Sharing of equity.

MancMar

Hi guys,

I am new here but looking for some advice.

My partner has moved into my house and will be paying me a sum of money that will eradicate all of my personal debt. I will in exchange, be sharing the equity in the house with a split of 50/50 as joint tenants. The issue I have is, a, he doesn’t have great credit history and initially we had no plans for him to formally come onto the mortgage as under our financial monthly agreements I will carry on paying the mortgage until the fixed deal is up and then move forward together on our next fixed deal.

My question being, in the meantime what is the most cost effective way to legally share the equity with him? I have done quite a lot of research on this and being honest everything I’ve read contradicts the previous so I’m very confused with what direction to take it. Consensus so far has been to ‘just add him to the deeds’ which seems like a pretty easy process via online forms at the HM Land Registry.

Any help or advice would be very much appreciated.

Thanks

Martin

Thrugelmir

Optimium time will be be when you fix your next mortgage product. Unfortunately adding your partner to your deeds isn't an option at the current time. Your mortgage lender would reject this. 

Slithery

You can't put your partner on the deeds unless he's also party to the mortgage.

maxsteam

If it's a good relationship, he pays a few quid towards the bills and there's no need to put anything in writing. If it's a bad relationship you should enjoy it while it lasts and hope to start something better with someone else in due course.