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Is there a point adding another name to the house deeds?
avantra
Posts: 1,331 Forumite
Hi,
Many moons since I asked for advise here so please keep up with me :rotfl:
Our house is in my wife's name, the mortgage is in her name, we did it that way back then as I was self employee and she held a lucrative full time job that made it easier to get a good value mortgage we wanted.
When we bought the house eight years ago not long after getting married we put equal portions into the deposit and doing up the house. Since then kids came and my wife's is a full time mom in the last four years.
I took full time employment around the same time she became a full time mom and got promoted fairly quickly since, with a salary that is enough to keep us very comfortable.
I pay the mortgage plus everything else as we can't get any benefits due to my salary.
We have a will and life assurance policy in both our names so the kids are sorted if something happens to both of us.
My question is around the house deeds, is it worth adding my name to the deeds and mortgage?
I understand the implications for first time buyer allowance I might not get but I am more concerned with a scenario of marriage breakup (knock on woods we never had any problems and have a steady and loving partnership).
If I understand this correctly in case of marriage breakup I have no rights on the house so will it be the right thing to do and add my name?
Many moons since I asked for advise here so please keep up with me :rotfl:
Our house is in my wife's name, the mortgage is in her name, we did it that way back then as I was self employee and she held a lucrative full time job that made it easier to get a good value mortgage we wanted.
When we bought the house eight years ago not long after getting married we put equal portions into the deposit and doing up the house. Since then kids came and my wife's is a full time mom in the last four years.
I took full time employment around the same time she became a full time mom and got promoted fairly quickly since, with a salary that is enough to keep us very comfortable.
I pay the mortgage plus everything else as we can't get any benefits due to my salary.
We have a will and life assurance policy in both our names so the kids are sorted if something happens to both of us.
My question is around the house deeds, is it worth adding my name to the deeds and mortgage?
I understand the implications for first time buyer allowance I might not get but I am more concerned with a scenario of marriage breakup (knock on woods we never had any problems and have a steady and loving partnership).
If I understand this correctly in case of marriage breakup I have no rights on the house so will it be the right thing to do and add my name?
Five exclamation marks the sure sign of an insane mind!!!!!
Terry Pratchett.
Terry Pratchett.
0
Comments
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Provide a helpful link and I will.Hi,
Many moons since I asked for advise here so please keep up with me :rotfl:
:rotfl:0 -
My question is around the house deeds, is it worth adding my name to the deeds and mortgage?
You would need to go into joint names to remortgage, as she wouldn't get a loan on her income.but I am more concerned with a scenario of marriage breakup (knock on woods we never had any problems and have a steady and loving partnership).
If I understand this correctly in case of marriage breakup I have no rights on the house so will it be the right thing to do and add my name?
The house is an asset of the marriage, so would be taken into account in any divorce settlement.0 -
it appears you have been married for at least the 8 years you've lived in the property so it is classed as a "long" marriage (>2 years) and thus any divorce court will start at the premise that all assets owned belong 50/50 to the marital asset pool. There is no his 'n hers sole ownership in the context of a divorce in that case.
you could pre-empt this by registering a ‘matrimonial/home rights notice" https://www.moneyadviceservice.org.uk/en/articles/protecting-your-home-ownership-rights-during-divorce-or-dissolution0 -
Thanks guys, very helpful.Five exclamation marks the sure sign of an insane mind!!!!!
Terry Pratchett.0
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