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Hello
My mother and brother are joint owners on a property. Land registry records show they are co-owners. My brother does not live there, but at a different address with his partner.
About 14 years ago my mother took out a home improvement loan from The council. As she could not afford the works, the works were undertaken under an equity share agreement. Therefore a charge was placed on the property for the value of the loan. This was to be repaid on the sale of the property or on death of my mother.
The loan agreement was in my mother’s name and we were told at the time, as long as her name remains on the land registry records, the loan was not payable and my brother could be removed at anytime.
My brother now wants to transfer the whole of the property to my mother, and on contacting the company who have taken over the administration of the loan, they state, if my brother’s name is removed from the deeds, the loan will be repayable.
This does not sound right, as the loan agreement and all the paperwork are in my mothers name and nothing to do with my brother or his share of the property.
Can anyone help or advise on this at all?
My mother and brother are joint owners on a property. Land registry records show they are co-owners. My brother does not live there, but at a different address with his partner.
About 14 years ago my mother took out a home improvement loan from The council. As she could not afford the works, the works were undertaken under an equity share agreement. Therefore a charge was placed on the property for the value of the loan. This was to be repaid on the sale of the property or on death of my mother.
The loan agreement was in my mother’s name and we were told at the time, as long as her name remains on the land registry records, the loan was not payable and my brother could be removed at anytime.
My brother now wants to transfer the whole of the property to my mother, and on contacting the company who have taken over the administration of the loan, they state, if my brother’s name is removed from the deeds, the loan will be repayable.
This does not sound right, as the loan agreement and all the paperwork are in my mothers name and nothing to do with my brother or his share of the property.
Can anyone help or advise on this at all?
