Ownership of House

dilemma10

All, I've posted a few times regarding mortgage and credit history issues. My partner has a significant chunk of equity in his flat that we are currently living in. I was not with him when he first bought this but have been living in it for 2.5/4 years. He now has approx £85k equity and wants to put this down as a deposit for a house. We attempted to do this jointly but a couple of brokers cannot find us a mortgage because my credit rating is 298/900 and "very poor". We don't feel we can wait much longer for more space. We have come to a compromise - he will get a mortgage on his own (he can) and we will sign a deed of trust and tenants in common agreements to ensure my name is also on the deeds. I will be paying in 50% of the monthly mortgage contributions and the agreement is any equity built up while I live in the house plus monthly contributions are paid back to me should we split.

Long story short - I still feel like it won't be "our" house just for the simple fact of not being on the mortgage. Am I being unrealistic?

Lastly; do the legal steps above seem satisfactory to protect my stake?

Thanks

gettingtheresometime

I didn't think you could be on the deeds but not the mortgage?

dilemma10

gettingtheresometime wrote: »

I didn't think you could be on the deeds but not the mortgage?

Yes I keep reading conflicting information on this too. I have read something which suggests paperwork submission to the land registry but then something else which states that the mortgage company would be contacted. Very confusing!

glosoli

I would be very surprised if you could be on the title deeds, but not liable for the debt. There are instances where the other way around is possible, i.e liable for the debt, but not on the deeds. This scenario is riskier to the bank than you being on the mortgage in the first place.

dilemma10

Is there anything else I could do to ensure legal rights over the property?

glosoli

I haven't read any of the previous threads you mentioned that you have posted but have you exhausted all avenues in obtaining a joint mortgage? Assuming so, you really should consult a solicitor to find out what legal instruments may be available to you.

Cakeguts

Can't you improve your credit rating?

Pixie5740

How many threads do you need about your pantomime of a relationship and buying a property?

If he buys this new property there is a good chance the mortgage lender will ask you to sign something declaring you will have no rights to the property. If you're still hellbent on being with him let him buy the property on his own. Don't contribute anything towards the mortgage and instead put the money in a savings account. Then further down the line when you've managed to improve your credit history by paying your bills on time apply for a joint mortgage using the money you've been saving to lower the LTV.

BLOW_FLY

dilemma10 wrote: »

Is there anything else I could do to ensure legal rights over the property?

Yes, get married and have babies....!

BF

MobileSaver

dilemma10 wrote: »

I will be paying in 50% of the monthly mortgage contributions and the agreement is any equity built up while I live in the house plus monthly contributions are paid back to me should we split.

Am I being unrealistic?

If you split you want your monthly mortgage contributions to be paid back to you? I.e. you will effectively have been living rent/mortgage free for all that time? Is that unrealistic?!? Absolutely yes!

It would be totally fair for you to receive a share of any increase in equity (i.e. once your partner's initial deposit has been returned to him) of the new house but to get your monthly contributions repaid as well is frankly ridiculous.