Posted on: 02nd Feb, 2009 03:38 pm
Can I do a life interest deed on 1/3 interest of my parents property even if they have a mortage?...My parents have a mortage with 2 of my other siblings. 3/4 interest of the property is in a joint-tenancy between parents and the 2 siblings. 1/4 interest is held tenants in entirety by my parents. Can we do the life interest deed with me as the remainder? Does the mortage company have to be notified?
welcome guest,
i suppose the lender may not allow you to use a life interest deed on the property. depending upon what terms and conditions are mentioned in your loan doc, the lender may ask you to refinance the loan in case of any transfer of property while you're on mortgage. moreover, i don't think a life interest deed is possible on a part of the property. the entire property should be included for such a transfer.
i suppose the lender may not allow you to use a life interest deed on the property. depending upon what terms and conditions are mentioned in your loan doc, the lender may ask you to refinance the loan in case of any transfer of property while you're on mortgage. moreover, i don't think a life interest deed is possible on a part of the property. the entire property should be included for such a transfer.