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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7600
Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi, i own a house, its value is 120,000 i owe 50,000 on my

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Hi, i own a house, its value is 120,000 i owe 50,000 on my mortgage. is it possible for me to sell or give away 50% of the property without the need for me re mortgaging? i ask this as 50% of the property would still remain in my name and the value of that 50% would be 60,000 which is 10,000 more than the amount i owe my mortgage company.
if i can do this how do i go about doing it.
many thanks

Hi,

Thanks for your question.

 

I'm sorry, no, it doesn't quite work like that. Your lender has a first legal charge which prevents dispositions (eg. transfer of ownership, regardless of percentage) without their consent.


If you wish to add your wife then you should speak to your lender, they will require that her name is XXXXX XXXXX the mortgage but will otherwise consent provided she has an acceptable credit history.

 

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 and 2 other UK Property Law Specialists are ready to help you
Customer: replied 6 years ago.
hi, i need to resolve this quickly. my friend wishes to buy 50% of my house. for cash. can i have him put on my mortgage and the cash come to me?, he is a none uk resident but and EU citizen? also would it be possible to have him placed on mortgage as a 2nd charge as i would with a bank if they required to secure any borrowing i made? i really need to find a way to resolve this matter quickly and legally.

Hi,


Again, that would require the consent of your mortgage company. You really can't do anything without their consent and agreement to the transfer of equity. You can execute a declaration of trust at the same time as the transfer confirming that upon sale the oustanding mortgage should be deducted from your share.

 

Similarly, the lender would need to consent to him taking a second legal charge as an alternative to the transfer of equity. It will be a condition on your mortgage.

 

Thanks for your kind accept.


Kind regards,


Tom