Adding partner to mortgage/house whilst avoiding fees...?

Discogod

Hey all, thanks for reading

I am the only named person on the mortgage to the house i live in with my partner of 5+ years. The 5 year fixed interest rate deal at 5.15% ends this August & together we think we'll have the funds to pay this mortgage off in full at this time.

I would like my partner adding to the mortgage to pretty much legally show that she has put funds into the house & so she has a share of it. The fee for this from the building society is £190 plus any solicitor fees.

Can anyone advise of any other way that of showing that my partner has a share in the house? Can we simply just write a document saying that's the case & get a couple of witnesses to sign it? Advice is welcome from anyone...!

trixietoes

Hi

I have done a similar thing with changing a joint name on a mortgage and as far as I am aware you can't have a legal note drawn up stating another person owns half... until there is no mortgage on the property, then I think you are free to do that as it is your house and you can do what you will with it such as change the title deeds of the house.

If you have a mortgage then you have to go through a kind of remortagage, i.e. have a new mortgage set up with the mort company and via a solicitor similar as to buying but without the legal searches of coal mining etc.

However, I am no legal expert, this is just from my experience a few years ago.

Give you mortgage company a call and just ask the question, they'll tell you what is acceptable to them, as until you pay it off, they are part owners of your home.

Conrad

No way to avoid the fees, afterall, you yourself no doubt recieve wages in return for work done, just as the lenders do. It may end up being straightforward, but some of these can be quite legnthy time consuming endeavours so the fee sounds very fare to me. What's £190 set against tens of thousands in borrowing!

Discogod

Thanks so much for help so far! It really does help.

I think we'll call the BS & Solicitors this week to confirm how much the fees really are. Will probably also ask the BS about timescales & what happens at the end of the mortgage to do with the title deeds (if i've got it right, the BS should be on the deeds now & change to me at the end?). We are looking at paying it off this Autumn so i think we may well wait & just contact the land registry to change the deeds (£40-£60 for me i think, house price is around £70-£80k). This should save us a few pennies quite easily & my partner is happy on this depending on the BS & Solicitor fees.

Thanks guys:beer:

Anyone feel free to add more please.... or point out flaws!

bacardi.

I would not bother, just get your other half to pay the mortgage when the time is due. She can then keep her bank statement showing the payment in case you split up, you could even get a EA around to give you a current value, this would show how much of a share she has then paid towards the current price.

scotty1971

£190 fees from your building society sounds great to me,i'm having to put my partner on my northern rock mortgage before we can swap lenders,and they want £260,plus my own solicitors fees!