Title deeds and mortgage deeds ... do these have to have the same names on them?

[Angel_00]

I am looking at purchasing my first house in the UK (with a member of my family). However, I need to obtain a mortgage for my part of the purchase. I am told that the mortgage deed and title deeds need to have the same people registered, and that once the sale is completed I can then change the title deed. Is this correct?

[dzug]

Unlikely, though the rules seem a lot laxer about this sort of thing than they used to be.

Remember the mortgage company's name will also be 'on' the title deeds. I doubt that you can do any change of ownership without their permission.

[Loosehead]

No, ok title deeds are largely irrelevant. For you to be able to get a mortgae for you half, the lender will satisfy themselves that the equity in you half is sufficient for their security, assuming that is the case then they will require a "charge" on the property and both of you will have to agree to that and in that sense the charge is an entry on the land registry records. Presumably the other half is not going to be through a mortgage so in principle, this can work however in practise main stream lenders will run a mile from this kind of arrangement mainly becaue if something goes wrong it's a legal nightmare.

[dannydingbat]

If two people buy a property together they both own it. Any mortgage on the property to enable the purchase cannot be raised in just one of the names as both must consent to and be aware of the fact that the property is the security for the loan and can be taken off them in the event of default.