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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10545
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I currently own my property and have some 13 years equity within

Resolved Question:

I currently own my property and have some 13 years equity within the property, my partner wants me to put him on the deeds, can I ask him to pay half the equity and half mortgage payments first then add him to the deeds? Would he be able to borrow the money to fund that?
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hi,

Thanks for your enquiry.

It would be normal for a party to pay for half of the equity in return for their name going on the Deeds. Joint owners would usually hold a 50% share in a property, but different percentages can be agreed, depending on how much money each party has put into the property.

Likewise, it would be usual for both joint owners to contribute equally towards the outgoings on the property including any mortgage.

Please note however, if you have a Mortgage and wshed to add your partner to the Deeds, you will need your Mortgage Company to consent as they would want your partner to beadded to the Mortgage- you would need to apply for formal consent although there shouldbn't be any reason why your Mortgage Company would refuse, provided your partner does not have a poor credit history.

As regards ***** ***** necessary money to fund his 50% payment of the equity, as you already have a Mortgage, he would NOT be able to raise his own Mortgage/loan registered against the property, as any Mortgage will also need to be in your name.

The only option would be for you both to re-mortgage the property for an amount equal to 50% of the equity plus the amount outstanding under the current mortgage, and come to an agreement that your partner pay the monthly mortgage payment representing the 50% of the equity amount, and you both pay 50% towards the mortgage payments for the balance of the mortgage representing the current mortggae amount. Upon completion of the re-mortgage, you would receive the amount equating to the 50% equity, being the consideration to be paid to you by your partner.

Hope this makes sense!

Please let me know if you require any further clarification.

Kind Regards

Al

Aston Lawyer and 2 other Law Specialists are ready to help you
Expert:  Aston Lawyer replied 1 year ago.
Hi,

Can I assist you any further?

Kind Regards
Al