Ann: Trading Halt, page-14

When two or more individuals hold title in joint names (common ownership) and there is an existing standard security granted by both parties in the situation where title is transferred to only one of these parties it is likely that the creditor will want the person acquiring the whole property to undertake the whole obligations contained in the standard security. This is normally done by a deed of variation.

A standard security can be varied at the time it is granted, e.g. to depart from some of the standard conditions set out in the 1970 Act. If this is the case there is no need for an application form to be submitted for the variation and no mention of it should be made on the title sheet.


Don't like the look of this. It talks about transferring ownership to one party.