I want my wife on the deeds!

Conrad

Oldernotwiser wrote: »

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

Ha - the commonest client error I come accross.
You did not do this - it's impossible. What happened is her name was added to the mortgage and property deed, not just the property deed.

A mortgage becomes not a mortgage and unenforcable where a third party has a claim on a property deed but is not subject to the mortgage deed conditions - you could stop paying but her right to reside would pertain and the bank could not repossess.

I promise you she is on the mortgage deed. Income has nowt to do with owt.

bryanb

Conrad wrote: »

Ha - the commonest client error I come accross.
You did not do this - it's impossible. What happened is her name was added to the mortgage and property deed, not just the property deed.

A mortgage becomes not a mortgage and unenforcable where a third party has a claim on a property deed but is not subject to the mortgage deed conditions - you could stop paying but her right to reside would pertain and the bank could not repossess.

I promise you she is on the mortgage deed. Income has nowt to do with owt.

What you say is true for mortgages from traditional lenders.
However, I bought a property jointly with my parents, I paid my portion in cash and was named on deeds, My fiancee granted my parents a mortgage repayable at the death of second parent for their half of purchase price.
In default of payment their portion of the property devolved to my fiancee (Now wife). The solicitor transferred their portion to her name. Happy ever after!
So not impossible to have someone (me) on deeds without being on mortgage. It just depends on the terms of the mortgage.

E3N

Make a 'WILL', but before you include the share/split with your wife and children look into the inheritance tax issues so that they benefit. Life Insurance also is well worth while, one that covers the whole family. I know this advice is different from that above but adding your wife would be more straight forward then might think!

Wh05apk

Conrad wrote: »

Ha - the commonest client error I come accross.
You did not do this - it's impossible. What happened is her name was added to the mortgage and property deed, not just the property deed.

A mortgage becomes not a mortgage and unenforcable where a third party has a claim on a property deed but is not subject to the mortgage deed conditions - you could stop paying but her right to reside would pertain and the bank could not repossess.

I promise you she is on the mortgage deed. Income has nowt to do with owt.

You must have some funny clients if that is the most common error, my clients most common error is to over estimate their income!

wawa_2

I'm in similar situation as I'm newly self-employed & cannot provide income proof although I'm the one to provide the deposit (50% of the house value).

HSBC said there is no problem with them that mortgage on my OH's sole name & have both our names on the deeds. Our solicitor had no clue about it but after checking with land registry he confirmed it is possible too.

* The reason that we don't want both our names on the mortgage is because then the amount we can borrow will be ridiculously low.

Wh05apk

wawa wrote: »

I'm in similar situation as I'm newly self-employed & cannot provide income proof although I'm the one to provide the deposit (50% of the house value).

HSBC said there is no problem with them that mortgage on my OH's sole name & have both our names on the deeds. Our solicitor had no clue about it but after checking with land registry he confirmed it is possible too.

* The reason that we don't want both our names on the mortgage is because then the amount we can borrow will be ridiculously low.

Affordability should not make any difference, if you are not on the mortgage you are classed as a dependent, if you are then income has to cover both/all of you, so unless they are saying you are not living in the property it should make no difference, I suspect that the mortgage "advisor" has "manipulated" the information to make affordability fit.

Kyrae

Sorry if i've misunderstood what you're saying, but myself and my partner just bought a house with only his name on the deeds and mortgage due to me being unemployed. When we tried getting a mortgage in both names we were refused as I was classed as a dependant, but when he applied in his name only there were no problems and I wasn't classed as a dependant. I just had to sign a form to say that I was living in the house but had no claim over the house if he didn't pay the mortgage and it was repossessed. We have a deed of trust to protect my share of the deposit etc though. So if you're not on the mortgage, it doesnt necessarily mean you're still classed as a dependent.

Wh05apk wrote: »

Affordability should not make any difference, if you are not on the mortgage you are classed as a dependent, if you are then income has to cover both/all of you, so unless they are saying you are not living in the property it should make no difference, I suspect that the mortgage "advisor" has "manipulated" the information to make affordability fit.

samand

Kyrae wrote: »

Sorry if i've misunderstood what you're saying, but myself and my partner just bought a house with only his name on the deeds and mortgage due to me being unemployed.

Hiya,

Can I ask where you got your mortgage? Just interested as this is something we are wanting to do. Many thanks!

geoffky

we have bought for cash and as i have owned houses before, we have just put my wifes name on the deeds so we then will not have to pay stamp duty,,in a few months time i will get my name put on them..

Kyrae

We got ours through Alliance and Leicester, though I think it was a Santander mortgage now they've sort of merged with Abbey.

samand wrote: »

Hiya,

Can I ask where you got your mortgage? Just interested as this is something we are wanting to do. Many thanks!