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Thomas
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Category: UK Law
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I have a small property portfolio 4 buy to let properties on

Resolved Question:

I have a small property portfolio 4 buy to let properties on buy to let mortgages. All mortgages are in my name. Is it possible to either add another person - brother or son -to one or all of the properties without incurring huge fees. Or to create shares in the portfolio so he or they may purchase one or more with some sort of return.
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.

Hi,

 

You cannot transfer the registered title to joint names without the consent of the lenders. They would require his name to be added to the mortgages. You should speak to the lenders about this if this is what is proposed.

 

You cannot create "shares" in the sense of a company because there is no company interest here.

 

You can grant someone an interest in the property by executing a declaration of trust which would state that they have a percentage interset in the equity of the property. This could state that they have a right to receive rents in proportion to their share. You shoudl check your mortgage conditions to see if there is a provision which states you must receive all rents from the property OR that no such interset be granted to another persons. If it does then you will not be able to do this. If you can then it would cost around £60-80+vat per declaration for a solicitor to draft these.

 

If you do not have a copy of your mortgage conditions then you will need to speak with your lender.

 

If this is useful please click accept so that I am rewarded for my time. You will be free to ask follow up questions.

Kind regards,


Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6369
Experience: BA (Hons), PgDip, Practising Solicitor
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