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  • FIRST POST
    • Matey Sailor
    • By Matey Sailor 4th Dec 17, 12:52 PM
    • 4Posts
    • 0Thanks
    Matey Sailor
    Can I buy in, and protect my money?
    • #1
    • 4th Dec 17, 12:52 PM
    Can I buy in, and protect my money? 4th Dec 17 at 12:52 PM
    I'm looking to move in with my partner very shortly. She lives in a house with a mortgage, I live in a flat that I've paid off. I was considering buying half the house off her once I had sold my flat. Can I do this, and can I protect myself from possibly losing money in the event of us ever splitting up?


    Thanks.
Page 2
    • G_M
    • By G_M 4th Dec 17, 5:37 PM
    • 42,317 Posts
    • 49,159 Thanks
    G_M
    I thought there was a mechanic whereby you could sign something to say you'll allow the mortgage company to repossess and evict you.
    Originally posted by ThePants999
    Yes. The guy who services my car draws up these agreements on the side.
    • Lord Baltimore
    • By Lord Baltimore 5th Dec 17, 12:30 AM
    • 1,307 Posts
    • 1,297 Thanks
    Lord Baltimore
    I'm looking to move in with my partner very shortly. She lives in a house with a mortgage, I live in a flat that I've paid off. I was considering buying half the house off her once I had sold my flat. Can I do this, and can I protect myself from possibly losing money in the event of us ever splitting up?
    Thanks.
    Originally posted by Matey Sailor
    A far better arrangement would be that you keep your flat and pop round to her place for nookie
    all your base are belong to us
    • saajan_12
    • By saajan_12 5th Dec 17, 8:38 AM
    • 1,010 Posts
    • 678 Thanks
    saajan_12
    So, how does shared ownership work then if there can't be two 'owners' of a property? I've no intention of going on the mortgage, I will have already paid half for the place, so my moral responsibility is complete.
    Originally posted by Matey Sailor
    The difference is one owner, the HA, is not resident in the property. The position of part owner, part tenant is tradeable on the market so the can repossess your share, only physically evicting people on the mortgage and sell your % share to someone who the HA is willing to rent to.

    In a joint ownership with 2 people, both are living and if the bank repossessed gf's share, they'd be evicting you too or need to find someone willing to buy gf's share and live with you, which there isn't really a market for.

    To be a part owner you will have to be party to the mortgage if there is one. However you can have a Deed of Trust which will say your partner is responsible for paying all the mortgage and on a sale any mortgage outstanding will be taken from their share and not yours.
    Originally posted by Tom99
    Indeed. Note as far as the mortgage is concerned, you'd both be liable and the loan balance would be taken first from the sale proceeds upon sale/repossession, even if that eats into your share. The Deed of Trust is just an agreement between you and gf that she pays monthly payments and is liable for the mortgage balance. A solicitor should follow that to pay off the balance upon sale, but if gf's share isn't enough (eg if house prices fall) or if she doesn't make monthly payments, you'd have to sue her for anything that comes out of your pocket.
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