Quick question related to convenancying...

jenny74

Hi,

We are in the process of applying for a mortgage, and have instructed solicitors, I returned the signed agreement to them this morning along with cheque for mining and envirnomental searches.

I mentioned in passing to the secretary that our current house is just in my husbands name and though we had originally planned to put the new house in joint names, we had decided to just continue with it in my hisbands name. She seemed surprised at this and said that she knows the solicitor would advise it goes in joint names. Unfortunately the solicitor is not in today, so I couldn't discuss it further. The secretary says there are 'implications' but that she was not qualified to advise further.

My question is what ARE the implications of a married couple's house being in a sole name? This has never bothered me before.

I don't currently work (I have 2 young children and am studying for a degree), so my husband just did the mortgage application in his name. (I think he thought that me not earning would give me a bad credit rating, not sure if this is the case).

To be honest, it has never bothered me before, should it?

Thanks for any advice.

Jenny

jenny74

Anyone?

tbs624

You do need to discuss this thoroughly with your solicitor who will, as his sec says, advise that the property is registered in joint names. It is irrelevant whether or not you personally are in a paid job - you would only get a poor credit rating if you both defaulted on the mortgage or other loan repayments. It's especially important that your position is safeguarded when you have small children.

See here for a basic outline.