no mortgage, my house, can someone get morg on it

Barbiegirlju

Dithering_Dad wrote: »

Are you married to your partner?

If you're not, and he hasn't made any contribution to your home, then he doesn't have any claim on it.

Not married.
So he wont have any claim as he has never paid anything to it,
BUT I thought if you acquired money or property ect since being together he would have claim on any of it...thats what he is leading me to believe.

Mrs_Thrift

No, unmarried partners have no claim unless there's a legally binding contract, e.g. you are both on the deeds of a house.

I think you need to get some unbiased advice, not from your possibly soon-to-be-ex-partner.

Dithering_Dad

Yep, there is no such thing as 'common law' wives or husbands. Unless he can produce a mortgage contract with his name on it, or bank statements showing that he made payments onto the mortgage account then he's no claim.

It'd take you 10 mins and about £100 to confirm this with a solicitor. Much cheaper and less hassle (and danger) than your equity release scheme.

Just for information, one of my pals was actually married for two years to his partner and they split up. The courts ruled that as he brought the property into the marriage and as the wife didn't pay anything towards the house (she was living away at Uni for the duration of the marriage) she wasn't entitled to a bean.

She also provided 'free' legal advice to my pal, she reckoned she'd get half. Just goes to show that you should get your legal advice from an expert

getmore4less

niklepic wrote: »

Just wondering why you would want to give up the security of your own house to your friend - who could potentially default on the mortgage and result in your house being reposessed?

I though the plan was to buy the 1/2 in cash from mortgage of another property.

getmore4less

Barbiegirlju wrote: »

1 reason is that I may be splitting up with partner and this way he could only ask for half of a half.!!

If he is entitled to any of this then he just gets half the cash so no net benifit.

Actually by selling half now you make it easier for him to get half the money and in a falling market may even give him more than if you just waited.

As other have said find out what claim he has before trying anything.

you will need to establish no benifitial ownership.

planemad

getmore4less wrote: »

If he is entitled to any of this then he just gets half the cash so no net benifit.

Actually by selling half now you make it easier for him to get half the money and in a falling market may even give him more than if you just waited.

As other have said find out what claim he has before trying anything.

you will need to establish no benifitial ownership.

True, good point.

Ms_Brush

There is another loophole - which I had no idea was possible.

I took a mortgage in my name on my ex-husbands house before we were married to release some equity for home improvement. This was agreed by the Bank (same mortgage co as his original mortgage - so slightly different situation to this one) as long as the deeds were amended to include my name.

Anyway, to cut a long story short, the house was sold just before we got married, and the proceeds used as deposit on current house and an outright purchase of a property in France. When we subsequently divorced he claimed that I hadnt paid a penny towards it which was clearly untrue. When I checked with the Bank, the solicitor handling the transaction and with Land Registry, it transpired that somehow the ex had talked the Bank into releasing the money before the transfer of title took place. Then he failed to pay the solicitors for the transfer, so they didnt finish the job and transfer the deeds!

So, on paper, it looked like ex owned the house, as it was just his name on the deeds. Luckily the bank still had the records of the agreements and my repayments and my solicitor was able to get the copy of the other solicitors file - which meant I had proof of my interest in it. But, it took a long time and cost a fortune in legal fees to sort out... and Land Registry advised me that tricks like this are more common than you'd think.

My advice - dont touch this plan with a bargepole!!!!!

Barbiegirlju

getmore4less wrote: »

If he is entitled to any of this then he just gets half the cash so no net benifit.

Actually by selling half now you make it easier for him to get half the money and in a falling market may even give him more than if you just waited.

As other have said find out what claim he has before trying anything.

you will need to establish no benifitial ownership.

SO if i sold half to my friend, HE would be able to claim half of that whenever we split?be it next year or in the next 5 years?...how about if it is no longer there a in spent?

getmore4less

I think this thread is on the wrong board it is no longer a mortgage question but a legal one to do with splitting assets on separations.

Shineyhappy

If he has added value to the house in any way then he may be entitled to something but that means he has to do structural work or fit a new Kitchen/bathroom not just decorate.

I think you need to get some legal advice asap, but it sounds like he is trying to scare you to hand over money.

I think if it turned out for arguements sake that he was entitled to 50k from the house then even if you sold the house you would still have to pay him the money, even if it was by installments.

Please go and see a solicitor it sounds like you need your mind putting at rest!