How to gain ownership?

Nearlythere86

Guys, first of all i'd like to say hello to everyone, I have taken information from here a few times buit only just joined, the reason is as follows:

I'm in an awkward situation, myself and my fiancee (getting married next year) have just bought our first house together.

Because I was an irresponsible idiot with money when I was younger I am unfortunately in debt managment although very nearly finished, because of this I could not of been put on the mortgage so it is all in her name.

My concern is that I have put a lot more money into the deposit and i'm the only one buying things for the house, its nearly finished and I have paid for it all yet if worse case scenario we were ever to break up I would lose everything.

My issue is not thinking we may break up its just to cover my back for the what ifs. Is there anything I can do to get shared ownership over my property despite the mortgage being solely in her name?

Thank you.

kingstreet

The mortgage and ownership of the property are in her name.

You may be able to execute a Deed Of Trust, but you would need a solicitor's advice on this, as it's usually required when buying in unequal shares, not when one person isn't party to the ownership at all.

If you are providing part of the deposit, how is this being documented? A gift would require a letter saying you have no interest in the property, which the provision of a DoT would suggest is untrue.

Is the mortgage lender aware of your contribution as many will not accept part of the deposit coming from someone who will not be party to the mortgage and ownership who will reside in the property?

Nearlythere86

We both live there, there is nothing to support my contribution to anything other than bank statements which show me putting large amounts into her bank account here and there, I know this doesn't count for anything.

I have signed the letter stating i have no interest in the property as this is a requirement to do so but our mortgage advisor did know I was paying half of everything.

Is there any kind of contract can be drawn up or how do things change once we are married?

kingstreet

As suggested, seek legal advice.

antrobus

Nearlythere86 wrote: »

....Is there anything I can do to get shared ownership over my property despite the mortgage being solely in her name?....

Your Plan A should help. As in "getting married next year".

Apart from that, it would be important to note that there is a difference in law between legal ownership and beneficial ownership; you might not be the legal owner of the property, but assert that you are a beneficial owner. You could indeed arrange for a deed of trust to formally recognise your beneficial interest in the property. On the other hand, your fiancee might possibly question why such a document was necessary, and why you were even contemplating the possibility of a "break up". (I don't know her, so I really have no idea.:))

Other than that, all you can do is document your financial contribution as much as you can. Keep all the receipts etc.

Nearlythere86

Brilliant, thanks guys.

I don't know anything about all this stuff so thought i'd best find out for definate.

GW78

Are things purchased by one party before the marriage dealt with differently to afterwards?! I'm not sure, just throwing it out there.
Did you see a solicitor when purchasing the property? Perhaps you could see that person, you may get a better rate as it's a follow up?!
It would be worth talking about wills too because until you are married it would all go to her next of kin. You can draw one up that mentions you're to be married. I don't know the ins & outs but it was mentioned to us in the past. Good luck.

[Deleted User]

I wonder how your creditors would react, if they found out you were spending a lot of money on the deposit, and on buying items for the house, while paying them less than the contractual amounts?

Nearlythere86

Bedsit_Bob wrote: »

I wonder how your creditors would react, if they found out you were spending a lot of money on the deposit, and on buying items for the house, while paying them less than the contractual amounts?

Where did that come from and how is that helping? I am paying that as fast as I can and only have a few months left, hopefully to be cleared all together when I get my bonus in October.

Nearlythere86

I will speak to a solicitor and we've discussed a will already.

Thanks again.

[Deleted User]

Nearlythere86 wrote: »

Where did that come from and how is that helping?

I was just thinking that, if you did manage to get your name onto the Deeds, your creditors might become aware, and kick up a fuss.

You wouldn't want to be drawing your creditors attention to it, would you?