mortgage and deeds question

kizzyk

Hi,


I'm buying a new build house (leasehold) and the mortgage is only in my name. My partner of 10 years is going to be moving in with me and we have both contributed towards the deposit.

Can the house be put in both our names on the deeds?


My solicitor has sent me a joint purchase of property form with information about a joint tenancy / tenancy in common but I'm not sure if I can even complete it.


My partner and I would want 50/50 share of the house so it would appear to be the joint tenancy route.


Can anyone clarify? Thanks

kingstreet

Only one lender will allow more owners than borrowers, so it's likely you won't be able to have joint ownership on a sole mortgage unless you have applied to the one lender in question.

Choose a joint tenancy if you want your share of the property to pass automatically to the joint owner on death. If you want your share to pass to someone else, via your will, use tenants in common.

The latter is also useful if you are investing different deposits and want unequal shares and/or a deed of trust to cover what happens if you split up in profit/loss/break even etc.

Land_Registry

As kingstreet posts it will all depend on your lender - if they agree/consent then you can transfer ownership and also deal with the joint ownership aspect

Our online guidance (linked to above) covers both and may be of interest with regards the completion notes for the Transfer and how the 50/50 share aspect is dealt with

kingstreet

Is your lender happy with the deposit also coming from someone not named on the mortgage? Most aren't.