My name is not in title deeds. What are my rights as a wife if we split up?

littlewillow87

Hi all,
We're in the process of our first mortgage. For various reasons, we took out a mortgage in my husband name only, and now the solicitor said I cannot be in the title deed either.
All the deposits we got are gift money from my parents. Now I'm wondering what is my right if something happens?
I and my husband will make a will to say that if any of us dies, the house will belong to the other.
However I don't know what happens if we split up?
We're happy together now and there's almost zero chance we will split up. But giving that the deposits are my inherit & that's all I got, I don't want to become homeless if the worst case happens to us.


Thank you in advance!

loveka

I am not an expert but can only tell you what my experience was in the same situation.

Very close to completion I had to go to a different solicitor and sign something- sorry can't remember the name of it- which said I had no rights at all over the house. It was quite scary as the solicitor said "I am duty bound to advise you against signing this"!
I had to sign this because I would be resident in the house but without bring on the deeds.I think mortgage companies want protection against a person trying to claim they can stay in a house they don't actually own if they have to reposess.

We had a life insurance policy which deals with the ownership of the house. I am not sure a will would do it as you don't actually own any part of the house.

I did feel a bit insecure about not being on the deeds, and when I was able to go on the mortgage I did so as soon as I could- we had to remortgage to do this.

Recently we tried to remortgage in just my name as my partner had lost his job and we wanted to get a good fixed rate. The same thing happened in reverse- he would have had to be taken off the deeds and sign the same thing I had signed when we first bought the house.

StuC75

Title deeds need to match mortgage applicants.. Any scope for any kind of second charge to be registered now which states your interest in the property \ equity provided..

Although this could contravene what you may sign when completing the mortgage, and as hinted elsewhere a solicitor may look to explain what you are potentially signing away..

Being Married, it being the marital home and children down the line may change how this would be regarded legally..

Now is the time to make those decisions and arrangements, yes you may think now that everything is fine and it wont happen, but I thought the same twice before.. Once lost the house, second time round was able to get the mortgage into my name..

littlewillow87

Loveka and StuC75: Thanks for your answer. We are legally married under British law & have a child. I have just read somewhere that by being married, I am entitled to any property anyway even though my name is not on the deeds?
My husband reassured me that everything belongs to both of us. I do really trust my husband, just want to know my rights before the big decision.

amnblog

ask your solicitor

Finst

It sounds like the house will be an asset belonging to your husband. However, the starting point for most divorces is a 50:50 split of all assets, so you would probably end up with half anyway (what's yours is mine etc).

In fact, if you were looking after the child, in my admittedly limited experience I wouldn't be surprised if the courts were to give you the full use of the house, at least until your young one was fully grown up.

If I were in the position you have described, I would not be concerned. Having said that, I wasn't concerned about my divorce either, and that didn't go too well so maybe I am too trusting?

Wh05apk

If the lender is aware some of the deposit is coming from your side, and you will be living in the property, then I am not aware of a lender who would permit this.


Is there a genuine reason for you not being on the mortgage, or is this just a sloppy broker/adviser trying to cut corners?

Thrugelmir

Finst wrote: »

It sounds like the house will be an asset belonging to your husband. However, the starting point for most divorces is a 50:50 split of all assets, so you would probably end up with half anyway (what's yours is mine etc).

Some of the equity in the asset could be extracted though. With no interest in the property there's a complete inability to control events.

Thrugelmir

littlewillow87 wrote: »

For various reasons, we took out a mortgage in my husband name only,

Perhaps the forum could offer some thoughts.......

littlewillow87

Wh05apk wrote: »

If the lender is aware some of the deposit is coming from your side, and you will be living in the property, then I am not aware of a lender who would permit this.


Is there a genuine reason for you not being on the mortgage, or is this just a sloppy broker/adviser trying to cut corners?

We told HSBC that I contributed the deposits, mortgage in my husband name & they were totally happy about that. We've received the mortgage offer documents today.


Ok reason I wasn't on the mortgage was because I'm living in UK on spouse visa. HSBC mortgage advisor told us that they don't accept me on the mortgage unless I at least hold Indefinite leave of remain.
I will have ILR in few years anyway so perhaps I could add my name in the mortgage & title deeds then?
To be honest, as I said, I totally trust my husband. So as long as by law, I and my child can still stay in the house & perhaps have half of the assets if the worst thing happens, I'm not too bothered about the deeds.

littlewillow87

By the way, we're buying a property in Scotland if it makes any difference.