New joint morgage but its 'my' equity

punkypin

I was under the impression when we moved we were getting a house together now Im earning a good wage as a nurse ....but as im paying off my overdraft form Uni and contributing to mortgage and bills Im unable to save, now he said he wants solicitor to draw up the reflection of his equity so as im lower earner Im guessing the new house wont strictly be a joint mortgage...more 1/3rd. Just surprised me I suppose after nearly 6 years together...

monty-doggy

When you go for a meal or a holiday, or shopping, do you pay half each?

punkypin

monty-doggy wrote: »

When you go for a meal or a holiday, or shopping, do you pay half each?

We pay for our own holidays as we do separate things, and shopping comes out of joint account I put 1/3'd of total income into (as worked out from % of wage against outgoings)...I suppose he pays if we eat out but its a rare occasion

[Deleted User]

Thinking about it more, previously you said:

punkypin wrote: »

I made it clear I came into the marriage with nothing so I will leave with nothing if it came to it as he said it is 'his house' but 'our' home (his quote)...

Maybe he thinks that you're too proud to accept "free" equity and don't want to be seen as trying to take something for nothing, even if he would be happy to give you the equity if you wanted it?

Talk to him, if he's unreasonable or doesn't trust you then at least you know not to get into a mortgage with him! If you've been together for the better half of a decade I can't imagine that he wants anything other than you to be completely happy with the situation

InMyDreams

monty-doggy wrote: »

Sorry I don't get what you mean, you think he should have more?

I mean that I don't understand why a partner who enters with nothing should expect to leave with the same (ie nothing) when it's clear that the other partner would expect to leave with a whole lot more.

punkypin

citricsquid wrote: »

Thinking about it more, previously you said:



Maybe he thinks that you're too proud to accept "free" equity and don't want to be seen as trying to take something for nothing, even if he would be happy to give you the equity if you wanted it?

Talk to him, if he's unreasonable or doesn't trust you then at least you know not to get into a mortgage with him! If you've been together for the better half of a decade I can't imagine that he wants anything other than you to be completely happy with the situation

I suppose my assumption as a married couple, both earning (granted im of a lesser %), we would just enter a joint mortgage one day when it came to us moving on to a bigger house...so just was shocked at what he said and really just wanted to gage the 'public opinion' on this matter.

monty-doggy

punkypin wrote: »

We pay for our own holidays as we do separate things, and shopping comes out of joint account I put 1/3'd of total income into (as worked out from % of wage against outgoings)...I suppose he pays if we eat out but its a rare occasion

Are you happy?

punkypin

monty-doggy wrote: »

Are you happy?

I thought so! but have to say him saying what he said has made my mind work overtime lol

MrsPBikerChick

PunkyPin, my hubby and I are about to enter the situation you were in pre-uni. At present I earn almost £20k more than hubby and he is about to start uni in September, through which i will be financially supporting him. I legally own our house and the mortgage is in my name. As far as I'm concerned our house is "ours" rather than "mine" in all but legal ownership and the only reason things are as they are is for pure convenience. Consequently I wouldn't dream of saying what your hubby has when we look to move after uni is finished. To me it smacks a bit of mistrust and a need for power, but that is strictly my personal opinion.

Incidentally, if you take out a joint mortgage you will almost certainly be required to own the house as joint tenants rather than tenants in common. With the former the house is owned equally and there are no shares, which you can have on with the latter (this is how shared ownership schemes work). I suspect the only way he might find he can protect "his share" of the equity is by way of a legal charge over the property, and no mortgage company is going to like that in case it supersedes their charge (ie their security for the mortgage). If I remember back to my property law lectures correctly, I think while it is possible to make a beneficial trust in land by way of a deed this is on,y in equity and therefore not enforceable against someone holding a legal charge over a property (ie the mortgage company). In short, trust or not if the mortgage company calls in their charge because of a default he won't have a leg to stand on. Besides, as a joint mortgagor he will be jointly and severally liable the same as tou irrespective of who contributed what at the time of purchase.

On the human side, sit him down and tell him how upset his actions have made you. He might just be being a bit of an idiot and have taken "protect your assets" advice a bit too far to heart and not thought about the effect his actions would have on you and your relationship.

ValHaller

Thrugelmir wrote: »

....
You should seek independent legal advice from your husband. As the solicitor would have a conflict of interest in advising both parties.

Well, firstly the husband probably is not legally qualified. And secondly he will have even more conflicts of interest.