Morgage going in partners name - am I still a buyer?

unite79

Again, I re-iterate, You CAN NOT GO ON THE TITLE DEEDS IF YOU ARE NOT ON THE MORTGAGE.

You can do a Deed of Trust, but this does not mean you are on the Title deeds.

Robert_Sterling

I am confused. :T:A:j

Hippychick

Having worked as a conveyancer for several years I have never encountered a scenario where a lender would allow an additional person on the title deeds but not on the mortgage. It would be impossible to repossess the property should the borrower default on the mortgage.
Furthermore I very much doubt the HMLR would register the property in both names if a mortgage was in one the property would never be registered and any solicitor acting would be foolish to attempt it as it would mean that he cannot act in the best interests of the lender.

MarkNewby

Well, it turns out those of you who said you can't are correct.

Our solicitor has received the mortgage offer today, and can't proceed because i'm not named on it. We are homeless as of sunday afternoon.

Don't really know what to say.

We now have at least a week living in a hotel while all of the leasehold agreements are redrawn and then need to get everything signed.

Hippychick

Sorry to hear that, have you seen a broker to see if you could get onto a mortgage at all?

MarkNewby

No, although I doubt that I could as I have a default from around one year ago and have been working self-employed for the last 3 months

Cazza

I'm sorry to hear you've had to go through that Mark. Is there any reason why you fell you MUST be a joint owner and it's not appropriate for the solicitor to draw up Deeds of Trust etc instead?

unite79

Sorry to hear that Mark, it is a shame that you came onto a public forum to get advice, and then people who did not know the answer gave wrong advice - and then suggested I was being stubborn.

I wish you the best, but cant see why you cant do a deed of trust to overcome the problem, then you can probably be added to the mortgage in the future!

sgt.tibbs1977

If you are moving into the property as a couple but only one person can be on the mortgage then you may still be legally entitled to a share of the property through 'beneficial interest' (or 'beneficial ownership'). It is advisable to establish this via a solicitor by drawing up a written agreement or 'trust deed' (as stated above).

If establishing this through a formal agreement is proving difficult due to your mortgage company objecting then beneficial interest may still apply but becomes a lot more tricky to establish in the event of disputes.

This is usually established if a direct contribution has been made towards the purchase of property. Establishing it through the payment of household bills makes your position a lot weaker.

However, beneficial interest is not a straight forward area of law and should be discussed in more detail with your solicitor when you next see them as it could become relevent if there are problems in the future and there can be a few different ways of protecting your interest.

sgt.tibbs1977

Forgot to say, sorry the deal fell through, I bought my first place last year and I had three fall through before getting it, good luck.