• Deeds Effecting Mortgages

    By Guest on 27th Apr 2020

    I own a home and have a mortgage on that home. If i wanted to add someone to the deed as a tenant in common, how does this effect the mortgage? Note: The person wouldn't be on the mortgage.

  • 1 Answers

    By NotaryExpress on 28/04/2020

    The lender will very likely have a restriction on the property so you would not be able to add them onto the deeds without lender consent. You would need to ask the lender if they would consent.

    Alternatively, you may wish to consider a deed of trust (assuming not prohibited by your mortgage conditions). This does not add the new person to the title deeds but you can give them a share in the property (e.g. 50%) by way of beneficial interest. Speak with a conveyancer such as Notary Express for further advice.

    www.notaryexpress.co.uk

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