MMD: Should Jennifer do the deeds with Brad?

cubsy

If they both want to they should instruct a Transfer of Equity & remortgage in joint names and have the solicitor draw up a Deed of Trust to be registered at the same time as the mortgage which will protect any equity already tied up in the property (the deposit paid by Jen for example).

That said, anyone considering this joint mortgage scenario would do well to remember that even if one of you defaults on their share of a month's payment, the default is recorded against both your names by the credit reference agencies.

A larger initial payment can be protected quite easily - make sure you are confident in the other's ability to maintain their side of the payment required each month because this cannot be protected and is a matter of trust.

livin'_next_the_cut

NO NO NO - NO WAY !!!
But I would say that wouldn't I 'coz i've had my fingers burnt! Looks like costing me around £50,000 - yes... fifty thousand pounds.

Almost the day after I succombed to the seduction and moral blackmail, and signed the deeds, she clammed up... no more 'nice girl' and it took ages to sort out.

Solicitors eventually told me to give in to her demands coz it would have cost as much to fight through court and I would probably end up losing anyhow; so I did.

And it puts you off having another relationship... cautious - you bet! Bitten and now shy... trouble is, I do miss feminine company!

C'est la vie!

liz545

He may not be a gold-digger as has been suggested, but if I were in Jen's position I'd set up a joint account for them to pay their half of household bills through, and suggest that he sets up a savings account to pay in the money that he would be spending on rent, or overpays his debts to clear them off. Then, in a couple of years, they could think about him putting in a lump sum. But either way, I'd suggest she got some legal advice!

lordjim

livin'_next_the_cut wrote: »

NO NO NO - NO WAY !!!
But I would say that wouldn't I 'coz i've had my fingers burnt! Looks like costing me around £50,000 - yes... fifty thousand pounds.

Almost the day after I succombed to the seduction and moral blackmail, and signed the deeds, she clammed up... no more 'nice girl' and it took ages to sort out.

Solicitors eventually told me to give in to her demands coz it would have cost as much to fight through court and I would probably end up losing anyhow; so I did.

And it puts you off having another relationship... cautious - you bet! Bitten and now shy... trouble is, I do miss feminine company!

C'est la vie!

Have faith in humanity my friend. However, your example backs up my idea that unmarried couples in an untested co-inhabiting relationships should rent a property they live in rather than own their own.

esthomizzy

I would say don't do it. I've lived with 2 partners and I was lucky with the outcome once and the second time I wasn't. The first time the property was mine and when we split up he moved out, he had been paying me some rent and he didn't expect a share of anything upon our break up (which I think is fair, he would have been renting elsewhere if he wasn't renting from me). Partner number two then later moved in with me and after a while we bought a place together. I had equity from the sale of my first flat so I put in 80k into the new property and he put in 20k (borrowed off parents). I thought I was being sensible arranging the deeds as tenants in common split 60/40 (the way the ownership would have been split after the 20year term of payments) but when we split up 4 years later the 60/40 split worked out in his favour because I didn't get my 80k back before the divvying up. This meant that he profited by 260% during the 4 year term compared to my 60%. Since my capital was at risk if things had gone the other way I think this was very unfair. There are more complications than that as he also did a lot of work on the flat but the fact that he did very well financially out of knowing me remains. Especially since prior to that he lived in a rented shared flat and had no savings and apart from the settlement of 87k from me still doesn't have anything he's saved himself. This is all water under the bridge now - money can't buy you happiness and I am much happier out of that relationship but I would warn anyone else considering living together or buying together to think very carefully and discuss what you want to happen if the worst happens and you do split up. Looking back I wish I'd bought somewhere solely in my name and not with him because I was borderline unable to buy him out earlier this year. If I didn't have the amount of equity I do no mortgage company would lend me so much on my income multiples. I can only make the payments by extreme moneysaving and because I'm desperate to keep my flat.

I am currently seeing someone else who was always a friend (not related to break up in case you were wondering) and knows very well the trauma I've had in dealing with this so if we ever move in together he's already said that he'll be happy to sign something to indicate he doesn't expect to gain an interest in my property if he rents a room from me (he rents elsewhere anyway so he says it wouldn't make much difference to him and it would make the difference of us living together or me having a lodger and him staying where he lives now).

cheltenhamgirl

Slightly off the point, but several of you have told Jen to make sure that money is paid into a joint account for bills etc. I read somewhere on this site that if one of you had bad credit rating you definitely shouldn't get a joint account as it immediately means both of you have a bad credit rating? Does that sound right?

dippydora_2

No no no no no no no no no no NO!!!!

susiebelle

It's an interesting one this. I actually know of someone who suffered at the hands of his long-time girlfriend who refused to put him on the mortgage of her new house, despite the fact that he'd contributed regularly and without fail to her last house, including buying large items such as a new kitchen and bathroom! The result was that when she ended the relationship a year or so later, he walked away with nothing and she sat on a nice fat profit.

I think BOTH parties need to protect themselves. If Jennifer is paying the mortgage and doesn't want to add Brad to it, they need to agree up front on some kind of financial arrangement if Brad is going to be contributing on a monthly basis. This protects them both should the relationship fail.

In this day and age, I think it's far easier and safer for a couple to talk openly about financial matters before they agree to live together regardless of who owns what. Sit down, talk it out and if necessary draw up a formal aggreement. It might take the romance out of things initially but better that than a bitter, drawn out split later on...:rolleyes:

PayPeanuts_2

Dont do it Jen!!!

It might all be good in the beginning but he'll run off with Angelina eventually!!

DANDILION_3

Don't do it Jennifer. 2 years isn't long enough. Let his contribution pay for the groceries, electricity bill, council tax... anything you like, just don't put his name on your house deeds until you've been together at least 5 years.