Protecting my deposit on mortgage only naming Husband

dams3linadr3ss

My husband and I are purchasing a house for the value of £300,000.

I am contributing a deposit of £103’000 from the sale of my previous home.

I am currently not working due to a long term illness. Therefore my husband and I are unable to obtain a “joint” mortgage in both of our names.

My husband is taking on the mortgage on his own and therefore the mortgage, contract and title deed will be in his name only. I have been told that because I am not named on the mortgage that I cannot be named on the contract or title deed. Yet I’m paying for a third of the property outright.

My husband has asked me to sign a declaration showing that I am “gifting” the deposit of £103’000 for the house. The fine print states that “I confirm that the gifted deposit to the above named applicant(s) towards the purchase of the property stated above is an unconditional and non-refundable gift and I/we will have no rights or interest in the property whatsoever, OR if the gifted deposit is from a family member and is subject to a subsequent charge or family trust arrangement where the only condition is repayment of the gift upon the sale of the property I/we confirm that the only condition is that if the property is sold I/we will require the full amount of gift to be repaid, I/we confirm that no interest is charged, I/we do not require any repayments to be made and I/we will have no other interest or claim upon the property. I/We understand that I/we may be asked for proof that I/we have the deposit monies available. I/we intend to reside in the mortgaged property I/we agree to sign a Consent to Mortgage form (or, if the property is in Scotland, affidavit/consent if applicable) prior to the mortgage completing*. I/We understand the importance of seeking independent legal advice and have had the opportunity to do so. (* The solicitor for the lender is responsible for obtaining the relevant Consent to Mortgage or consent/affidavit form.)”

I asked my husband to ask the mortgage broker and the solicitor acting on his behalf if I could be named on the title deed but because I’m not named on the mortgage they have said it’s not possible.

Is this correct?

How do I protect the sum of money I am investing in our property so that my interests are protected?

Puddled80

Hi I’m not an expert but when this happened to me the conveyancing solicitor we used did put something on the total deeds to say that o owned a percentage of the house I can’t remember what it’s called but I am 100% sure it can be done! If no one else can answer you any better let me know and I will try and find my old paperwork! It was a life saver when we got divorced and I would 100% recommend doing it

Puddled80

Just remembered it’s called registering a charge!

jackieblack

Why can't you be on the mortgage?
Loads of non-working spouses are on a joint mortgage with their earning spouse :huh:

Unless your existence, as a dependent, is being lied about because of affordability issues... :cool:

antrobus

dams3linadr3ss wrote: »

....

How do I protect the sum of money I am investing in our property so that my interests are protected?

If you have signed a document that states that your contribution is an "unconditional and non-refundable gift" then that's what it is.

What are you worried about?

Perhaps you should consult your own solicitor who knows something about divorce settlements.

dams3linadr3ss

I’m not planning to divorce my husband but I’m thinking more about what would happen if god forbid my husband died (he doesn’t have a will but said he will get round to making one eventually).

Could his relatives have any entitlement to the house? Etc.

ACG

As you are married, what is his is yours and vice versa.

I do not understand why you are not making a joint application. Not working does not mean you can not go on a Mortgage.

peter12345678910

I/we will have no rights or interest in the property whatsoever

This is the nasty part, I am sure you can get a joint agreememt.

Thrugelmir

dams3linadr3ss wrote: »

Therefore my husband and I are unable to obtain a “joint” mortgage in both of our names.

Not possible to have your cake and eat it.

tlc678910

Hi, look again at getting a mortgage together - as mortgage brokers commenting here are saying it can be done.

You should perhaps seek advice about the pros and cons of being joint tenants versus tenants in common but I think with joint tenants if one of you died the entire ownership goes directly to the other. As tenants in common you can hold the property in unequal shares if you want to protect your deposit. There is also something called a deed of trust which can be used but I don't know much about it - you need to seek professional advice.

Don't just take a chance with your future security. Don't sign up to anything until you are 100% happy and comfortable. If you need to use a different lender so be it. A small amount of hassle now could save a lot of heart ache in the future.

As a married couple the house should still be a joint asset of the marriage If you were to divorce. Your deposit is also a marital asset so in the case of a divorce you have to agree how to split your assets amicably or a court will decide. If you have signed documents to give this money away to your husband you might struggle to persuade a judge you should get it back in full even in a short marriage.

If you do not have a stake in the house your husband can remortgage and release equity without your permission or knowledge. He can sell without your permission and if he were to be made bankrupt the entire property could be repossessed and sold and the entire equity taken as half does not be belong to you.

Tlc

csgohan4

OP you have more to lose in this arrangement and you will have no come back if you sign the gift declaration. Get legal advice