Charges against a property.....

[Mrs_Pegasus]

Scenario: Joint names on a mortgage and the deeds of a property. The property has considerable equity, 50% of which would easily cover one of the owners. Could that person get a loan and therefore a charge against the property without the other owner knowing? What sort of search is required to check the deeds and to see if a charge has been placed on them?

[Mrs R]

Any change to the mortgage must have both borrowers consent. Any further charges will be logged at the Land Registry .

[ummmm]

And the land registry will write to the owners of the property to inform them of the charge. If the house is jointly owned they will write to the individual people

[Finance Guy]

Not possible to get a charge without the other owners knowledge, unless some type of application fraud has taken place.
[edited byABED]

It is possible also to place restrictions on land Registry records that prevents ANY charges being placed without the express knowledge and agreement of a legal representative / person of your choosing. This is called a 'Caution'.

Kindest regards

Jeff

[STAH]

Banks would not enterain such a request. There was one case law in particular: Barclays v O'Brien where Barclays were left with some considerable egg on their face! The other party would have to take independant legal advice before the loan is agreed.

http://www.middletonpotts.co.uk/library/defaul t.asp?p=88&c=311

The above link should clarify this matter.

The other answers about the land registry are absolutely spot on too.