Satch
MB Enthusiast
- Joined
- Nov 24, 2003
- Messages
- 3,508
- Location
- Surrey
- Car
- S211 E320Cdi Avantgarde Estate & Toyota Land Cruiser
Various reasons behind this but the time has come to ship children out to a property of their own.
No1 is recently graduated and not earning a great deal but is doing something that he wants to do and is obtaining some very good experience in the process. No.2 is still a sponging soap dodging student in his final year.
Going to put up a deposit of around 40% which enables access to low rates.
Lender will take both No.1's & my own income into account & not a problem there, but this property is for both of them, not an investment by me.
Sticking point is that lender in question will only allow 2 borrowers on the mortgage and they have to be the same as the owners on the title deed, again maximum of 2. I know other lenders are not so fussed but there are other factors which mean I would like to stick with them
So that is me and No.1 as legal owners/mortgagees and suggestion is that I execute a declaration of trusts so that:
Self & No.1 son clarify 50/50 legal ownership
I am holding legal ownership of "my" 50% share but execute another declaration of trust so that No.2 son is beneficial owner.
Sounds easy enough but....
Going to see my solicitor later in the week but anybody come across this?
No1 is recently graduated and not earning a great deal but is doing something that he wants to do and is obtaining some very good experience in the process. No.2 is still a sponging soap dodging student in his final year.
Going to put up a deposit of around 40% which enables access to low rates.
Lender will take both No.1's & my own income into account & not a problem there, but this property is for both of them, not an investment by me.
Sticking point is that lender in question will only allow 2 borrowers on the mortgage and they have to be the same as the owners on the title deed, again maximum of 2. I know other lenders are not so fussed but there are other factors which mean I would like to stick with them
So that is me and No.1 as legal owners/mortgagees and suggestion is that I execute a declaration of trusts so that:
Self & No.1 son clarify 50/50 legal ownership
I am holding legal ownership of "my" 50% share but execute another declaration of trust so that No.2 son is beneficial owner.
Sounds easy enough but....
Going to see my solicitor later in the week but anybody come across this?