Deed Of Consent Postponement

[huskyman1]

Hi I jointly own house with my brother who is on benefit due to disability and is looking for a more suitable house at the moment. I have just secured a re-mortgage in own name and both myself and brother have to sign a transfer of equity form. He is happy to sign away any interest in the house as he will be moving out once he finds another property.
On the transfer of equity it asked if he will be reside in property after purchase of equity and have any interest what do i say to this.
He wont have a interest in the property because his name will be removed by transfer of equity as for reside is this a no as he is looking to move out or a yes because he hasnt found a place yet.
And how will this effect my mortgage offer as broker said this should be ok as he wont be staying there long term or would it be easier if he moved out and stayed with a friend until he gets his own place and if he did this how would i prove this to lender or would lender even check. Need this re-mortgage to go thro but dont no best way to deal with this situation

[theshedman]

As your brother owns half the property and he is on benefits this can affect the amount of benefit he gets. He cannot just sign the house over to you and not get anything for it if that is what you are doing.

[ubasses]

It is standard procedures where an occupier over 18 is living in a property is not a legal owner. It is required by the Mortgage Company to ensure that if you default on the mortgage they can repossess the house without your brother claiming a legal interest in it.
In other words they can chuck you both out in a worst case scenario. When I was signing off on Mortgages they just called them letters of Consent.