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Why do I have to sign to say it's not a marital home?
curlywurly86
Posts: 7 Forumite
Hi everyone,
I am due to complete on my first flat purchase on friday. Myself and my partner of 10 years will be living in the flat. It's only in my name however, because the lender would not take his income into account as he is a PHD student with an untaxable stipend despite it being the same as me after tax etc!! We have separate bank accounts but share all bills etc pretty much equally. He transferred me the deposit and fees and that was all fine as joint savings. We are not wanting to be financially linked at this point as I still have 6 months until 2 small settled defaults come off my account.
I was at the solicitors today and signed a bunch of documents - there was alot as it is shared equity between the developers and the scottish government.
I came away having forgot to ask about one of the documents. I was asked to sign a declaration that it will not be a 'marital home'. Could anyone explain to me the full reasons why they needed this signed? I thought I knew at the time but now I am not so sure!
Many thanks in advance!
I am due to complete on my first flat purchase on friday. Myself and my partner of 10 years will be living in the flat. It's only in my name however, because the lender would not take his income into account as he is a PHD student with an untaxable stipend despite it being the same as me after tax etc!! We have separate bank accounts but share all bills etc pretty much equally. He transferred me the deposit and fees and that was all fine as joint savings. We are not wanting to be financially linked at this point as I still have 6 months until 2 small settled defaults come off my account.
I was at the solicitors today and signed a bunch of documents - there was alot as it is shared equity between the developers and the scottish government.
I came away having forgot to ask about one of the documents. I was asked to sign a declaration that it will not be a 'marital home'. Could anyone explain to me the full reasons why they needed this signed? I thought I knew at the time but now I am not so sure!
Many thanks in advance!
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Comments
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If it's a marital home and the two of you break up, that will have an influence on how it's divided between you.
Phone your solicitor in the morning and ask for a fuller explanation. You're paying them more than you're paying us.
A quick google brought forth this extract, which may help in the meantime0 -
Thanks Googler thats a useful link - living up to your name!
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