Help regarding joint ownership

Ollie1987

Hi,

Im a FTB, sorting the final pieces of the mortgage. I got the mortgage in my name only as my fiancee has bad credit history. We have put in the same amount for deposit and fees and we will also be splitting mortgage payments and bills 50/50. My question is what could i do to give my fiancee some reassurance that the house is 50/50 ours? Hope you understand my question. Ha.

Thanks

Ollie

Fire_Fox

Speak to your conveyancer about a Deed of Trust.

Ollie1987

Hi fire fox thanks for your reply. Would there be a cost for doing this or would they just charge you for their time and paperwork?

Thanks again

Ollie

Fire_Fox

Speak to your conveyancer.

Kynthia

Unmarried people who are buying a property together should speak to a solicitor regarding a cohabitation agreement or a deed of trust.

kingstreet

Can you do a deed of trust if the property ownership and mortgage are in a single name?

I'd be surprised if you could and you'd also fall foul of the rule many lenders have that they will not lend if someone contributing to the deposit will leave in the property but won't be named on the mortgage.

Santander for example;-

We will not accept a gifted deposit if:
provided by the vendor (unless an acceptable new build
incentive from the builder/developer);
protected by a Deed of Trust (or similar);
the person providing it will be living in the property, but is not named on the mortgage; or
there is a beneficial/equitable ownership/interest in the property.