Remortgage with new partner

somewherenorthwest

Hi just looking for some advice, I have a house with a current value of around £200 000, I am due to get married at the end of the year and am wondering what the best thing to do with the house is. At the moment the house is solely in my name I have two young children from a previous marriage and obviously want to protect my assets. Should my Hubby 2 B enter into a joint mortgage with me for the £40000 or should I be looking to receive a lump sum payment from him to allow him joint ownership of the home. I'm at a loss as to what is the most sensible option.:(

Thanks

kingstreet

Sorry. What's this £40k you mention?

What do you want to achieve? We can't advise you how to achieve what you want if you don't tell us.

Do you want him to be part owner and party to the mortgage? If you ask him to "buy in" where's the money coming from and going to?

somewherenorthwest

Hi sorry maybe I wasnt clear the £40000 is what is outstanding on my mortgage, I'm trying to decide whether I should keep this house as solely my property or if I should bring my husband to be onboard as a joint owner, either through a lump some payment from him which I could then use to pay off the outstanding mortgage or through remortgaging in joint names for the £40000. I am obviouslly marrying someone I love and trust but I also want to protect my assets for the sake of my children. The house was previously owned by myself and my 1st husband (he has passed away), so now the hose is only in my name. Hope this is enough info, thanks

kingstreet

It comes down to two choices;-

- have him added to the mortgage and the deeds or remortgage to a new lender and add him to the deeds. The process is a transfer of equity

- leave things as they are. Your house and your mortgage.

If you feel it's necessary, you could see a solicitor to make an agreement to protect your assets at this point, as you're effectively handing over £80k to your new husband if you don't.

As I asked before, if he has to come up with £40k, where will it come from?

somewherenorthwest

He has £70000 in savings so I would be looking for him to use some of that money to pay the mortgage off. Maybe that is unreasonable of me but the way I see it he would be getting joint ownership of a house for a relatively small outlay.

CLAPTON

you have a property worth 200,000
you will accept 40k for half the value of the house?
or you would accept a joint mortgage of 40k for half the value of the house?

you need to much more clear about what you mean

suppose you died ? what would you want to happen to the house?
suppose things didn't work out and you separated ; what would you want to happen to the house?

somewherenorthwest

Well you see this is the whole problem it isn't straightforward the only real option I see is for the house to stay in my name and me pay the current mortgage off, however once I'm married surely my husband will have a claim to the house whether or not he has paid a penny towards it. I am not entering the marriage planning for divorce but as I have two young girls I feel it is only sensible for me to imagine all possible scenarios. Should I be expecting my hubby to pay me rent. For me this is an awkward topic as I hate discussing money and I want to do the most fair and appropriate thing for both myself and my fiance.

SouthCoast

Bearing in mind the amounts involved I think that you should be discussing your options with a solicitor, not an internet forum.