UK Property Law
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I currently have a property of which there is some equity and I have a morgage. The plan is for me to sell my property and move in with my pertner. He owns his property outright so I want to buy in to 50% the plan being I pay some cash but would need to take out a morgage as well. The sum would be 175K for me to but in to the plan putting down 35K and taling a morgage for 140K how do I go about this
It is a transfer from 1 nameto 2 names and remortgage. Although he will have to join in the mortgage alongwith you because the lender will not let a property owned by two people bemortgaged in one name. I have come across instances like this but not recentlyand it is very unusual. The lenders will no longer do it. Your partner may notwant to have the liability of the mortgage even though you may agree to pay it,he is liable for it if you do not make the payments.
What you are looking doing isabsolutely straightforward and any solicitor that does conveyancing deals withmatters like this as a matter of course.
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when you say lenders no longer do this what do you mean? transfer from 2 names to 1 name or transfer and remorgage?
They will not let you mortgage a house owned in joint names unless the mortgage is also in joint names.
You could not own it jointly but have mortgage in yr name only.
Ask them by all means but expect a negative answer