How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10458
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
16368554
Type Your Property Law Question Here...
Aston Lawyer is online now

I own my house outright as I was widowed 15 years ago. My

Resolved Question:

I own my house outright as I was widowed 15 years ago. My new partner has sold his flat and we want him to be able to buy 50% of my house (part of which will be with a mortgage) and become joint owners.
His current mortgage company is insisting I will have to go onto his mortgage as they say this will give them more rights if the mortgage isn't paid.
I am reluctant to be put on a mortgage I have no part in as I was hoping to part buy a property with my son to enable him to enter the property market. Any legal advice would be very much appreciated.
Maureen McCarthy
Submitted: 1 year ago.
Category: Property Law
Expert:  Aston Lawyer replied 1 year ago.
Hi Maureen,Thanks for your enquiry.I'm afraid that if your partner needs to raise a Mortgage to pay you the 50% share, both you and him will have to sign and be on the Mortgage full stop. This is because all Mortgage lenders will insist that all the owners of the property are also on the Mortgage. There is no way round this.Therefore, unless the money your partner is going to pay you, by way of the Mortgage, is sufficient to help out your son, I would advise that you just retain the property in your sole name. Of course, if there is another way your partner your partner can raise the funds to pay you, that would be ideal.Sorry, I can't give you a more pleasing answer, but the above represents the legal position.Kind RegardsAl
Expert:  Aston Lawyer replied 1 year ago.
Hi Maureen,If I have assisted, I would be grateful if you could rate my answer.Kind RegardsAl
Aston Lawyer and other Property Law Specialists are ready to help you

Related Property Law Questions