Add me to partners mortgage & other options

Twisted_Animator

Hi all. I just wondered if anyone had any advice/experience on adding a partner to an existing mortgage (+ deeds).

I live with my partner and have been paying him half the (First Direct) mortgage by standing order since we moved in 3 years ago. However, he bought the house alone as he had been in his job longer and had a good deposit saved up. He put up a 15% deposit and paid the solicitors fees etc.

I also already bank with First Direct and have an excellent credit history so that side of things shouldn't be a problem.

What we were hoping was that I could be added to the mortgage and deeds, with the setup being that he should get his extra deposit money etc back should anything happen, but that after that, everything is 50/50 since we have both been paying from the start.

He recently remortgaged with First Direct, but having spoken to them since, they seem to think that to add me would include lots of costs including revaluation/home buyers report and the standard searches as well as changing the deeds (no stamp duty as we are under the threshold I think...) I've not seen all this mentioned anywhere else - is this normal? They gave us a new valuation when he remortgaged a few months ago...

If it is going to be messy and expensive to sort out with the bank now, are we better off just getting some form of legal document signed up stating exactly who would get what if the worst ever happened? Then I guess I could just hang on until we get a new property then do that as a fully joint purchase from the beginning. Are there any other options for me/us?

Thanks in advance.

LateStarter

Hello - I've done similar when my OH and I moved in. We got a Declaration of Trust drawn up by a solicitor. The mortage and house remained in my name, but the document spelt out our ongoing share (and committments).

There's quite a few threads on the House Buying forum about it (and how odd it's happening so often recently).

Trying_to_be_good

It's a transfer of equity - effectively he's selling you half the house.

I'm surprised that is need a new valuation as they have a recent one, but is the equivalent of a new mortgage application as they'll be checking you.

I think the legal fees were about £500 when I did this to remove an ex.

Twisted_Animator

Thanks both. I didn't even think about the House Buying Forum!
Yes it is strange about the valuation etc... I've definitely never seen anyone mention paying for that again.

It sounds like a declaration of trust might be the way to go. Are they expensive? Easy to set up?

LateStarter

Twisted_Animator wrote: »

Thanks both. I didn't even think about the House Buying Forum!
Yes it is strange about the valuation etc... I've definitely never seen anyone mention paying for that again.

It sounds like a declaration of trust might be the way to go. Are they expensive? Easy to set up?

Very easy - go to solicitor, tell him/her what you want. Go back in to sign and have document witnessed. From my memory, it was less than £200 but that was a few years ago.