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Wife to "buy into property"
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Loki_northern_light
Posts: 9 Forumite
Hi guys. Looking for a bit of advice here. I own my house outright (no mortgage) and am getting married next month. Is there a way I can get my future wife to buy me out of half the property so both our names are on the deeds and we have joint ownership?
The equity released will,be used for various things such as renovations, honeymoon, paying off the wedding and perhaps consolidating her loads (I'm debt free).
She works full time and I am a full time student and freelance designer.
Thanks,
Stuart
The equity released will,be used for various things such as renovations, honeymoon, paying off the wedding and perhaps consolidating her loads (I'm debt free).
She works full time and I am a full time student and freelance designer.
Thanks,
Stuart
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Comments
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You can do a transfer of equity to make it joint and remortgage at the same time, but this will need to be a joint mortgage in most cases.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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It's as simple as that is it? That's a relief.0
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Loki_northern_light wrote: »It's as simple as that is it? That's a relief.
But remember on a joint mortgage - you are jointly and severally liable, which means ( hope not ) she did a midnight flit - you would still have to pay the mortgage.Stuck on the carousel in Disneyland's Fantasyland
I live under a bridge in England
Been a member for ten years.
Retired in 2015 ( ill health ) Actuary for legal services.0 -
Think it through.
If you use the money raised for joint things she has not really bought 1/2 the house unless she also contributes to the spending.
Will she be paying all the mortgage?0 -
Loki_northern_light wrote: »The equity released will,be used for various things such as renovations, honeymoon, paying off the wedding and perhaps consolidating her loads (I'm debt free).
Doesn't sound financially good. As that lot must add to a tidy sum.0 -
Let's just hope she doesn't. Besides. I'm irresistible.0
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Getmore4less -- yes she will. at least that's the plan.0
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Thruglemir -- there's more it'll be used for. Funding my final year at uni. Car etc etc. she'll be responsible for her own loans within the mortgage she takes out.0
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Loki_northern_light wrote: »Getmore4less -- yes she will. at least that's the plan.
As the money was taken out to pay for joint expenses then shouldn't the mortgage payment therefore be coming from joint household income.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
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