ChatterBank0 min ago
Title deeds and mortgage deeds ... do these have to have the same names on them?
3 Answers
I am looking at purchasing my first house in the UK (with a member of my family). However, I need to obtain a mortgage for my part of the purchase. I am told that the mortgage deed and title deeds need to have the same people registered, and that once the sale is completed I can then change the title deed. Is this correct?
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For more on marking an answer as the "Best Answer", please visit our FAQ.No, ok title deeds are largely irrelevant. For you to be able to get a mortgae for you half, the lender will satisfy themselves that the equity in you half is sufficient for their security, assuming that is the case then they will require a "charge" on the property and both of you will have to agree to that and in that sense the charge is an entry on the land registry records. Presumably the other half is not going to be through a mortgage so in principle, this can work however in practise main stream lenders will run a mile from this kind of arrangement mainly becaue if something goes wrong it's a legal nightmare.
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