Moving in with partner in his house-want name on mortgage how do i do this????

lblizard

Hi

I want to move in with my partner. His house is currently worth approx. £260,000 and he has paid for all work done and furniture to date.

I am living with my parents and paying rent. If I was to live alone i have tested on net and could probably get £80,000 or more.

My boyf has suggested paying him what i want each month, working out what that is as a % of mortgage, and then if we should ever sell the house i get that % of the profit - for some reason i think this sounds rubbish.

Am i being stupid? What options are available to me? How can i get my name on the mortgage?

i earn considerably less than my partner and it is clear that unless i pay half i will own half the house only % equivalent of what i pay.

I am really lost and in the dark and need advice - HELP PLEASE.

brannyrhino_2

You can just ring up the Mortgage Company and arrange to add your name. It will cost up to £500. Your boyfriend is unlikely to do this as you may then be able to claim an unfair share if you ever split up.

You need to agree an arrangement through a solicitor.

welnik

lblizard wrote:

Hi

I want to move in with my partner. His house is currently worth approx. £260,000 and he has paid for all work done and furniture to date.

I am living with my parents and paying rent. If I was to live alone i have tested on net and could probably get £80,000 or more.

My boyf has suggested paying him what i want each month, working out what that is as a % of mortgage, and then if we should ever sell the house i get that % of the profit - for some reason i think this sounds rubbish.

Am i being stupid? What options are available to me? How can i get my name on the mortgage?

i earn considerably less than my partner and it is clear that unless i pay half i will own half the house only % equivalent of what i pay.

I am really lost and in the dark and need advice - HELP PLEASE.

Hi there,

Does the house currently have a mortgage on it? If the house is worth £260,000 and this is without a mortgage then I would suggest the following. A mortgage can be set up as "tenants in common". This basically means that it is stipulated somewhere in the legal papers who owns what. You say you can afford a mortgage of £80,000. If the property is worth £260,000 this is roughly about 30% of its value. The best thing to do would be to remortgage (unless you partner has tie ins), arrange for the ownership to be split 30/70. You hand over the £80,000 to your boyfriend. You could then pay the £80,000 mortgage. The only thing is, the lender would still chase the both of you for any arrears.

Hope this helps

Kaz

lblizard

Hi Kaz,

thanks for your swift reply.
What do you think of my boyf's suggestion?

Yes the house already has a mortgage and was recently remortgaged too. Do this make a difference?

Can you advise, where do i get the £80,000 cos someone told me in passing that you cannot get a mortgage on house that already has a mortgage?

Also would there be large fees involved for doing this?

welnik

Ive just re-read your message. I suppose you could do it the way he suggests but you wont have anything legal on paper. Although, I dont know what common law rights and that malarky will affect things.

How much mortgage has he got? You also need to know what tie ins he has on his mortgage? You can do a "Transfer Subject to Mortgage" which is basically where the lender will add you on. Dont know what the charges are for this. I would need to some figures really as above.
regards
Kaz

fannyadams

do not get you name on the mortgage. If you are contributing to the house then
WHAT YOU REALLY WANT IS YOUR NAME ON THE DEEDS - So's you have joint ownership . then when you split up he's left to fund the mortgage on his own but you still own the house jointly with him and he'd have to buy out your share.
Not sure how legal this al lis but HWTHMBO and I have this arrangement. HIS mortgage but WE own the house (subject to repo byt he MC).

lblizard

Hi fannyadams - so how do i go about getting my house on deeds instead - do i then just contribute towards his mortgage? what about % ownership.

I'm sorry if i sound stupid but i am completely in the dark.



Also Kaz i think his mortgage is £160,000 plus remortage was £5k.

Regards

lblizard

Bossyboots

You need to do a transfer from him to you and him. You can download the form TR1 from the Land Registry site. He will need permission of the mortgagee to do this and they may well refuse as they will be stuck with a property on which they cannot foreclose because only one of the owners is on the mortgage. They may however agree to you going on the mortgage as well.

You would be well advised to get a properly drawn up legal document expressing who has what share of the property in the event you split up.