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The person/persons party to the mortgage will effectively be acting as guarantor and will not be afforded the security of the property. Neither will they have any entitlement to the sale proceeds unless a Declaration of Trust has been drafted.

Scenarios where a Joint Borrower Sole Proprietor Application may be relevant include property acquired through inheritance or perhaps as a result of a property being originally purchased in only one person’s name before a partner becoming involved. In the case of divorce or separation a person may be removed from the title deeds, but as part of a settlement agree to fund part of the mortgage repayments.

Often family members look to support one another as one person’s income may not be substantial enough to meet the conditions of the mortgage lender. Parents may need to help their children buy their first home which otherwise would be beyond their financial means. In such a case, the parents may not be on the title deeds and therefore not directly benefit from the loan. They would therefore require Borrower Income Booster Legal Advice or Borrower Deposit Booster Legal Advice. Independent Legal Advice is required to ensure that there has been no “undue influence” where pressure is applied say from one family member to another to persuade them to do something to their benefit but to the detriment of the other.

The mortgage lender requires that a JBSP form (or Form Of Acknowledgement) is completed and independent legal advice is provided to ensure that the person or persons not on the title deeds but on the mortgage understand the legal implications.

We offer Independent Legal Advice for Joint Borrower Sole Proprietor, sometimes referred to as Non Owner Borrower Independent Legal Advice or Supporting Borrower Independent Legal Advice. Consideration also needs to be given in terms of affordability, levels of income or other financial means that are adequate enough to cover the mortgage costs.

Joint Borrower Sole Proprietor Certification from a solicitor is required such that the borrowers are fully aware of the associated risks in offering the financial security. They are effectively providing a guarantee without directly benefiting from the loan but still liable for the monthly mortgage repayments for the duration of the loan agreement.

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Rosie LLB

Solicitor (27 years of experience)

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Poppy LLB