the property is £215,000 with my mortgage application being for the value of £35,000. If the mortgage company agree I assume what we were originally proposing i.e two names on deeds and one name on mortgage, that is ok legally?

 

As an alternative, could a private mortgage arranged through a solicitor work?

Expert:  Thomas replied 3 years ago.

Hi,

 

Solicitors are not permitted to give financial advice and recommendations of that sort I'm afraid.

 

There is nothing preventing two name registered proprietors on the LR legal title with only one such proprietor being named on the mortgage deed; it's merely the prerogative of the lender.

 

Hope this clarifies.

 

Thank you for your very kind accept and good luck.

 

Kind regards.


Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6258
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and other UK Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
< Last | Next >
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
  • I did not know a French Law service existed and I was very impressed with the speed of reply --- very professional. Many thanks! Ms. Baker Alfafar, Spain
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie USA
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
 
 
 

Meet The Experts:

 
 
 
  • Ben Jones

    Solicitor

    Satisfied Customers:

    8364
    Specialist in UK Law with expertise in UK Employment Law
< Last | Next >
  • http://ww2.justanswer.com/uploads/venkoj/2010-02-20_133027_ben_pic.jpg Ben Jones's Avatar

    Ben Jones

    Solicitor

    Satisfied Customers:

    8364
    Specialist in UK Law with expertise in UK Employment Law
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg INC's Avatar

    INC

    Solicitor-Advocate

    Satisfied Customers:

    3850
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.com/uploads/taratill/2010-03-09_111600_phpsik04M_c2AM.jpg Jenny Mackenzie's Avatar

    Jenny Mackenzie

    Satisfied Customers:

    2612
    Over 10 years experience in general legal matters
  • http://ww2.justanswer.com/uploads/matthewjones/2009-9-7_20342_picture_007.jpg Matthew J's Avatar

    Matthew J

    Solicitor

    Satisfied Customers:

    323
    4 y PQE (Partner) - Commercial / Residential Property & Property and Civil litigation experience
  • http://ww2.justanswer.com/uploads/TO/touchwoodsden/2013-12-6_91518_MeforJA.64x64.jpg Stuart J's Avatar

    Stuart J

    Solicitor

    Satisfied Customers:

    5198
    PGD Law. 20 years legal profession, 6 as partner in High Street practice
  • http://ww2.justanswer.com/uploads/RE/Remus2004/2012-4-22_93111_2bigstockPortraitOfConfidentFemaleL6943985.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    24742
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/JO/Josh2010/2012-4-29_19490_GettyImages80121770B.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    6561
    LL.B (Hons), Higher Prof. Dip. Law & Practice