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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10610
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I have a deposit for a house but my credit is poor. My two

Customer Question

I have a deposit for a house but my credit is poor. My two sons what bye to let the remainder can they do this
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is Al and am happy to assist you with your enquiry.

If your sons do apply for a Buy to Let Mortgage, then the Mortgage Company will insist that their names go on the Deeds and their names alone. Therefore, unless you also apply for the Mortgage, your name won't be able to go on the Deeds.

If you are happy for this to happen, then the next stumbling block is that a Mortgage Company won't agree to a Buy to Let Mortgage if the property is to be rented to a family member. Therefore, if the Mortgage Company are informed that you will be residing in the property, they won't agree to grant a Mortgage.

From what you tell me, I think the only practical thing to do would be for you to try and obtain a Mortgage yourself, with your sons standing as Guarantor. You are best to speak to a Mortgage broker as to which Banks/Building Society's may be able to issue such a Mortgage, and to guide you generally.

I am sorry this isn't the answer you were looking for, but it sets put the legal position.

Kind Regards
AL
Expert:  Aston Lawyer replied 3 years ago.

Hi John,

Can I assist you any further?

Kind Regards
AL
Customer: replied 3 years ago.

Thank you for your answer not the answer I was hoping buts thank for yourtime


 

Expert:  Aston Lawyer replied 3 years ago.

Hi John,

Thanks for your reply.

I am sorry I haven't given you the answer you were looking for, but if I have assisted, I would be grateful if you could leave positive feedback.

Kind Regards
AL