Adding my name onto Deeds?

unicorn1984

HI

My partner bought a property in January, we would have bought it jointly but my credit rating isn't great, so the mortgage is in his name.

We recently went through a bad patch and I moved out. We have now reconciled and he has offered to add my name onto the deeds/mortgage so that I legally own 50% of the property, he see's it as a commitment he is making to me to show me that he is serious about our relationship (I am married, currently in the very early stages of divorce, so marriage isn't on the agenda yet!) and also he see's it as some security for myself and my 3 year old son incase anything happens again....

We split the mortgage and bills 50/50 when I lived in the house, and this will be the same when I move back in.

What would we need to do? Would I need to be added onto the mortgage and if so, if I were to fail the credit check (likely) what could we do from there? Or can I just be added onto the deeds? I have no clue about this, so if anyone could advise I would be very grateful.

Many thanks!

kingstreet

If you were unable to obtain a mortgage six months ago, you are unlikely to be able to be party to one now.

If the mortgage lender will not accept you as a borrower, you will not be made a party to the ownership either.

The transfer of equity you wish to undertake requires both.

unicorn1984

Right ok. What would adding my name onto the deeds do? (If anything)

Thanks

kingstreet

You cannot do that without the lender's permission as I said.

It's all or nothing. Mortgage and ownership or neither.

unicorn1984

Ok. Thanks for your help...

I wasn't actually credit checked for the mortgage 6 months ago, would the credit check for me to be added as a borrower be as stringent as it would have been then? I assume it would (answering my own question here I think!) but with him having already obtained the mortgage with his income approved and he can obviously afford the mortgage based on his income alone?

Pretty sure I know what your'e going to say LOL but just looking for a glimmer of hope here!

densol_2

You also need to think about this asset then forming part of your divorce assets if you do manage to get in the deeds ? I would sort out the divorce and financial consent order first

kingstreet

unicorn1984 wrote: »

Ok. Thanks for your help...

I wasn't actually credit checked for the mortgage 6 months ago, would the credit check for me to be added as a borrower be as stringent as it would have been then? I assume it would (answering my own question here I think!) but with him having already obtained the mortgage with his income approved and he can obviously afford the mortgage based on his income alone?

Pretty sure I know what your'e going to say LOL but just looking for a glimmer of hope here!

It's the same status checks for a TofE as it is for a new purchase or remortgage.

unicorn1984

densol wrote: »

You also need to think about this asset then forming part of your divorce assets if you do manage to get in the deeds ? I would sort out the divorce and financial consent order first

Hi

We didn't have any assets during our marriage, always rented and didn't have any savings etc.

Doesn't look like I will be able to be added on anyway x

ethank

Yes but it will become an asset..... your partner could potentially make a claim. take advice first!