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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I am taking out a mortgage in my name only, as the title deeds

Customer Question

I am taking out a mortgage in my name only, as the title deeds are also in my name. This will result in me still retaining 75-80% of the equity. Can a sale be forced on me if I own more of the equity. Also my partner has been asked to sign a form that postpones his rights to the property because of the charge. He is quite happy to sign this, but if I had adult children, rather than dependant children or another relative living here, presumably they would have the right to refuse to sign this form, and therefore deprive me of the right to take a mortgage.
Submitted: 3 years ago via InBrief.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.
When you ask about forcing a sale are you referring to by the lender or by some other person?

Tom
Customer: replied 3 years ago.
By the lender
Customer: replied 3 years ago.

I can provide the legal wording of what my partner has to sign if this will help, regarding my query about possession too.

Expert:  Thomas replied 3 years ago.
Hi

Just got to go.offline for 30 mins. Can I answer after that?

Tom
Customer: replied 3 years ago.

OK, in fact if I get a more detailed answer by the end of the weekend, I would prefer that to a more hurried response. My brokers have told me that the offer has been made, just a few loose ends to tie up, including the one to do with myself and my partner and our own rights to possession. I also need to get limited income protection insurance sorted out by the end of the weekend, for accident, sickness, redundancy. We already have an application for life assurance in process. Don't want to over insure, but equally want to be protected, particularly as I worry about the right to sell/possession. Ultimately we could sell the property and still realise about £200k, as the mortgage is to be used to improve the property to the top end of the market. Too many questions, but yes, do what you need to do, and get back to me. I also won't be online all weekend. However if I don't get an answer within a few hours, I may open it up, if that's ok.

 

Thanks, Alison

Expert:  Thomas replied 3 years ago.

Hi Alison,

 

Thanks for your reply.

 

The reality is that if you default on a mortgage then an order for sale has to be viewed as a possibility if you default on the mortgage regardless of the amount of equity you hold in the property. This is in the nature of the lender having a first legal charge over the property.

 

Obviously you would have a chance to defend the application for an order and given the relatively small mortgage you would have a reasonable prospect of success if you are able to offer decent terms for repaying the arrears resulting from the default.

 

It will be a condition of your mortgage that any occupiers over 16 years of age execute a deed of consent/postponement to the mortgage. Any adult children would be included in this. It would be a breach of your mortgage conditions to permit extended occupation to the property to someone who has not executed in this way. You should make it clear to any persons you are considering permitting occupation to that it is a condition of yours that they execute a deed of postponement with a local solicitor. It does not cost that much, around £70+Vat, and is worth it for your peace of mind.

 

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

Kind regards,


Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6296
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and other UK Property Law Specialists are ready to help you
Customer: replied 3 years ago.

I have the deed of postponement for my partner to sign, and have witnessed. We are both aware of and accept that the first charge is with the building society, but that we would have some security in future given that if we were to sell or default we would stll hold a substantial portion of the equity (I would still have the right to sell the property wouldn't I, as long as we didn't default on the mortgage, or I arranged to pay it off. I was quoted approximately £400 for a solicitor to witness my signature/sign copy of my marriage certificate for identity, when I know that I am entering into a legally binding contract with the mortgagee. I wasn't prepared to pay that.

 

Thanks

 

Alison

Expert:  Thomas replied 3 years ago.

Alison,

 

Thanks for your accept.

 

Are you married to your partner?


Tom

Customer: replied 3 years ago.
Yes
Expert:  Thomas replied 3 years ago.
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