Conveyancer won't add me to title deeds!

nishnosh

We have declared dependents - I and my children are listed as spouse and dependents on the mortgage offer. We are listed as occupiers of the house on the mortgage papers and we haven't hidden this from Halifax.

I think I have just been extremely naive. I really thought it was as simple as me putting in half the money therefore I own half the house - obviously not!

I did see a mortgage broker prior to taking the offer with Halifax and there didn't appear to be a problem but maybe I didn't ask the right questions.

Anyhow, thanks everyone for your advice. I am speaking to my own solicitor so we can try and sort something out with the conveyancer.

Thanks again.

Sarahspangles

Do you have a mortgage on the flat you are renting out? Is that why adding your details to the application meant that you could borrow less?

nishnosh

No, no mortgage on the flat. Which is why I am renting it out. this way I can contribute to the mortgage. But this can only start when I move out so there is are no accounts yet.

gfplux

Halifax know what they are doing. They need to make sure that whatever happens in the future they are covered and will get their money. if things fall apart relationship wise they will not need to be involved in that part of any dispute.
Giving gifts to family has often not worked out as it is hoped.

TBagpuss

The problem is that it sounds as though in order to get the mortgage, the Halifax requires he money from you to be a gift. Having our name on the deeds wil require the Halifax's consent.

You and your husband can draw up a declaration of trust, which provides that he holds the house as trustee or you and him, either in equal shares, or in shares proportionate to your contributions. You can also register a Matrimonial Home Rights notice against the property once it is registered to him, which would give you some protection (by giving notice that you had an interest in the property) to a future lender or buyer, which reduces the risk of your husband taking out further borrowing, or selling the house, without your knowledge.

What does the letter you have signed (or been asked to sign) say? In some cases, it may still be acceptable if it is worded as a loan provided it is clear that he Halfiax has priority and the loan is only repayable on sale of the house.

nishnosh

Thanks everyone for your help.

Thrugelmir - thanks for the wake up call, we went into this with no idea that I couldn't be added to the deeds and so we have pulled out.

I'd rather do this the right way. So will now be checking whether a mortgage with both of us would be acceptable. Stupidly, we didn't even check with Halifax because I thought my half was already paid for - and we might actually get the money we need.

TBagPuss - thanks for your reply but even a declaration of trust would be shaky if I gift the money away. One could argue that there was an interest in that money if a declaration follows...

Sad to see our house go back up on the market, but I don't want any part of mortgage fraud or to lose my rights.

Back to the drawing board!!

Richard_Webster

Did you apply for a mortgage in joint names?

If not, why not?

kingstreet

Richard_Webster wrote: »

Did you apply for a mortgage in joint names?

If not, why not?

See post #7.

Looks like they didn't bother as affordability is shot, when joint application and only one income.

nishnosh

We didn't actually find out how much we could get if I'm being totally honest. We only got one quote with HSBC. We knew it would be less but still not sure how much less with anyone else as I think HSBC are quite conservative - but what do I know!. The actual reason we didn't go for joint names was that my husband would be paying his half of the property so it just seemed to make sense that he take the responsibility and we assumed I'd be on the deeds as the deposit is mine. I just didn't understand how it all works. Lesson learned.

Will be going to see bank manager on Monday to see where we stand.

It might still be OK for us as we have quite a bit in savings so we could cover the shortfall.

Kingstreet - might even look into a broker