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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2551
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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My dad owns a property that he said will sign over to

Customer Question

Hi.
My dad owns a property that he said will sign over to me, but I have bad credit and will not get a mortgage.
Is it possible for the mortgage to stay in his name but the property to be put in my wife's and mines name? My wife's credit is not great but is much better than mine.
I read on a forum that someone has done it.
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thanks for your question. It is a possibility, but as the mortgage company has a charge on the property their consent to the transfer must be obtained and the transfer will not go through without their consent. Furthermore, it is highly unlikely that they will agree to transfer of the property to you and your wife's name without both of you also being added to the mortgage.If you have any further questions regarding this please let me know. In the meantime if you found this information helpful please provide a positive rating. I will not be credited for answering your question without a positive rating. Thank you
Customer: replied 1 year ago.
So basically father would need to speak to his mortgage company to gain permission to sign the property over to us but keep the mortgage in his name?
Expert:  Harris replied 1 year ago.
Yes, he will need to speak to them about this first, but it is highly unlikely that they will agree to the arrangement you have suggested.
Customer: replied 1 year ago.
Do you have any other recommendations about this situation?
Expert:  Harris replied 1 year ago.
What is the purpose of you owning in the property?
Customer: replied 1 year ago.
Just because my dad doesn't need it and wanted to sign it over to me so I could own something. It is out of the area and would be a new start for us as we currently live with him and have struggled to get ourselves a mortgage of our own.
Expert:  Harris replied 1 year ago.
Thanks. Unfortunately, it is a difficult position to be in and I do not see a way around it other than for the time being you and your wife just occupy the property by agreement.
Harris, Law Specialist
Category: Law
Satisfied Customers: 2551
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
Harris and other Law Specialists are ready to help you
Expert:  Clare replied 1 year ago.
HiThere is one option which may well help you.The property will have to remain in your father's name so long as there is a mortgage BUT he can sign a Declaration of Trust confirming that he holds the property for you and your wife.Clare
Customer: replied 1 year ago.
Thanks Clare.Does this certificate of have to be issued to the mortgage company or someone like land registry?Do you know how we go about sorting this out?
Expert:  Clare replied 1 year ago.
No it is prepared by a solicitor for you
Customer: replied 1 year ago.
Is this something you could do? And for what fee.Who do we present it to?
And will this allow my father to sign the property over to us if we show the mortgage company the certificate? Or do we not contact them? Sorry I have no idea about any of this.
Expert:  Clare replied 1 year ago.
Please understand that this would simply be an agreement between you and your father that if the house was sold you and your wife would receive thenet proceeds of sale.This is nothing to do with the Mortgage Company and will not change their position at allYou will NOT be Registered as owners at the Land Registry

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