Joint mortgage single ownership

Yellowbee123

Hello,

Me and partner applied for joint mortgage with intention of % ownership each as partner was putting up the deposit so will have made a larger contribution to the value of the property.

I'm willing to pay him back half by contributing more monthly, or potentially borrowing money from my parents, but in the mean time me and partner need to decide equal or % ownership.

Partner now saying that until I pay him half the deposit he wants the property entirely in his name as he doesn't want me to own half having not yet contributed to the deposit.

However, the mortgage application is in both our names. So I would still be liable but have zero ownership.

Questions:

Do we need to change the mortgage application so it's solely in his name? I don't want it to be fraudulent!

At what point in the purchasing process do we have to commit to joint or % or sole ownership?

How easy is it to change between ownership types?

Is there some sort of legally binding agreement we can make whereby the property becomes half mine once I pay him back half the deposit?

Essentially, he wants to protect himself by not signing half the property to me when I've contributed less than half (or as he pointed out, basically nothing at this point) and I want to protect myself by not being liable for a mortgage on a property I don't own!!!

Any help or advice would be amazing!!

Thanks

mrginge

Your partner sounds like a true gent.

Why would you even entertain such a suggestion?

ladybabe

At the end of the day if its a joint mortgage you are jointly liable for the repayment, if he wants the property just in his name then the application should reflect this. You would always need to re-apply to add or remove a borrower if a mortgage is in place and would involve solicitors fees at least. It sounds like you need to get financial and/or legal advice

Hasbeen

Yellowbee123 wrote: »

Hello,

Me and partner applied for joint mortgage with intention of % ownership each as partner was putting up the deposit so will have made a larger contribution to the value of the property.

I'm willing to pay him back half by contributing more monthly, or potentially borrowing money from my parents, but in the mean time me and partner need to decide equal or % ownership.

Partner now saying that until I pay him half the deposit he wants the property entirely in his name as he doesn't want me to own half having not yet contributed to the deposit.

However, the mortgage application is in both our names. So I would still be liable but have zero ownership.

Questions:

Do we need to change the mortgage application so it's solely in his name? I don't want it to be fraudulent!

At what point in the purchasing process do we have to commit to joint or % or sole ownership?

How easy is it to change between ownership types?

Is there some sort of legally binding agreement we can make whereby the property becomes half mine once I pay him back half the deposit?

Essentially, he wants to protect himself by not signing half the property to me when I've contributed less than half (or as he pointed out, basically nothing at this point) and I want to protect myself by not being liable for a mortgage on a property I don't own!!!

Any help or advice would be amazing!!

Thanks

Get out now while you still can! "partner" LOL

ifiwerearichman123

Just to play devils advocate, I bought a property with my spouse - I put down the full deposit (over £200,000) which I financed by selling the two properties I had bought prior to our meeting. He contributed nothing as he had no assets coming into the relationship. So we had a solicitor draw up a deed of trust indicating that we are tenants in common with our percentage ownership indicated, as we are now both contributing to the mortgage so he is gaining capital. It shows that the first 40% of the property is mine, then the remainder split equally between us - as his salary wouldn't even cover the mortgage, I consider this more than fair (I earn a lot more than he does). I appreciate that, in the case of divorce, this may not be worth the paper it's written on but I would hope it would show intent as we both signed it and £200,000 (or even half of that) would be a lot of money to give away. Yes it's not romantic but money isn't romantic and you have to be sensible.

AnotherJoe

ifiwerearichman123 wrote: »

Just to play devils advocate, I bought a property with my spouse - I put down the full deposit (over £200,000) which I financed by selling the two properties I had bought prior to our meeting. He contributed nothing as he had no assets coming into the relationship. So we had a solicitor draw up a deed of trust indicating that we are tenants in common with our percentage ownership indicated, as we are now both contributing to the mortgage so he is gaining capital. It shows that the first 40% of the property is mine, then the remainder split equally between us - as his salary wouldn't even cover the mortgage, I consider this more than fair (I earn a lot more than he does). I appreciate that, in the case of divorce, this may not be worth the paper it's written on but I would hope it would show intent as we both signed it and £200,000 (or even half of that) would be a lot of money to give away. Yes it's not romantic but money isn't romantic and you have to be sensible.

That's fair enough, but the OPs partners suggestion would stitch her up good and proper so she should definitely do something along your lines.
Then there's the question of how the OP would monitor this if she paid more per month to gradually increase her stake over time.
Perhaps a little chart in the kitchen, like a church steeple fund

amnblog

There are lenders that will allow joint mortgage single ownership.

Post #5 is probably on the right track though.

This is a financial forum. but I wonder what advice you would get on a relationship forum if you have quoted your 'partner' verbatim here.

Pixie5740

By all means get a Deed of Trust drawn up showing he has put in £X for the deposit so in the event of a sale he either gets the first £X back or whatever % of the purchase price £X relates to and own it as tenants in common.

If he doesn't agree to owning it as joint tenants with a Deed of Trust then tell him to poke it and buy in his name only with a mortgage of his own. Then, if you move in contribute nothing towards the mortgage (he wouldn't want you building up a beneficial interest in the property) and save your money instead and a few years down the line you'll have saved a deposit and could then look at getting a joint mortgage with him.

His suggestion means you being jointly and severally liable for the whole mortgage whilst contributing towards the capital and getting diddly squat in return.