15:03 PM, 2nd January 2019, About 2 years ago 6
I have an investment property where just I am named on the title deed and we have a Declaration of Trust where my wife is a 50% beneficial owner. The solicitors who set up the Declaration of Trust also placed a ‘joint proprietor or trustee restriction’ with the land registry. I am now trying to remortgage the property (in just my name) but the (different) solicitors involved say they cannot proceed unless the restriction is lifted, and that this can only be done by the solicitors who applied the restriction. The original solicitors say the restriction cannot be lifted because that would require me to be the sole beneficiary of the property, which is not true.
Other factors are: I am higher rate taxpayer; my wife is a lower-rate taxpayer; and the property currently has a mortgage in just my name.
I have three questions. First is it possible to have the restriction lifted if my wife gives her consent? Second, if it is possible to lift the restriction, would I have to use the solicitors who applied it in the first place? Third, would a better way to proceed be to change ownership so my wife and I become tenants in common, then remortgaging in both our names?
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