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Thomas
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Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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i currently have a mortgage with a partner (friend) on a UK

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i currently have a mortgage with a partner (friend) on a UK property which we would like to now transfer over to me fully. What is the easiest way to do this without changing the mortgage set up but giving one partner the main rights on the property and deeds?

My friend is happy to sign over waiver or beneficial interest. My main aim is to avoid changing mortgage details as its a major cost and just get the legal paperwork sorted. Any advice or tips and options would be appreciated please.
Submitted: 1 year ago.
Category: UK Law
Expert:  Thomas replied 1 year ago.
Hi

There is no way of doing this without either remortgaging in your sole name OR your partner continuing to have exposure to mortgage liability. Do they agree to this?

Tom
Customer: replied 1 year ago.
Yes they agree to this.
Expert:  Thomas replied 1 year ago.
Drafting your answer now. 5 mins.
Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

The first thing to say is that you cannot transfer the legal registered title from you/your partner to you solely without the lender’s consent (as I’m sure that you know). You would either need the lender’s specific consent to release your partner from the mortgage liability OR to receive a mortgage offer from a lender in your sole name so that you can do a transfer or equity/remortgage in your sole name.

However, you can execute a Declaration of Trust with your partner declaring your respective interests in the property, usually by way of proportion or percentage. This would mean that upon sale the proceeds of sale would be – in normal undisputed circumstances – distributed strictly in accordance with declaration of trust.

The drawback with the declaration of trust is that the partner must remain on the registered title and therefore exposes to mortgage liability. If they subsequently decide that they do not wish to be so exposes then the can still apply for an order for sale of the property from county court and would probably be successful because the court does not like persons being exposed to mortgage liability where they do not wish to be.

The lender will not care about the declaration. They would still be able to enforce any mortgage debt/arrears against you both equally regardless.

In order for the declaration of trust to be secure and enforceable you should both take independent legal advice before executing the document and ensure in your partner’s case that the independent advice is acknowledged and documented.

In my view it’s not a long term solution but it may allow you sufficient time to refinance and plan to get an offer in your sole name.

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Kind regards,


Tom
Customer: replied 1 year ago.
Ok thanks, XXXXX XXXXX usual cost to have this prepared and what documents will be needed?

You said its not a long term solution, howcome?
Expert:  Thomas replied 1 year ago.
Hi,

It's not a permanent solution because:-

1. They could still potentially challene the declaration of trust at a later date if they did not get legal advice and attempt to claim a bigger share. This could potentially involve litigation and legal fees

2. They could still apply for an order for sale of the properety from county court at any time. Again, this woudl involve litigation and legal fees.

It would cost around £150-350 + VAT to draft/advise on the declartion of trust depending on the complexity of it.

Please remember to rate my answer.

Kind regards,

Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6423
Experience: BA (Hons), PgDip, Practising Solicitor
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