Implications of one name on mortage

scottie1000

Hi all

We're hoping to move shortly. I'm older than my OH, but he is the major wage earner. Based on my age, the mortgage lender is only willing to allow our new mortgage term over 17 years making the repayments too high. We would be allowed 23 years if they weren't taking my age into account. Are there any legal implications for myself as joint owner of the house if we were to use only my partner's name on the mortgage? We are not married. I am concerned that in using only his name, I would make my own position vulnerable as joint owner. Has anyone any experience of this situation?

Many thanks in advance...

Meeper

If only your partner is on the mortgage, then he will also be the only one on the title deeds. You will not have any ownership or rights whatsoever.

You will not be joint owner if the mortgage is only in his name, as the ownership would need to mirror the mortgage in this instance.

C_Mababejive

You MUST seek the advice of a solicitor before you finalise this deal.

Whilst your at it,do a google for case law on TOLATA. It can get very nasty should you split up.

Whos on the morgage,who is the owner and who has a beneficial interest are all three separate things.

holly_hobby

I think Barclays are/were the only lender who allowed deed names to differ from the named mortgagors - I am not 100% on this (and never had cause to use it in my placement days), but sure I have heard this somewhere - give them a call to bottom it out.

Other than that, as part of the conveyencing, consider having your solicitor draw up a seperate agreement between yourselves, noting the formally agreed equity division on any split.

Hope this helps

Holly

RedFraggle

You can get a "living together" agreement drawn up however when I looked into this they are not actually legally binding. Consequently, whilst the courts can, I and believe generally do, take them into account there is no guarantee. When we looked at solicitors fee's to do this it also actually worked out cheaper to go down the registry office and get married which from a legal perspective fixes things!
Not wanting to be morbid, but you would also need to ensure that appropriate wills are in place, otherwise if your partner were to die first you would have no automatic legal right to remain in the property.