putting other half on mortgage

stigsgti

hi my otherhalf for 18 mths wants to be put on my mortgage which is due to be reviewed next mth.and go half on house hold bills etc.my house is worth 110,000 with a mortgage of 80,000.what i want to know is can i safe guard the money ive made on the house so far if we ever spilt up?.many thanks

Melissa177

Presumably if he's going halves on the mortgage, he owns half the house with you, unless you specify otherwise in a legal agreement/contract.

I'm not a lawyer though - maybe you could cross post this on the mortgage thread as well?

Mozette

Best to get it drawn up legally who owns what. You might be best getting it put as a figure or percentage, so you don't lose out whatever way the property market goes. Best to get legal advice for something like this.

pinkshoes

You need a legal contract stating that 27% of the house is already yours (£30k of the £110k the house is worth), then the remaining percentage (73%) is split between the two of you.

So you own 63.5% and he owns 36.5%, and if you do split up, then that's how you split the equity.

get this all in a legal document though, because 18 months isn't exactly a long time together, and you don't want him running off with half your house!

Melissa177

Hmm - split the equity or the mortgage?

Say, for example, the couple signed such a document and split up the next week, the 30K in the house would be split roughly 20K and 10K. So, the OP wouldn't have her 30K that she had (on paper) when she moved in OH.

Personally, I'm a bit worried that the OP is asking about what might happen if s/he splits up with his/her OH. If this is a possibility, I wouldn't do it personally. I would want to think about a marriage commitment first.

benood

I agree with Melissa but assuming the relationship is hunkydory you could do the following: OP's OH could stump up a £15k deposit for their notional 50% of the equity and then going forward everything could be 50:50. Alternatively you could remortgage now to 100% and get your equity out that way.

Kaz2904

If you go as tennants in common then you can specify the amount owned by each partner. The problem with this is that one can then force the sale of the house without the others consent.

densol_2

Any later change to the house ownership after the initial purchase is always tennats in common. That means if he has a share he could leave it to the local dogs home in his will and they could force you to sell it to pay them !

Only when you first buy a house is it joint tenants meaning it would be automatically transfered to the survivor.

Does he have minor children from previous relationship that could claim a share of the house on death ? or an ex wife without a clean break? you need to sort these issues out first before you open up your equity to him.

Denise

stigsgti

thanks for the info guys.he has no kids nore do i.and he has never been married we have a good relationship and i trust him 100%.but i just want to look after what ive worked so hard for