Putting my name on Mortgage tips

Senseicads

Hi Everyone,


I am going to be moving in with my girlfriend, soon to be fiance and wife hopefully! The idea being that we re-mortgage soon after and I get added to the mortgage and deeds. She has about £160k in equity, I'd like her to protect that in case the worst comes to the worst. Not that I think it would but you get what I mean. Her house is valued at £350k so I would expect it to be done a percentage value of the house and I would expect this agreement to be drawn up by a solicitor and all that. is there anything else I need to be aware of when I am doing this? I've never been a homeowner before and I was wondering if there was anything else I need to do or put in place. Are they any tips from anyone with past experience of this situation that we both should be aware of? I just want to be fair and to ensure that both parties get the best out of the arrangement...sounds a bit clinical that. We are going to be together and share everything, we pretty much have been anyway except for the housing. It's all very exciting and I just want to start off on the right footing.


Thanks in advance for any help/tips


Thanks

getmore4less

Exit scenario need to be considered and how they trigger an asset split/buyout and what timescales.

If going with equity % your share is based on how much dent you service.

muhandis

Ordinarily, couples own their home as joint tenants. This means that both own the whole of the home and if one partner dies, the other automatically becomes the sole owner of the home (irrespective of whether they are married/civil partners or not).

With a tenancy in common (which is what you and your partner will need here), each owns a set share - this can either be half each, or a defined percentage. Couples who have put unequal deposits into a property also sometimes use tenancy in common to protect their share in case they split up.

Its usage is increasingly common so should not be a problem for your solicitor at the time of remortgage to draw up the deeds accordingly.

I'm not exactly clear on what happens to the equity built through mortgage payments though.

Senseicads wrote: »

Hi Everyone,

I am going to be moving in with my girlfriend, soon to be fiance and wife hopefully! The idea being that we re-mortgage soon after and I get added to the mortgage and deeds. She has about £160k in equity, I'd like her to protect that in case the worst comes to the worst. Not that I think it would but you get what I mean. Her house is valued at £350k so I would expect it to be done a percentage value of the house and I would expect this agreement to be drawn up by a solicitor and all that. is there anything else I need to be aware of when I am doing this? I've never been a homeowner before and I was wondering if there was anything else I need to do or put in place. Are they any tips from anyone with past experience of this situation that we both should be aware of? I just want to be fair and to ensure that both parties get the best out of the arrangement...sounds a bit clinical that. We are going to be together and share everything, we pretty much have been anyway except for the housing. It's all very exciting and I just want to start off on the right footing.


Thanks in advance for any help/tips


Thanks