the person who had the tenancy could not get a mortgage so his mate got a mortgage
2007-01-14 22:48:02 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, it is. The tenant and his mate could end up in jail.
2007-01-14 22:57:44 · answer #1 · answered by Polo 7 · 0⤊ 0⤋
Hi,
Put my legal hat on.
If he is co-habiting, he also has a right of tenancy, if paying a substantial portion of the current rental.
Therefore reasonabaly OK to take on the mortgage.
However, if he is just a "mate" from another property, then the answer is no.
It will not wash in the system.
It is not fraud to get your parents, or a close relation to pay your mortgage, but it all goes dodgy if an unknown friend does so.
If there is a default on payments - who is in the dock ?
All the best with it.
Bob.
2007-01-15 08:37:26 · answer #2 · answered by Bob the Boat 6 · 1⤊ 0⤋
you need a warranty deed. That way even though the mortgage isn't in his name he can still get the tax benefits associated with owning a home. My realestate agent bought a house under his name for his freind. His freind moved in and had a warranty deed established that way even though his name wasn't on the mortgage he still got all of the homestead exemptions and tax deductions from the interest on the mortgage. If it was so illegal how did they do this???
2007-01-15 06:52:09 · answer #3 · answered by Anonymous · 0⤊ 1⤋
what happens if they fall out,they must be good mates.
2007-01-15 06:53:12 · answer #4 · answered by heebygeeby 4 · 0⤊ 0⤋
1 YES IT IS
2 YOU WILL HAVE TO PRODUCE DOCUMENTS TO SAY YOU ARE THAT PERSON
3 NOT ALL COUNCILS ARE STUPID YOU WILL GET CAUGHT OUT AT THE SOLICITOR'S GOOD LUCK
2007-01-15 08:23:05 · answer #5 · answered by albertwilson2572@btinternet.com 3 · 0⤊ 0⤋
It is fraudulent.
2007-01-15 06:51:15 · answer #6 · answered by Anonymous · 1⤊ 0⤋