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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10780
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I own my house outright as I was widowed 15 years ago. My

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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
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
Hi Maureen,If I have assisted, I would be grateful if you could rate my answer.Kind RegardsAl
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