Hello
Can a NRBDT be constituted by way of an equitable charge over the deceased’s share of property (held as T in C), if there is an existing lifetime mortgage on the property?
If the property is to be transferred into the names of the trustees and the surviving spouse, I presume the mortgage company will need to be told, and they may not agree.
Would an alternative be to remove the name of the deceased from the legal title, and leave the form A Restriction on the title, in which case would the mortgage company need to be notified? My thought is the equitable charge would sit behind the legal charge and as the legal charge would be take precedence there should not be an issue, and that on this basis the mortgage company does not need to be notified.
Grateful for any thoughts.
Thank you.