Cohabiting Couple Buying First Home

sefx

Hello,
My partner and I are in the process of buying our first home. The house has now been reserved and the mortgage in principle agreed. However, as a result of this happening, in the process I have discovered that my partner also has an addiction to gambling. Obviously, this is extremely concerning to me and comes with a whole host of issues but specifically, if I stay with him and decide to continue in this process, I want to know what options I have. My partner has agreed to whatever terms I have if we decide to move forward. 

1. If I was sole proprietor on the property but my partner and I agreed a joint mortgage, would this effect the amount of money the mortgage lender would give us? 

2. If we buy the house as joint, would the house be able to be signed over to be almost immediately or would this once again be mortgage lender dependant?

3. If none of the above are possible, I have read about a cohabiting agreement in which my partner has said that he will basically allow me the entire property and it’s contents if he gambles again. Would this document cover this or is there any legal document at all that could help me in any way, a prenup in a sense without the nuptials. 

If anyone can offer any advice, please help! I have known about this for less than 24 hours and my mind is all over the place. I feel that I don’t know if I could move forward unless some sort of thing can be put into place.

Thankyou

AdrianC

They're basically all the same question... Can you afford the mortgage on your income alone?
If so - buy it alone.
If not - you need to make some decisions about the future of the relationship.

Very few lenders will allow a difference between owners and borrowers - think about the difficulties in the event of repossession.

[Deleted User]

I had a relationship once with a gambler. Mine was casual so the money situation didnt effect me much. 

However I would never ever have a joint financial commitment with a compulsive gambler. 

You stand to lose the lot. If you cannot afford it purely on your own AND you are prepared to pay his keep when he gambles all his money away and he is worth it, then buy but be really clear to him about boundaries 

Mojisola

sefx said:

I have discovered that my partner also has an addiction to gambling.

If anyone can offer any advice, please help! I have known about this for less than 24 hours and my mind is all over the place. I feel that I don’t know if I could move forward unless some sort of thing can be put into place.

I wouldn't get into any financial association with an addict.

I would also refuse to move the relationship on until I knew the full extent of the problem and had seen good, sustained progress in beating it (and would still then be wary).

Remember that an addict's first priority is always their addiction - not their partner or other family, their work or anything else and they will lie, cheat and find any way to hide relapses. 

hazyjo

Sorry to hear about your predicament. Time to put the brakes on. Your worry is currently 'oh no, how will this affect buying the house'. Forget the house. Your ONE worry should be 'my other half is an addict'.

If he's admitted this, I presume it's because large debt has been disclosed/found? If not - that'll be the next stumbling block.

Does your partner believe/understand he has a problem? I would be very worried that all the pleading and apologies were spur of the moment. Can he actually stop? Is he willing to go to an addicts' meeting?

No way would I be getting a joint 'anything' with him right now.

If there is debt and online gambling, it is very likely to affect his chance of getting a mortgage.
Not sure what your number 2 is asking. Are you saying could it be signed over to 'me' (ie you)? You can't simply sign a house over to anyone or take someone off a mortgage. Do you qualify for the mortgage alone?

Re 3, your partner cannot simply gift you the property if he's on the mortgage. He'll still have to pay unless you qualify alone. If he does stop paying and has no money, they will come after YOU to pay it all. A mortgage is not a 50/50 agreement, it's a JOINT agreement.

Are we talking just an app for gambling which I understand many use, or an actual serious addiction? Do you even know which?

Right now you need proof of everything. I speak from experience - if it's a serious addiction and he's thousands in debt, do not believe a word that comes out of his mouth right now. He probably believes what he's saying himself, so it's not that he's necessarily lying.

Tread very carefully. You are not (ever) the bad guy in all this. If you are entering into a joint credit agreement, whether that's a bank account or a mortgage or something else, you are entitled to know what you're getting into.

blue_max_3

I find it more worrying that he never confided in you, preferring to hide it from you as long as possible. You have so much to lose by being financially associated with him. As a homeowner, he might have access to loans to fund his habit (whether he has it under check now or not). He has not been honest and was prepared to use you.
Just adding to the general consensus here really. 
 

[Deleted User]

If his gambling, or more specifically his gambling related debts, get so bad that he ends up insolvent then I don't think any of your ideas would protect your home.  

If you do try one of your suggestions then you'd each need to take your own legal advice about it.  

steampowered

If you are the sole owner of the property, the mortgage will be assessed against your income only. If you can take out a sole mortgage you could agree between you and your partner under a co-habitation agreement that he reimburses you for some of the mortgage costs and is entitled to a proportion of the proceeds of the property on sale.

3. is not possible, because the ownership of the property cannot be transferred without your mortgage lender's consent, and without a signature from your partner on the land registry TR1. The borrowers on the mortgage and the owners of the property, need to be the same.

At this stage I think you just have to take your time - stop, think and assess what you do next. There's no rush to make an immediate decision.