Being added to mortgage

calleyw

I did sign sign something to say that I had no rights to the house if repossed. But once on the mortgage I assume this form then ignored

As I said husband is going to talk to them again. I have had a mortgage before not that they know that. And as I put in all the proceeds from the sale of our flat. Even though it was only in my name. Where put in to new property.

If it is going to cost £600 then it is not going to happen any time soon as the house needs doing up and we don't have a spare £600 to do. I assumed it was just a case of adding me to the mortgage then paying about £150 to have the deeds changed with the land registry.

The mortgage company said there would be no charge from there end.

we had are reasons for doing it this way because I had no income and I was of the understanding putting me on with no income would drag down the amount we could borrow. Which was something we could not afford as it was low what we could borrow in the first place. So thought better to do as a lone applicate and put me on later.

We have wills leaving everything to each other so I would get the house anyway.

Yours

Calley

muzer

Theproblem as I see it regarding your last point is that because your husband has a will leaving you everything then you will be looked after financially should your husband die. However ( and this is purely hypothetical but it does happen) what happens if he wakes up one day and says "I'd like you to move out - I no longer want you in my house." My situation is the same and although I obviously can't see us ever being apart you just don't know.

calleyw

muzer wrote:

Theproblem as I see it regarding your last point is that because your husband has a will leaving you everything then you will be looked after financially should your husband die. However ( and this is purely hypothetical but it does happen) what happens if he wakes up one day and says "I'd like you to move out - I no longer want you in my house." My situation is the same and although I obviously can't see us ever being apart you just don't know.

I do understand where you are coming from. And I don't live in La la land being complacent that it will never happen.

It could well happen and I would be up a creek with out a paddle. As I put 60K from the sale of the flat which is was in my name only in to this house. But then for a while before we moved he paid all the bills and still does. As I don't work at the moment.

I can't see it happening with us as we have plans that are far reaching in to the future. But life's a female dog and then you marry one as the old saying goes. So you never know.

And to be truthful it is only money and I would have to move back in with parents.

Yours

Calley

Bossyboots

I thought about the angle of having to have both names on the property as well as the mortgage but couldn't make my argument work. If there is a default on the mortgage the first thing will be to take action against both mortgagees. This will undoubtedly result in the house being re-possessed anyway. Any shortfall will still remain the liability of the borrowers and there doesn't seem to be anything for a mortgage company to gain by insisting both borrowers are on the deeds. It is actually usually the other way round, that joint owners are expected to be on a mortgage so both are liable if there is a default.

The form for transferring ownership from single owner to joint owner can be downloaded from the Land Registry website. (TR1) They are simple to complete but you need to establish whether it is an exempt transfer or if stamp duty is payable. I am sure it is exempt but you can 'phone the Land Registry and ask them. There will probably be a registration fee but it is still cheaper than using solicitor.

The advice given to using wills as a means of protecting property was so poor, it could actually be negligent. Anyone can change their will at any time. Although there are provisions in family law and inheritance law these could both result in a long drawn out claim (I know of two that have taken two years).

muzer

It's not about a default on the mortgage. What happens if one of the two parties (who are joint mortgage holders) decide they don't want to stay with the other anymore - who has the right to the house? Is it both as both are on the mortgage or is it the person who is named on the deeds?

Bossyboots

muzer wrote:

It's not about a default on the mortgage. What happens if one of the two parties (who are joint mortgage holders) decide they don't want to stay with the other anymore - who has the right to the house? Is it both as both are on the mortgage or is it the person who is named on the deeds?

Assuming it is not a married couple, it is the person who is on the deeds. Being named on the mortgage simply means you are responsible for that debt jointly with anyone else who is party to is and also singly if they default. It does not give you any rights to the house. The person with their name on the deeds can simply sell it if they choose, their only obligation being to repay any loans secured against the property. A married partner would be able to register a caution to prevent sale.

That said, it is possible to make a civil claim for a financial share in recognition of the contribution made to the property but there is no guarantee of success or recouping anything like the amount of money put in.

muzer

Sorry for the confusion but that's exactly why we want to change the deeds rather than just the mortgage details.

Ember999

It is vitally important that you are added to the DEEDS of the house to afford you the security of joint ownership. In the event of a split, the house would be sold and equity divided equally between all parties registered on the deeds. The importance is being registered on the deeds not on the mortage.

I see no benefit to a partner leaving a WILL saying the house is to go to his partner (if he is sole owner) as this does not offer protection in the event that he leaves you! He may run off with someone else, suddenly decide he doesn't want to 'play house' anymore etc. This happens to hundreds of co-habiting women every year in this country! £600 (or whatever your individual circumstances it may cost) is a more than worthwhile sum to protect you and any children you may have from suddenly being homeless and penniless. In my experience, no woman should move into a house that a man owns without this protection of being on the deeds and the mortage, especially if she is contributing to the cost of the mortage and the house etc.

This may seem mercenary to some reading, but in my line of work I have seen so many woman 'chucked out' by a partner who owns the house when the partner decides they no longer want them to live there. The law offers no protection to woman who co-habit at this point in time so you need to get your own protection.

If the man you are contemplating living with does not want to put you on the deeds of your joint home, question yourself as to why?