What is a Joint Borrower, Sole Proprietor Mortgage?
This is a situation when one or more borrowers take out a mortgage, but one of the borrowers is not the owner of the property.
Examples of this are:
- A parent helping a child to buy a property
- A borrower who owns one or more other properties but wants to avoid stamp duty
- A partner who wants the property to be put into another parties’ name but will continue to make payments to the mortgage
The mortgage lenders in these circumstances will want you to choose a solicitor and then notify them of your choice. They will then send the relevant paperwork to ourselves and we will arrange an appointment to take you through this.
What does it involve?
The issue for the borrower is that they are on the mortgage but not on the title deeds of the property. This could mean that they may end up having to pay for the whole mortgage if the other borrower defaults and they have no legal entitlement to that property.
It is therefore important that the borrower understands the consequences of signing for the mortgage and this must be done by way of an independent solicitor to the transaction.
How much will it cost me?
We charge £125 + VAT for this service.
Why use Oakwood Property Solicitors?
We know that when a lender asks you to sign paperwork that could mean that you put your savings, house or other monetary items on the line that it can be very daunting. You could be guarantying to pay a large debt back that could have severe knock-on effects for your personal life.
We want to make sure that it is explained to you in a fully concise manner before you sign the paperwork.
We need to do the following to accomplish this for you:
- Meet in a face to face meeting or discuss via Skype
- No other party should be present
- Explain the full implications of the paperwork that you are signing and be aware that you could be potentially liable for large sums of money
- Once you are satisfied with the paperwork then we would ask you to sign it
- The paperwork would then be returned to the relevant lender
How do I get Independent Legal Advice?
All you need to do is contact our team at Oakwood Property Solicitors on 0113 218 5727 and we will do all we can to make proceedings as painless as possible.