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Mortgage and ownership query

  • 10-07-2013 8:05pm
    #1
    jos28
    Registered Users, Registered Users 2 Posts: 7,219 ✭✭✭


    Bit of a complicated case but I'll try to explain briefly. Basically my siblings and myself offered the option to buy our deceased parents home to all the grandchildren in the family before we gave it to an estate agent. One of them declared an interest and we agreed to sell it to her at a considerably reduced price. All was going well and everyone was happy until we discovered that she was back with her ex-boyfriend. Boards mods would not permit to use the words I could to describe him. Lying, cheating *****
    We have just discovered that they have applied for the mortgage together. Apparently he is only doing this as she could not raise the finance alone. So technically this person is getting the benefit of the €30k we knocked off the price. He claims that he will sign the house over to her as soon as the deal is done. Can this be done legally or would the lender object ?


Comments

  • #2
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    If there are two loan applicants, I would imagine that in most cases, the lending institution would require both borrowers' names to be on the title to the property as well as on the mortgage deed itself.

    It is likely to be a term of the mortgage that the consent of the lending institution will have to be sought prior to any transfer of the mortgaged property, whatsoever. If there are two names on the property and if one party wants to sign over their interest in the property, or otherwise remove their name from title, then the consent of said lending institution is likely to have to be got.

    Lending institutions can be quite inflexible with people these days, so I wouldn't bet on getting consent to anything from them, unless the contrary is shown to me.


  • #3
    Bluegrass1
    Banned (with Prison Access) Posts: 97 ✭✭Bluegrass1


    jos28 wrote: »
    All was going well and everyone was happy until we discovered that she was back with her ex-boyfriend. Boards mods would not permit to use the words I could to describe him. Lying, cheating *****

    He claims that he will sign the house over to her as soon as the deal is done. Can this be done legally or would the lender object ?


    The lender most certainly will object. If the girl cannot afford the loan now she won't be able to afford it after the purchase so the lender will insist on the second borrower staying on hook.


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