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Getting a mortgage on tenants in common after partner passed away
Getting a mortgage on tenants in common after partner passed away
Posted
Fri, 14 Jun 2024 13:22:58 GMT
by
Jessica Chapman
There is a tenants in common restriction on my title with my two children being the beneficiaries via a life interest trust following the death of my husband, I want to take a mortgage out on the property (small LTV) - my husband has been removed from the title but the tenants in common restriction is still in place. What needs to be done from a legal charge perspective for the lender
Posted
Fri, 14 Jun 2024 15:05:36 GMT
by
Adam Hookway
Jessica - you would need to have the form A restriction cancelled <br> See <a href="https://www.gov.uk/government/publications/devolution-on-the-death-of-a-registered-proprietor">section 8 of our PG 6</a> and forms RX3/ST5 for guidance on how to apply to cancel the restriction where you have become the sole legal and beneficial owner.<br> From your post that may not be possible and I would recommend you seek legal advice to understand if the trust prevents removal of the restriction and/or alternative options exist as appropriate
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