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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11739
Experience:  30 years as a practising solicitor.
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Currently I jointly own a property with my partner. We are

Resolved Question:

Currently I jointly own a property with my partner. We are purchasing a new home and obtaining assistance with the Help to Buy (Scotland) scheme. To qualify for this the recipient can not be named on any other title deed. As our current property has not yet sold, we made a request to our mortgage lender to remove my name from the deed while making no change to the finance agreement. That request has been refused.

As my partner employment is based on frequent short term contracts, she would unlikely be approved for a new mortgage.

Is it possible for me to obtain a finance agreement for the existing flat (ie. a remortgage) but for the deed to be in the sole name of my partner?
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

Unfortunately it isn't possible to do this. The person granting the mortgage deed has to be the same person who owns the property, unless it's a business loan in which case different rules apply. The only way to proceed if you haven't managed to sell your existing property is to remortgage it in the name of, and transfer the title to, your partner with you guaranteeing the mortgage on the basis she wouldn't get a mortgage in your own name.

That may affect a mortgage application for the new property and remember that you still need your deposit for the new property, even if your existing property hasn't sold.

No easy answer in the absence of a sale, I'm afraid.

I hope this helps. Please leave a positive response so that I am credited for my time.
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