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Second named person on deed and mortgage wants out


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Hi all,

 

Good to hear your thoughts on this although appreciate this is most likely going to go down a solicitor route 

 

The basics:

House = Has an outstanding mortgage (circa 280k)

Currently has two people on the deed and mortgage - Person B wants to get his name off the deed and mortgage.

Current deal is due to expire in 7-8 months.

 

This all happened because back way then, Person A could not get a re-mortgage on her own due to age (currently 1 year away from retirement)

Person B therefore got added as he was living in the property at the time some 10 years ago.

Since then, Person B has left the house and got his own but wants out from the deed and mortgage of the first one.

Mortgage itself however has been interest-only.

 

Questions:

 

1. Can Person B instruct to sell the house without Person A's permission?

2. Can Person B take any monies from the sale on the basis Person B has never paid a penny towards the mortgage or upkeep of the property.  

3.  Anything else to consider?

 

Thanks in advance

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@mantis shrimp Apologies for the delay - really strange but I knew you replied as I got an email and notification but could not see the reply here until just now when I went to add a message to say exactly this!

 

Unfortunately not - due to the age of A, a mortgage will not be possible.

Ideally A wants to keep the property until the end so equity release is an option to explore however this could depend on Q2 above in that if B wants to take their share (without ever funding the mortgage /upkeep in the first place) the equity required would never work for equity release

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In answer to question 1. No, no one person named on a mortgage can solely instruct a sale or sign legal documents regarding the mortgage or ownership of the property if there are other people named on the mortgage and deeds.

 

Question 2 that's difficult and unless the named person has a statue declaration declaring the other person has no financial interest in the property I think they could possibly have a claim.  I'm not saying it is fraud, but it sounds like fraud was used to get the original mortgage, so you need to be careful how you word this but hopefully a statue dec could resolve the issue and allow you to apply to change the mortgage and deeds to your name only.

 

My advice is wait for others who have specialist knowledge on these matters, they will be along soon so be patient and one other word of advice is that not everyone who posts knows what they're talking about, so some posts get removed by admin and rightly so.

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