I am in the process of changing mortgage and it would appear that the title deeds are in both my wife and my name yet the mortgage is just in mine. The bank seem to be very keen to get her name on the mortgage.What are the legal implications of this (I assume it would be nigh on impossible for them to repo the house as wife (technically)owns half the house but does not have any loan on it).Cheers in advance
bump
Not really sure ... is there a particular aspect of the legal things that you are worried about changing should her name go on it?
Did you ask the bank what would be different?
Think you've got it right tho it's not my area. Best speak to your solicitor.
Basically the mortgage is in your name, and so the associated security (i.e. the bank's claim to the title) is in yours. If the value of the house is less than double the mortgage it means the bank would lose out in the event of a repossession as they would only be able to claim against your share of the house.
When you change title, the bank will seek a standard security over the property to the value of the mortgage, and it will be a condition of the mortgage that the deeds match the mortgage holders.
Thanks for the answers, I am not worried about it just wanted to know what they are sweating about.