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  • FIRST POST
    • john1002
    • By john1002 5th Sep 17, 9:07 PM
    • 858Posts
    • 362Thanks
    john1002
    Any Pointers
    • #1
    • 5th Sep 17, 9:07 PM
    Any Pointers 5th Sep 17 at 9:07 PM
    Ok so Ill try and explain the background and hopefully some people can give me some pointers or pitfalls I may have overlooked.

    Am going to help my fiancee with some money to pay off her debts, pay towards a mortgage shortfall and pay for a loft extension to enable myself and my family to move in. Total between 90-95,000. I have spoken to a solicitor who advised a Deed of Trust to ensure my money is safe.

    She is remortgaging from a BTL to repayment, house value is £230,000 but once the loft is done could well reach £250,000 to £260,000. Mortgage is £124,000.

    Solicitor suggested her last completion certificate to gauge her input so we can put an equity split in the Deed.

    So my question; do we use the completion cert when house first purchased or when she remortgaged. Am I right in my understanding that should anything happen and we split up that my money is indeed safe, solicitor said it would be.

    Anything Ive not thought about, Im sure it happens all the time. I know it changes when we marry, I will be contributing to all half bills once we move in. But I wont be on the mortgage.

    Thanks for any help

    John
Page 1
    • ACG
    • By ACG 5th Sep 17, 9:10 PM
    • 15,405 Posts
    • 7,788 Thanks
    ACG
    • #2
    • 5th Sep 17, 9:10 PM
    • #2
    • 5th Sep 17, 9:10 PM
    Does she have any children?
    What happens if she refuses to sell both now and if you have any kids?
    - Have a look on this forum and you will see many examples where people are struggling to get their money out of a property after a relationship breakdown.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • john1002
    • By john1002 5th Sep 17, 9:21 PM
    • 858 Posts
    • 362 Thanks
    john1002
    • #3
    • 5th Sep 17, 9:21 PM
    • #3
    • 5th Sep 17, 9:21 PM
    Yes we both have kids, me two under 16 and she one under 16 and one an adult. Apparently solicitor says I can force sale if needed, max time 6 months?. Suspect if I don't do this we would be over and was something we discussed moving in but circumstances have gorced this sooner rather than later.


    John
    • ACG
    • By ACG 5th Sep 17, 9:24 PM
    • 15,405 Posts
    • 7,788 Thanks
    ACG
    • #4
    • 5th Sep 17, 9:24 PM
    • #4
    • 5th Sep 17, 9:24 PM
    Im not sure a judge would force a kid out of their home - but if your solicitor is prepared to guarantee it could be done then get it writing and I would not worry.

    I do not really want to comment on your relationship, but if your relationship would be over for not putting money into a property, I would certainly take the time to think about it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • dimbo61
    • By dimbo61 6th Sep 17, 3:39 PM
    • 9,460 Posts
    • 5,124 Thanks
    dimbo61
    • #5
    • 6th Sep 17, 3:39 PM
    • #5
    • 6th Sep 17, 3:39 PM
    "Am going to help my fiancee with some money to pay off her debts, pay towards a mortgage shortfall and pay for a loft extension to enable myself and my family to move in."

    Not sure why she has debts? Not sure why she has a mortgage arrears ?
    Hope it works and everyone is happy under one roof.
    Your input is £90/95,000 and house would be worth £30,000 more after work is done !!
    • john1002
    • By john1002 6th Sep 17, 6:29 PM
    • 858 Posts
    • 362 Thanks
    john1002
    • #6
    • 6th Sep 17, 6:29 PM
    • #6
    • 6th Sep 17, 6:29 PM
    No arrears just the difference from her existing mortgage and the amount she can secure.

    The house price is a guide but likely the loft conversion will not cover the outlay as the properties in the area have a ceiling.

    John
    • amnblog
    • By amnblog 7th Sep 17, 7:10 AM
    • 9,751 Posts
    • 3,768 Thanks
    amnblog
    • #7
    • 7th Sep 17, 7:10 AM
    • #7
    • 7th Sep 17, 7:10 AM
    You are being smart enough to engage a solicitor here John.

    Stick to their advice and don't confuse yourself with online forums.

    Most people on here will tell you not to do it because there are examples on here every week of similar scenarios that have turned horrendous.

    We all have choices to make and risks to take in life.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • csgohan4
    • By csgohan4 7th Sep 17, 7:47 AM
    • 3,775 Posts
    • 2,355 Thanks
    csgohan4
    • #8
    • 7th Sep 17, 7:47 AM
    • #8
    • 7th Sep 17, 7:47 AM
    money and family should never mix, most of all when the debt is someone else. Generally don't expect the money back if your 'lending' them money.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Leafeysurrey
    • By Leafeysurrey 7th Sep 17, 1:22 PM
    • 34 Posts
    • 18 Thanks
    Leafeysurrey
    • #9
    • 7th Sep 17, 1:22 PM
    • #9
    • 7th Sep 17, 1:22 PM
    when we marry
    John
    Originally posted by john1002
    Congratulations!
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