advice on solicitors letter

cleofish

Hi, we are in the process of buying a property.

We have applied for a mortgage just in my partners name as my credit file isnt the best and I didnt want to jeopardise anything. However we have informed the bank that I will be living there.

We have made an offer on a house that was accepted and we are in the process of going through solictors to get it sorted. Proper application with the bank has been made and a valuaton and survey has been booked.

We had our first letter from the solicitors today where they have said that they presume the property ownership will go on a joint tenancy basis unless otherwise told so, which means on death the interest in a property will pass to the other person irrespective of a will. Or if we wanted a tenancy in common basis.

Now I just wanted some advice, am I right in thinking if we choose the joint tenancy option and I am named on the application for the deeds with the solictors this is going to affect the mortgage application going through just in my partners name and more likely to get rejected?

I did read some where that I might need to fill out a form saying I would be living there but I wouldnt take any interest in the property? Is that right.

And in terms with solicitors are the only options joint tenancy or tenancy in common? Or should we go ahead and just ask for a sole application for the deeds in my partners name and for me to just fill out the form relinquishing any interest in the property?

Anyone have any advice or a similar situation would be very grateful.

lincroft1710

If you want advice, your solicitor is best placed to advise you especially in the matter of property ownership and each partner's "rights".

It will cost you, but ultimately be worth the money for both of you to sit down with your solicitor and have a discussion about this for half an hour or even an hour. Your solicitor can then explain the advantages and disadvantages of what they are suggesting.

McKneff

I Thought you could not be on the deeds if you are n't on the mortgage, I may well be wrong though. I thought I had seen something like that on here earlier in the week

Richard_Webster

Did you tell your solicitors the house was being bought in jpoint names?

Most lenders (HSBC and Barclays/Woolwich seem to be exceptions) require the borrower on the mortgage to be the same as the property owner.

So if the mortgage is to be just in your partner's name then only he/she can own the property.

You will have to sign a form as an occupier saying that you know about the mortgage and you understand you can be evicted if he/she doesn't keep up the payments.

Guest101

Most lenders will not allow anyone who has an interest in the property to not be named on the mortgage.

So yes if its you OH's name on mortgage, its his on the House too