Advice required please

doddsy799

Hi, please can someone iron out if the following if visable, or even possible.

I am looking to buy a house with my partner, I have my mortgage paid off in full.

My partner on the other hand only has around 10K equity in her property .

The last thing I want, is another bloody mortgage to pay every month, it's taken me a lot of hard work to free myself from this one.

Is there any way we could buy a house for example, around £200,000, whereby I put forward a £100,000 cash from the sale of my property, and she aquires a mortgage for her half? If so what is this mortgage or property arrangement called?

Any advice appreciated,
Thanks,
Bren.

Bossypants

You'd probably struggle to find a lender who would accept to have you on the property deeds but not the mortgage. You could simply agree with her that, although you will both be on the mortgage, she will pay it herself while you split the other property bills, and have paperwork drawn up to reflect that situation (i.e. that you fully own 50%, she owns whatever is left after the mortgage is paid).

Edit: You will still be legally liable for the mortgage if she is unable to pay for some reason, of course.

chunkytfg

You call then your partner but don't want to share a partnership with them?

Sounds to me like you're not really looking to commit to this relationship and are already checking the escape route is clear before you take the step forward

doddsy799

@Bossypants - yea that would be cool with me, and is sort of what I had in my head, I don't for one minute think she would ever default so I'd have no problem rolling with that. It was more the legal entity of it I was confused about - I'm not trying to have anyone's pants down here, but we're not married and it's a huge sum to risk without having at least some form of protection., It's not like it's a 50/50 investment right off the bat.

@chunkytfg - not looking to commit but willing to put £100,000 cash into a none marriage relationship, when the other party has very little? With the possibility of losing the lot IF anything were to happen? I.m.o anyone that didn't make safety provisions in this day and age would be as intellectually devoid as yourself. Clearly what you lack in intelligence you make up for in stupidity.: :beer:

Tom99

doddsy799 wrote: »

Hi, please can someone iron out if the following if viable, or even possible.
I am looking to buy a house with my partner, I have my mortgage paid off in full.
My partner on the other hand only has around 10K equity in her property .
The last thing I want, is another bloody mortgage to pay every month, it's taken me a lot of hard work to free myself from this one.
Is there any way we could buy a house for example, around £200,000, whereby I put forward a £100,000 cash from the sale of my property, and she acquires a mortgage for her half? If so what is this mortgage or property arrangement called?
Any advice appreciated,Thanks,Bren.

[FONT=Verdana, sans-serif]Yes it's very common, you would buy the property with a joint mortgage as tenants in common with a separate deed of trust.[/FONT]
[FONT=Verdana, sans-serif]The DOT would set out that you paid £100k up front and that partner is to pay all the mortgage payment then something like this:[/FONT]

[FONT=Verdana, sans-serif]'On the sale of the property and after paying the sale costs and redeeming the mortgage the proceeds of sale shall be split as follows:[/FONT]
[FONT=Verdana, sans-serif]Party A – 50% of the gross sale price less costs of sale[/FONT]
[FONT=Verdana, sans-serif]Party B – The remainder'
[/FONT]
[FONT=Verdana, sans-serif]There are lots of other clauses you could add in if you wanted to, how bills are split, what if partner cannot keep mortgage up, what if property sells at a loss etc.[/FONT]

doddsy799

@tom99 - thank you, you have hit the nail on the head, thanks for the advice, it's much appreciated.