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Helen Hill
Helen Hill, Lawyer
Category: Property Law
Satisfied Customers: 249
Experience:  LLB Law, Licensed Conveyancer and Probate Practitioner, Fellow of CILEx, Trust and Estates Practitioner (STEP)
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Are you able to have joint ownership of a property with one

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Hi, are you able to have joint ownership of a property with one party putting in a minimum of 60% cash from sale of other property, and the other party taking mortgage. We are mother and daughter. I don’t want to sell my unencumbered property and not be on the title deeds for my share of the property. I also have no wish to enter into anothe mortgage Is this at all possible?
Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: No I am just putting my property on the market today
Assistant: Have you talked to a lawyer about this?
Customer: No, my daughter is talking to an independent fincial advisor
Assistant: Anything else you want the lawyer to know before I connect you?
Customer: No thank you
Customer: replied 30 days ago.
Hi how long is the waiting time

Thank you for your question. I am a licensed conveyancer so I will be able to assist.

If your daughter is to be the sole named individual on the mortgage then the lender will want to see her as the sole legal owner of the property. That said, there is a way to record that you have a beneficial interest in the property to ensure that your investment is protected. You can have a Declaration of Trust produced to define the ownership of the property. This could detail the fact that you have invested a sum of cash that is to be returned to you on the sale of the property or it could entitle you to a percentage of the property so that your investment will also grow in value as the property value grows.

The Declaration can also indemnify you from the mortgage payments and ensure any outstanding sum is deducted from your daughter's equity in the property rather than your own.

The process is relatively straightforward and any conveyancer or property solicitor will be able to produce the document for you.

I hope this information is useful. Please let me know if I can assist you further.

Customer: replied 29 days ago.
Is there no other way for me to be a joint owner even though I don’t want to be on the mortgage
Unfortunately it is highly unlikely the lender will approve of you being on the legal title if you aren’t jointly liable for the mortgage.
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