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Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7617
Experience:  BA (Hons), PgDip, Practising Solicitor
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I have my own property, the title deeds are in my name and

Resolved Question:

I have my own property, the title deeds are in my name and the mortgage is in my name. In Sept I need to renew my mortgage

I have just become self-employed, so I don't have the 2 years of accounts needed to show the mortgage company, so it seems that I need a joint mortgage instead, using someone who can prove they have financial means to pay if I can't. This will either be my partner who lives with me, or my dad who doesn't live with me.

I would however like the title deeds to remain solely in my name. is this possible, or does a joint mortgage mean the title deeds have to be changed to the 2 names?

Many thanks
Submitted: 7 years ago.
Category: UK Law
Expert:  Thomas replied 7 years ago.

Hi,

 

Thanks for your question.

 

They will almost certainly require the co-named mortgagor to be named on the registered title, nearly all lenders do I'm afraid.

 

You could, though, at the time of the remortgage enter in to a declaration of trust with your partner or father, this is a deed which states how the proceeds of sale are to be divided if the property is ever sold (after redemption of the mortgage). You could state this in percentage terms and it could be registered against the title of the property as a notice.

 

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

 

Kind regards,

 

Tom

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