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Joshua
Joshua, Lawyer
Category: Property Law
Satisfied Customers: 25988
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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hello, Can people from an EU country be part of the deeds

Resolved Question:

hello,

Can people from an EU country be part of the deeds of a property in the UK? I am planning to buy a house but I might need funds from relatives in Italy to be able to build sufficient deposit.

Kindly advise

MB
Submitted: 3 years ago.
Category: Property Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I ask will you also need a mortgage please?

Customer:

Hello - yes

Joshua :

Thanks

Joshua :

There is no legal reason why persons who do not live in the UK cannot be included as legal owners on the title deed however your mortgage lender will invariably require the legal owners named on the title to also be borrowers under the mortgage. This is not the law but it is the policy of almost every highstreet lender.

Joshua :

Accordingly it is very likely that any legal owner would also have to apply jointly for the mortgage with you.

Joshua :

A way around this if they do not want to be borrowers under the mortgage is for you to declare a trust which provides that you are the legal owner but you own the property on behalf of yourself and others in the shares you define.

Joshua :

This would need to be arranged through separate solicitors to those that act for the mortgage lender.

Joshua :

Is there anything above I can clarify for you any further?

Customer:

thanks most useful. what are the costs of arranging a trust with these criteria, and what are the chances the lenders will argue on it?

Joshua :

A simple bare trust that simply says 10% to x 20% to y etc should be circa £100-200 + VAT to prepare. The lender won't like it. This is why I mention that you would have to instruct a separate firm to prepare the trust to the solicitor that act for the lender after the event.

Joshua :

Is there anything else I can help you with?

Customer:

for "event" you mean after the mortgage has been formally approved?

Joshua :

After the mortgage has completed - i.e. on completion of your purchase or remortgage.

Customer:

thanks, XXXXX XXXXX

Joshua :

A plesure

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