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Transfer Of Equity

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huskyman1 | 20:23 Fri 06th Nov 2020 | Law
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I am remortgage with transfer of equity from my brother who stays in house but is looking to move out in the near future 3/4 months.
Mortgage offer expires in 11 weeks and my brother may still be in house may.. As he is shielding.
My mortgage company are asking if he will reside in property after completion and i think they might cancel offer if he is.
Why cant person being taking of mortgage not be allowed to stay in property.
Is there anyway around this legally and if so how, or can he move in with a friend other family member which is not ideal, till he finds somewhere then i can inform lender he has moved out.
Or is it not that simple being adviced on here they will just ask for occupiers consent but some how think this wont apply to previous co- owner as some sites have said most lenders would need him to move out which i cant find out why this would be.
Sorry for repost but didnt no how to add to first questions.

If he moves in with a friend what proof would they ask for if any and how would we proof this.
Stressed out about this any help would be most help full

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I cannot see a problem, you are in effect buying him out of his share of the house. There are thousands of people owning a property with a mortgage that have adult relatives living with them. Usually a letter of consent is sufficient, this explains that they have no rights and if the mortgage is defaulted on and repossessed they cannot stay in the house. Once he...
20:36 Fri 06th Nov 2020
your lender woukd be the best placed to answer these qs
I cannot see a problem, you are in effect buying him out of his share of the house. There are thousands of people owning a property with a mortgage that have adult relatives living with them. Usually a letter of consent is sufficient, this explains that they have no rights and if the mortgage is defaulted on and repossessed they cannot stay in the house. Once he has moved out you can just let the mortgage Company know.
Probably to do with the very complicated issues of beneficial trusts which means the bank is worried that should they need to repossess and your brother still lives there he could claim an interest in the property.
follow ubasses
she has done this before ( full time ) or big time

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