Interest in the property, declaration of trust, sole owner living with partner

Thrugelmir

jamescast said:

Thanks, I have considered this also. Would I still need to get something written up to ensure she does not claim an interest in the property in the event of separation?

Unless you become legally attached there's no rights conferred. 

getmore4less

The alternative is to just get her saving the "rent". 

If  you stay together she has a war chest to buy in and you can be generous on the allocation

 If not she can walk away.

Mortgage lender won't be happy with them having an equity interest.

jamescast

Yes could do that, but still don't know if I would need something stating the arrangement. I do not know what happens if a relationship breaks down (with mortgage that is solely in my name) and want to ensure my life savings and contributions are protected and cannot be unfairly claimed.

I am sure I want something rather than nothing. I do think I am in a forever relationship, but who knows what could happen in the future. Plus the fact my contributions and large deposit set our contributions very far apart. It will probably never happen but as it's my biggest investment and life savings I feel I should at least have a small statement/declaration of trust in place.

Better to have it and not need it than to need it and not have it... that sort of thing.

hangryconsumer

The lender/solicitor will force you to declare that she has no interest in the property and will vacate the property in the event that they repossess. She'll have to sign a form when you get the mortgage because you are forced to tell them that she is moving in with you.

jamescast

Thanks for all the replies.

hangryconsumer said:

The lender/solicitor will force you to declare that she has no interest in the property and will vacate the property in the event that they repossess. She'll have to sign a form when you get the mortgage because you are forced to tell them that she is moving in with you.

Interesting I did not know this. If this is the case then there will be no need for a declaration of trust or anything else at all? 

Annisele

If you actually want your girlfriend to have an interest in the property, is there any reason you aren't buying in joint names to start with? Joint names doesn't necessarily mean beneficial ownership is 50/50 - you can have a declaration of trust splitting ownership however you want - but joint ownership and joint mortgage means you can have a declaration of trust without upsetting your lender.

getmore4less

jamescast said:

Thanks for all the replies.

hangryconsumer said:

The lender/solicitor will force you to declare that she has no interest in the property and will vacate the property in the event that they repossess. She'll have to sign a form when you get the mortgage because you are forced to tell them that she is moving in with you.

Interesting I did not know this. If this is the case then there will be no need for a declaration of trust or anything else at all? 

Or the payment of "rent"

Even though the lender can dictate exclusion for their reposesion requirements you can agree to structure a potential future debt.

Just she won't be able to claim it directly from the property.

hangryconsumer

jamescast said:

Interesting I did not know this. If this is the case then there will be no need for a declaration of trust or anything else at all? 

These are separate things. It's called an Occupier Consent Form which protects the interest of the lender. Your interests need to be protected by something separate (I don't know what that is legally) if you have a private agreement with her that her contributions count.

https://www.samconveyancing.co.uk/news/conveyancing/occupier-consent-form-what-does-your-mortgage-lender-need-6019