Transfer of Equity

Shona_Baxter

In 2004 my brother and I decided to buy a house together to get our feet up on the first rung of the property ladder. We jointly applied for a mortgage for the property (50/50 stake) and both of our names appear on the title deeds for the property.

I have recently got engaged and my partner has moved into the house that my brother and I jointly own and is contributing to the mortgage and all other household bills.

All parties concerned are now weighing up all the available options to make a decision about what to do with regards to the house (i.e. let it, sell it or transfer of equity). If we go for transfer of equity, I would be transferring my brother's equity in the property into my name, and my name alone would appear on the title deeds. I have asked my partner if he would like to go for a 50/50 stake in the property with me or have his name appear on the title deeds but he has said no. He feels that the equity in the property has nothing to do with him and that he'd be muscling in on my assett by doing so.

So my question is - would I be able to declare my partner's income to the mortgage lender should I decide to go for transfer of equity and remortgage to buy my brother's stake in the property? My partner says he would contribute his share (50%) towards the mortgage and the other household outgoings but could I legally declare his earnings seeing as he wouldn't be named on the mortgage or the deeds?

Thanks.

_Andy_

If your partner isn't going to be on the mortgage then their income won't be taken into account.

Robert_Sterling_3

Your partner could become your Ex ( that sometimes happens ) and then where would your lender be?

ALIBOBSY

Bear in mind if your partner pays towards the mortgage and all the housing costs should you split up, irrelevent of who is on the deeds they may have a claim against the equity. Obviously this can depend on the length of time you have lived together, but just something to be aware of.

ali x

Shona_Baxter

Thanks for everyone's contributions. It's given me some real food for thought.