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Hi Donna, thanks for your enquiry. Do you mean your brother has asked you if the Deeds could be put in his sole name? Kind Regards Al
Thanks for your reply. Well, you are wise to be wary about doing this. Although I am sure your brother will have good intentions in paying you back, something outside of his control may prevent this from happening (eg if he loses his job) or if he were to get divorced or die prematurely, the property may pass to his wife. I can't therefore recommend that you agree to his proposal without you having added security. The best thing to happen would be for you to agree to let him have the property, but he pays you your £100K, by way of mortgaging the property for this amount. If this is not possible, you must insist that a private Mortgage document is drawn up which will stipulate you are owed the 100K and how this amount is to be repaid. This Mortgage is then registered against the property Deeds and would prevent him from selling the property without paying you off the outstanding amount, and it is also confirmation that you have a financial interest in the property and would therefore prevent any argument in the future. I hope this assists and sets out the legal position. If I have helped, please could you rate my answer. Kind Regards Al
Hi, if I have helped, please don't forget to rate my answer. Thanks Al
Hi, can I assist any further? If not, I would be grateful if you could rate my answer. Kind Regards Al