I want my wife on the deeds!

JimN

I'm currently a long way through the moving process.
However, just before exchange, it's come to light that with the mortgage only in my name, my wife will not be on the property deeds.
So, what are my options?
1) Go back to HSBC and ask them to amend mortgage into both of our names (i'm guessing this could take a while and they will have to re evaluate the whole thing?) There is no issue with her credit history etc, just that she's at home with the kids and not earning now, so her zero income affected what we could borrow, in a bad way!
2) A letter of consent? Apparently this would mean that she would be on the title deeds?
3) A deed of trust, but I dont think that she would appear on the deeds if this was the case?

Any help much appreciated.

Thanks

james

Leon_W

The mortgage will obviously only be in your name because you applied for it by yourself. The reason for this (as you mention in your post) is because the affordability is affected by your wife and children. So have you told HSBC that you are single ? If you now ask HSBC to change the whole basis of the application then you are back to square one with the affordability issue and in all likelyhood you will be declined.

Deeds of trust and letters of consent will not make any difference. The names on the deeds have to be the same as the names on the mortgage.

JimN

Thanks Leon. What can we do to protect her interest in the property, would either of the things that I mentioned make a difference?

McKneff

Only my own common sense kicking in but my suggestion is to cover yourself insurance wise (to clear the mortgage etc) in case of your death.

Make a will leaving everything to your wife.

Kyrae

Hiya! You could get a deed of trust written up to state that your wife also owns half of the property, though that will only be of use if you should ever split up and the house is sold, then she'd get half the money after the mortgage has been paid off. Her name still won't be on the deeds though. Getting life insurance is definitely a good idea, just incase you should die then the mortgage would be paid off and she could stay in the house. If you have a will, might be an idea to update it to say that the house passes to her if you die, though if you have no will I think the house passes to her automatically as your wife, though I might be wrong! Hope that helps

Oldernotwiser

I bought a house with the mortgage in my name and added my husband's name to the deeds with no problem.

LilacPixie

Does she have to be on the deeds??

JimN

Oldernotwiser- how did you do this please? As I've been told by the mortgage company (HSBC) if she wanted to be on the deeds I would have to go through the whole process again?!

Thanks

Fiddlestick

Oldernotwiser wrote: »

I bought a house with the mortgage in my name and added my husband's name to the deeds with no problem.

How did you get the lender to consent to it?

The mortgage is secured on the property, so how could they force a sale when there is someone else with an interest in the property?

Rallyspit_2

Oldernotwiser, There is no problem with being the sole person on the deeds and it was very common years ago that only the salary earner was on the mortgage deed. However, assuming you have declared to HSBC that you have a wife and children living in your home, your wife can be added to the deeds after completion subject to HSBC's permission.

There are three ways to own a property: Sole ownership - ie, just you; Joint Tenancy - where you both jointly own the whole property; and Tenancy in Common, where you each own a proportion of the property.

If you were to remain as sole beneficial owner, the easiest way to ensure your wife is protected is to: a) take out life assurance on your mortgage liability, (preferably written in trust) and make sure your will is up to date and leaves the property to your wife. Therefore if you die, your wife would have the money available quickly to pay the outstanding mortgage balance and the right of possession in the property.

Hope this helps.

Wh05apk

James,

I would suggest you do this properly, go back to HSBC and get it sorted properly now, do they think you are single? if so then you have effectively commited fraud.

With regards to life cover which others have suggested then yes of course you should protect the mortgage (not just you but your wife as well - if she died how would you work and look after the kids?) but to be honest makes no difference to the house/mortgage being in your sole name.