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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7478
Experience:  UK solicitor holding an England and Wales practising Certificate.
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Hi I have a houss and a mortgage with a mate of mine but i

Customer Question

Hi I have a houss and a mortgage with a mate of mine but i want to remove him from the mortgage but cant re mortgage at the minute as im self employed and dont have enough value in the house is there anyway i can get a contract written up to leave his name on there for now but for him never to be able to calm anything or what is the best way to deal with this?
Submitted: 3 years ago.
Category: Property Law
Expert:  Thomas replied 3 years ago.
Hi,

Would he consent to this?

Tom
Customer: replied 3 years ago.
Consent to what he would be willing to appected what I like
Expert:  Thomas replied 3 years ago.
Hi

Thanks for your patience.
If he agrees to this then you can execute a declaration of trust which states that although you are both the legal owners of the title for the property you have a 99% interest in the equity/proceeds of sale of the property and he only 1%.
In order for this to be enforceable he would have to take legal advice on it before executing.

A solicitor would be able to draw one up for about £150 + VAT.

However, for all the time he remains on the title of the property he is at liberty to apply for an order for sale in order to release himself from the mortgage liability, so it’s not a long term solution and it simply keeps you ticking over until you can secure a mortgage offer.

Please remember to RATE my answer OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE or above if you are satisfied that you have received the correct legal advice (even if it is not the answer you wanted to hear), otherwise I do not receive any credit for answering your question.

If you are not willing to rate my answer as OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE then allow me to assist further by replying asking what clarification you require rather than rating my answer at levels below.

If you wish for me to provide you with further guidance on any question you may have in the future then please submit a further question to the board requesting me either by my profile or by marking your question. “FAO Tom”.

Kind regards,


Tom

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