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My daughter and I jointly own the flat where she lives. She is now able to afford a mortgage in her own right but if the mortgage is in her sole name should the Deeds be as well?
Myself and my daughter are joint owners of the flat where she lives.She is now able to afford a mortgage in her own right. However, we have been told that if the mortgage is solely in her name then the Deeds must also be in her sole name. Is this correct as we would prefer the flat to remain jointly owned?
Yes, if the lender agrees to the mortgage being transferred into your daughter's sole name then the flat will have to be transferred into her sole name as well. If your motive for keeping the flat in your joint names is that you have contributed to the purchase of the property and therefore have a financial interest in it then this can be protected by means of a Declaration of Trust.
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