Single person mortgage, Joint ownership legal agreement

milsey_2

Hi,

I am buying a house with my partner. He is taking out a mortgage in his name as I have an adverse credit history. We want a legal agreement in place between us as I will be paying half the deposit and half the mortgage repayments. How can I go about this and what do I need to ask for?

VIGILANT22

Quote: We want a legal agreement

Are your questions not addressed in yr legal agreement

Thrugelmir

Speak to the solicitor handling your house purchase. They will draw up an agreement which covers your circumstances.

C_Mababejive

The mortgage company will want to know who will live in the premises and what the relationship is.

The agreement would be between you and your partner..i.e some form of agreed civil liability and would have no bearing on whos responsible for the mortgage agreement and that would be your partner. Why cant you make a joint application? Have you tried and failed??

PurplePow

I'm in exactly the same position, we were told there's no point in us applying for a joint mortgage as if my name is on it, it will be rejected because I have 1 default for £200 from 3 years ago.
The solicitors want to know who I am and the relationship etc, and he had to pay extra to show that my half of the deposit is a 'gift' to him and that I don't want interest charged on it.
I'll hopefully get on the mortgage in 2 years time!

C_Mababejive

A default for £200 3 years ago is hardly big time.

Have you actually submitted an application to anyone?

Why not just settle the £200 default and register it as satisfied?

PurplePow

C_Mababejive wrote: »

A default for £200 3 years ago is hardly big time.

Have you actually submitted an application to anyone?

Why not just settle the £200 default and register it as satisfied?

I applied for a mortgbage in principle and got declined, my mortgage broker approached lender's who said they wouldn't chance me applying again as I probably wouldn't get accepted, and obviously it would ruin my credit record.

With regards to my default, it was paid off a few years ago but the debt collection company never updated my record. I have wrote to them a few times, and when I had a free trial credit report online (credit expert I think it was) they even chased this up for me but they refuse to update it. They haven't actually chased the debt up with me either (unusual for DCA's!) since I paid it off... don't know what else I can do!

Slayerx

Which debt company are we talking about.

By law they have to update your credit file as it needs to be accurate.

Conrad

Thrugelmir wrote: »

Speak to the solicitor handling your house purchase. They will draw up an agreement which covers your circumstances.

You will know surely that the lawyer dealing with the property HAS to by law disclose any such matters to the lender and then as a result the lender will not be able to proceed and here's why;

Lets say the mortgagee gets into arrears and the lender needs to repo. As they were aware this thrid party has an interest the nthird party (ie the OP) may demand all thier deposit back, but after the repo which involves many costs and also the 'bitter' person being repo'd often wrecks the place deliberately, there may be insufficient funds which is made worse by the third party wanting thier original cash back.

Furthermore the OP could argue they can argue they are not on the mortgage so not responsible for arrears and therefore cannot be made homeless.

PurplePow

I honestly can't remember the name of the company, they came up on my credit report as a reallt strange name, something like EOS (ACTIOS) or something similar? The original debt was with Littlewoods. I wrote to them demanding they update my credit report after I had paid it. My reply was another demand to pay from them, so I gave up in the end. Then later when I got my credit report ready to apply for a mortgage, I had credit expert write to them, but they got back to me saying they have refused and it's correct.
I was just going to wait for it to drop off my credit report in 2 years.

Slayerx

Littlewoods so it would be shop direct could be someone like Lowell who have your debt.

Have you looked at a notice of correction explaining its been paid but not updated to be used for now until you resolve it ?