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

*EssEncE*

Yes you can, whn you come to remortgage you'll require a transfer of equity 1 -2.

The solicitor/conveyancer who works on your remortgage completes will carry out this additional work at a cost of approx £250 + VAT.

In order to safeguard your equity that has built up in your name, you'll need to set the ownership up on a 'Tenants In Common' basis, therefore you can specify the share each of you hold. The other option is 'Joint Tenancy' which has to be a 50/50 share which isn't suffient to meet your needs.

Hope this helps.

JoeK_3

I'm sure that you will find that the lender will insist that the mortgage is taken out on a joint tenancy basis.

Your solicitor should be able to advise you on the best way forward to safeguard the equity that you have built up so far.

JoeK

stigsgti

thanks for the info guys.i just want to protect what ive worked so hard for.

*EssEncE*

JoeK wrote: »

I'm sure that you will find that the lender will insist that the mortgage is taken out on a joint tenancy basis.

Your solicitor should be able to advise you on the best way forward to safeguard the equity that you have built up so far.

JoeK

Thats news to me JoeK. I'd be interested to know which lender in your experience has insisted a property be set up on a 'Joint Tenancy' basis.

You may be getting mixed up in terminologies -

'Joint Ownership' is used to describe both 'Joint Tenants (or 'Tenancy' like I stated) and 'Tenants In Common'

So yes without doubt, if it was a joint mortgage, the lender would insist on 'Joint Ownership', but under that term, the borrowers can opt for 'Joint Tenants' or 'Tenants In Common'.

Hope I make sense.

JoeK_3

*EssEncE* wrote: »

Thats news to me JoeK. I'd be interested to know which lender in your experience has insisted a property be set up on a 'Joint Tenancy' basis.

You may be getting mixed up in terminologies -

'Joint Ownership' is used to describe both 'Joint Tenants (or 'Tenancy' like I stated) and 'Tenants In Common'

So yes without doubt, if it was a joint mortgage, the lender would insist on 'Joint Ownership', but under that term, the borrowers can opt for 'Joint Tenants' or 'Tenants In Common'.

Hope I make sense.

We may be getting mixed up with terminology here.

For reference purposes please go to the following link.

http://www.lawontheweb.co.uk/jointtenants.htm

A lender will always want to lend money on a joint and several basis to protect itself, making both borrowers equally responsible.

Hope that this clarifies things further.

JoeK