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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My 2 brothers and I inherited a property in 2009 after the

Resolved Question:

My 2 brothers and I inherited a property in 2009 after the death of our mother, can one of us apply for a secured loan against the property, (there is no mortgage on the property), without the consent of the others? Can we equity release? The deeds are in our 3 names, our ages are 51, 49 and 48 (don't know if that matters), I live in the property, also my younger brother lives here at the moment also. Thanks Tania
Submitted: 1 month ago.
Category: Law
Expert:  Aston Lawyer replied 1 month ago.

Hi Tania,

Have the Deeds been updated to show that all 3 of you are now the legal owners of the property?

Kind Regards

Al

Customer: replied 1 month ago.
Deeds have been in all our names since 2009/2010
Customer: replied 1 month ago.
I dont want to talk openly on the phone, happy to carry on here
Customer: replied 1 month ago.
Hello!
Customer: replied 1 month ago.
HELLO! anyone there!
Expert:  Aston Lawyer replied 1 month ago.

Hello, I am sorry for the delay! Would you prefer to speak on the phone?

Al

Expert:  Aston Lawyer replied 1 month ago.

I am on my way home from work, so will be online from just after 7pm if you want to chat here or on the phone. Whichever is easier for you.

Kind Regards

Al

Customer: replied 1 month ago.
Sorry just a little stressed at the moment, happy to carry on talking on here. Thanks
Expert:  Aston Lawyer replied 1 month ago.

N​o worries, thanks.

Well, as the property is in your 3 names, all 3 of you would have to apply for any Mortgage jointly. This is because a Mortgage Lender will only grant a Mortgage or Equity release to ALL the legal owners, as opposed to say 2 of 3 of the legal owners.

Please let me know if you require any more information. Kind Regards Al

Customer: replied 1 month ago.
Could just one of us use the property as security for a loan?
Expert:  Aston Lawyer replied 1 month ago.

Hi Tania, I'm afraid not- all 3 of you would need to be party to any Mortgage.

Kind Regards Al

Customer: replied 1 month ago.
OK. can't think of anything else I need to ask, thanks for your help Tania
Expert:  Aston Lawyer replied 1 month ago.

Ok, thanks Tania.

If you could rate my answer in the top right hand corner of your screen, I can then get credited for my time.

Thanks and all the best. Al

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