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Tenant In Common 99/1 split?

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29 Jun 12 #339824 by bobbeckit
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The FMH is currently in my name on mortgage and title.

As part of my agreement with the wife we would like to get her on the mortgage and transfer the equity.

We understand that adding her to the mortgage should not be a problem as the money has already been lent, and thus the liability is already out there. Plus she does not have any adverse.

The problem seems to be how we transfer the equity to the wife. Does anyone know if a 100/0 or 99/1 split on the equity can be created, and would the lender have a problem with this?

Bob.

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29 Jun 12 #339851 by cookie2
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You just transfer the property into her sole name. That is all. You can get a conveyancing solicitor to do this very cheaply, or a mortgage lender might do it for you if you''re also putting her on the mortgage.

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29 Jun 12 #339870 by bobbeckit
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Hi Cookie,

If I understood this correctly I didn''t think I could do that as my wife will not be able to get a mortgage on the property.

So we have been given advice that we could add the wife to the mortgage now, and then do a transfer of equity as a tenenat in common, say 99 / 1 split.

This way I stay on the mortgage and she has full entitlement to the house.

Does this sound about right?

Bob

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29 Jun 12 #339894 by cookie2
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If you transfer the house to her, then she will own the house but the mortgage will still be in your name.

No need to make a mountain out of a molehill!

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29 Jun 12 #339903 by bobbeckit
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Hi Cookie,

So if we simply get her on the mortgage with the lender (she isn''t at the moment), all I will need to do is complete a transfer of equity?

Thanks for your help.

Bob

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29 Jun 12 #339905 by cookie2
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You don''t even need to do that. You just go to a conveyancing solicitor and tell them you want to transfer the house to her. Job done.

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29 Jun 12 #339912 by bobbeckit
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Hi Cookie,

Thanks for your help here. I thought things were much more complicated than this.

So effectively I could do the same with a rental property also?

Does the lender have any say in this?

Regards

Matt

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