• Transfer Of Equity Where There Is Still A Mortgage On The Property

    By Guest on 08th Apr 2019

    Hi. I have a mortgage with my sister in law. I no longer live in the house so when I moved out, we have agreed that I will transfer my share of equities to her and she will pay me back the deposit I put towards the house. My question is can she transfer me the deposit now, and do the transfer of equities papers later when she is sure that she will qualify to take on the mortgage on her own. Thanks

  • 1 Answers

    By Guest on 09/04/2019

    I would need more information to respond comprehensively to the above. I believe you are asking if your sister could pay you back some of the value of the property without transferring it to you?

    The answer would likely be yes but without any paperwork you would still have a share of ownership of the property and you would still remain responsible for the mortgage. She would essentially have gifted you that money and rely on your goodwill not to take it again if you sold the house. I'd advise recording your arrangement in writing at least (with witnesses) to evidence it's not a gift but repayment of part of the value of the property.

    Even better you could enter into a deed of trust recording the change of beneficial ownership of the property, which very likely would be enforceable.

    www.notaryexpress.co.uk

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search