House in whose name?

regularsaver1

i've unfortunately seen couples recently that come to be to do transfer of equity applications - to remove someone from mortgage - only 4 months after it started

seabiscuit_2

we recently bought a house with one person on the mortgage, and therefore only one name on the ownership

so our solictors advised us to get a "deed of trust" which basically states we jointly own the house (you can write them for different percentages) so that should we split up or one of us dies, than the other still has legal rights

kit

cupid_stunt wrote:

This is very similar to my situation in that I paid the majority deposit on our house, while hubby got the mortgage based on his earnings. But the mortgage is still joint even though I pay nothing for it, and my money wasn't taken into account when we took it on. Therefore the house is also in joint names.

You really should question that just in case anything happens. The mortgage should be joint between you and your partner even if he was the one who took it out.

Unfortunately I have bad credit (my ex ran up debt in my name after we split, its currently going to court). If we got a joint mortgage then we were only offered about £70,000; however if my partner got a mortgage on his own, they would give us up to £110,000. Needless to say, with prices the way they are, we needed the higher mortgage so I couldnt 'own' my house.

Ems*Honie

kit wrote:

Unfortunately I have bad credit (my ex ran up debt in my name after we split, its currently going to court). If we got a joint mortgage then we were only offered about £70,000; however if my partner got a mortgage on his own, they would give us up to £110,000. Needless to say, with prices the way they are, we needed the higher mortgage so I couldnt 'own' my house.

Kit, what a pillock your ex must be, I hope it gets all sorted in court!

UK007BullDog

kit wrote:

Unfortunately I have bad credit (my ex ran up debt in my name after we split, its currently going to court). If we got a joint mortgage then we were only offered about £70,000; however if my partner got a mortgage on his own, they would give us up to £110,000. Needless to say, with prices the way they are, we needed the higher mortgage so I couldnt 'own' my house.

Just because you have debts does not mean you cannot be on the mortgage or deed.

However if the debts are that bad that someone is suing you, you might stand the risk of getting it placed against the property or you personally. So in your case it might have been a good move.

However once your debts are gone you should at the next remortgage be added, earning money or not.

suki1964

InMyDreams wrote:

So does your insurance not cover you if anything happened to you? I may be just a housewife, but I'm covered too. Without me, dh would have a hard time holding down his job and looking after the house and three small children (even if he could afford that level of childcare which probably doesn't even exist!). At the very least, he'd have to take a huge hit to his salary, rendering him unable to keep up repayments. I consider myself to make an invaluable contribution (literally, because you can't put a value on it, lol).

Unfortunately a small health problem has excluded me from being insured

Luckily his children are now grown up so we dont have the worries of losing my contribution, which i agree that although it hasnt been monetry for sometime, it has been as valueable if not more so. Without me being at home keeping everything ticking along, he wouldnt have been able to have built up his business giving us the income we now enjoy

kit

UK007BullDog wrote:

Just because you have debts does not mean you cannot be on the mortgage or deed.

However if the debts are that bad that someone is suing you, you might stand the risk of getting it placed against the property or you personally. So in your case it might have been a good move.

However once your debts are gone you should at the next remortgage be added, earning money or not.

I am not being taking to court - I am taking my ex to court. I have paid off the debt so am trying to get it back from him!

The debt did mean that I couldnt go on the mortgage - as i explained about, we could only get a low mortgage if I was on it. I work but they still wouldnt do it.

I have been advised that we can look at adding me to the mortgage in about 3 years.

regularsaver1

kit - i do applications to add people/remove people from mortgages - Transfer of equity. You will need a solicitor at that time to do the transfer. but also you have to meet criteria on lender as normal

samspam

Ok, all people buying a house whether married or not ought to have a tenants in common or deed of trust document drawn up which clearly states who owns what share if the situation is an equal one!

I put 75k into our house whilst I needed my partners salary to get the mortgage. We had the mortgage in joint names even though I had no earnings at the time. I had a tenents in common document drawn up that split the property 76/24 in my favour. It's my deposit, why should I have to give half of that up?

Anyway, we are married now but my husband never wanted the house in his name anyway so now I am back at work I remortgaged and did a transfer of equity so that everything is in my name.

He is obviously trusting me that I wil offer him something if we ever split as he contributes to the mortgage payments.