Remortaging / tenants in common

Chadd123

I will try to make this as simple as possible - looking for advice as I'm a little confused!

My partner is the only person on the deeds to our home that we bought together two years ago however we have to remortgage soon and I am going to go on the mortage with him. Up until now the mortgage has just been in his name and I have been paying 50% to him. This is because when we first bought our house, I had been self-employed for just six months and therefore didn't have enough accounts to be considered for the mortgage. I did contribute to the deposit.

When I join the mortgage, which will happen in July, will I automatically be added to the deeds or is this something we do separately? I believe we would want to be Tenants in Common but own 50/50 shares. This is because he has children from a previous marriage but I would have a lifetime trust in the property in his will.

To make things more complicated we are getting married in September. 

Just don't really understand how the whole Tenants in Common thing works and who arranges this. Or do we agree that when we sign the new mortgage?

kingstreet

Ask the conveyancer who handles the remortgage and transfer of equity to add you to the ownership to do it TIC and not Joint Tenants.

housebuyer143

You might need to be on the deeds before your remortgage or pay the solicitor acting for you to do it at the same time. 
You might be liable to stamp duty though on the transfer depending on the value of your 50%.

K_S

@chadd123 What Kingstreet said. What you're doing is called a remortgage with transfer of equity (ToE).

The solicitor will handle the ToE as part of the conveyancing for the remortgage and if you specify that you need it to be as tenants in common, they'll ask you for the split and do the necessary work to make it happen.

At the end of it all, you'll be on both the deeds and the mortgage.

Chadd123 said:

I will try to make this as simple as possible - looking for advice as I'm a little confused!

My partner is the only person on the deeds to our home that we bought together two years ago however we have to remortgage soon and I am going to go on the mortage with him. Up until now the mortgage has just been in his name and I have been paying 50% to him. This is because when we first bought our house, I had been self-employed for just six months and therefore didn't have enough accounts to be considered for the mortgage. I did contribute to the deposit.

When I join the mortgage, which will happen in July, will I automatically be added to the deeds or is this something we do separately? I believe we would want to be Tenants in Common but own 50/50 shares. This is because he has children from a previous marriage but I would have a lifetime trust in the property in his will.

To make things more complicated we are getting married in September. 

Just don't really understand how the whole Tenants in Common thing works and who arranges this. Or do we agree that when we sign the new mortgage?

Chadd123

Great, thank you