Ownership rights in scotland

garryh87

OK here it goes. Myself and my partner (non married) are both 1st time buyers. We have been in touch with a broker who has got us a joint mortgage in principle so we are at the sage of looking for our 1st home and making an offer, however... I have a few things bothering me that my broke is not clear on at all no matter how many times I ask. 

I'm self employed and my partner will be going back to work part time in a couple of months. The deposit for the house is around 30K which I have saved all myself over 7years. So it's literally my life savings.

Now, I've asked my mortgage broker about joint ownership or tennants in common etc in Scotland as even tho I love my partner I can not rule out things going south in the future so I was wanting something in place to safe guard my money that I'm putting towards the house. (I'm putting 30K towards the house, my partner is putting £0 towards it) so I think this is important and fair to be honest.

From what I'm getting from my broker is that a joint mortgage means joint ownership which I don't believe to be true. 

If myself and my partner both go ahead and win a property with a joint mortgage then at what point to I ask for the share of the house to be split between us by %? Also what is it called in Scotland? I've been reading so much online that I just confusing now. 

It's maybe worth mentioning that I'm unsure if my partner can pay their half of the mortgage while only working part time. Now I could afford to pay their half and this would be me paying 100% of the monthly repayments. So in terms of title deeds or ownership rights its maybe best if I am the only person named as the "owner of the property"

We are based in Scotland so I understand that laws etc are a bit different here. I just don't want to enter into something so big and potentially loose everything I have if we was to split up 5, 10, 20 years down the line. 

Wanderingpomm

If you are having a joint mortgage you both must be named on the deeds. The easiest option is to ask your solicitor to put into the legal documents that you are owed £30k from any eventual sale. That way you get your money out should it all go wrong. 

It sounds like you don’t want to share the ownership though so you may be best just to buy it yourself
but then you would need a solo mortgage. 

user1977

As above it's pretty much universal that mortgage lenders will expect the owners and the borrowers to be one and the same. Talk to your solicitor (you'll need one early on anyway) about this rather than your mortgage broker. Also - have you actually discussed all of this with your partner? You haven't mentioned what they expect to happen.

[Deleted User]

garryh87 said:

OK here it goes. Myself and my partner (non married) are both 1st time buyers. We have been in touch with a broker who has got us a joint mortgage in principle so we are at the sage of looking for our 1st home and making an offer, however... I have a few things bothering me that my broke is not clear on at all no matter how many times I ask. 

I'm self employed and my partner will be going back to work part time in a couple of months. The deposit for the house is around 30K which I have saved all myself over 7years. So it's literally my life savings.

Now, I've asked my mortgage broker about joint ownership or tennants in common etc in Scotland as even tho I love my partner I can not rule out things going south in the future so I was wanting something in place to safe guard my money that I'm putting towards the house. (I'm putting 30K towards the house, my partner is putting £0 towards it) so I think this is important and fair to be honest.

From what I'm getting from my broker is that a joint mortgage means joint ownership which I don't believe to be true. 

If myself and my partner both go ahead and win a property with a joint mortgage then at what point to I ask for the share of the house to be split between us by %? Also what is it called in Scotland? I've been reading so much online that I just confusing now. 

It's maybe worth mentioning that I'm unsure if my partner can pay their half of the mortgage while only working part time. Now I could afford to pay their half and this would be me paying 100% of the monthly repayments. So in terms of title deeds or ownership rights its maybe best if I am the only person named as the "owner of the property"

We are based in Scotland so I understand that laws etc are a bit different here. I just don't want to enter into something so big and potentially loose everything I have if we was to split up 5, 10, 20 years down the line. 

Firstly, your mortgage broker is not the correct person to be asking about this. You should be addressing these kinds of questions to your solicitor. 

Secondly, tenants in common and joint tenants do not apply in Scotland, those are English law terms. In Scotland a title between multiple parties can either be taken equally between them "pro indiviso", in equal shares  (unless the property is being purchased in unequal shares in which case title could be taken by the parties to the extent of their respective portions) or equally between parties and to the survivor.

In your case you would also want to look at getting a Minute of Agreement drawn up. 

garryh87

My partner understands the situation and because they are only going back part time isnunsure if they would be able to pay their half for the time being. So agrees that till she is in a more steady position financially we should look into thus. We just don't know what it's called in scotland and how to go abiut doing it. Or is all of the ins and outs drawn up in a deed of trust from the solicitor after the property has been won?