Q: hi all
have only one offer on a property and the mortgage are uncertain or in my name, together with the partner or mother .
basically,
my nan / ar mom and I put the deposit down (20k)
i work for a broker so my mortgeg will be sorted
was easy to do by myself, but am afraid that such high compared to my mortgage will salary
it my salary paying the mortgage as my oh doesnt earn much .
will def have protected the deposit, but am concerned about, if the joint and split me and oh ect
or even if its only in my name he could still be half .
im really confused, as you can see by my prob post
any advice throughout most welcome
TIA
my mum is willing to go on the mortgage with me
do you know what they base it on if you split up and the other party is not on the mortgage
It will be based on length of relationship (after all it will have become his home too), any capital input and/or contribution to the mortgage. His payment towards household bills and his physical contribution to the upkeep of the property. A very simplistic way of explaining this is for example that if he does a job in the house that a plumber might otherwise have been called for then he has by extension put that money and time into the property.
Every single case would be judged solely for itself so what might be appropriate to count in one case would not be in another.
An agreement before setting out on this path (and a watertight one at that) is essential. You need to make sure you know what will happen if there are unpaid bills. For example if he was to be responsible for paying the electric bill, you need to know that any unpaid leccy account would be deducted from any share of the property he might acquire over the course of time. How will you divide up household appliances. Someone joked about stick labels. I know a couple who fought over a ￡1 potato peeler and battled over whether they should split the cutlery set or trade off something else against it.
Starting a life together is meant to be a joyous occasion yet you seem to be plaining for the split already which makes me wonder why your even bothering setting up together.
Maybe just a sign of the times but if I were the other half would be more a sign of lack of commitment/trust.
P.S. I hear that W.H.Smiths have a sale on sticky labels … you might want to consider getting some to mark all the possessions his/hers will save arguments later
my mum is willing to go on the mortgage with me
do you know what they base it on if you split up and the other party is not on the mortgage
Yes your partner could walk away with no liability if he is not on the mortgage.
Your partner will not necessarily be entitled to 50% as I have explained above.
thanks for your replies
when talking of putting my mum on the house i meant getting a joint mortgage not just putting her on the deeds
im getting the jist (forgive me if its wrong) that seeing as my oh will be contributing towards bills (like sky, telephone, food bills) he would be entilted to half if we split so he may as well go on the mortgage… :confused:
i will be protecting my deposit i hear you can put something in that says if/when we sell the person (my mum) gets there deposit or % back.
i feel guilty not putting him on the mortgege but at the same time am unsure if its best
at the same time part of me wonders that if i am on the mortgage alone he could alk away with no liability…
god im confused
long and short my mum is unsure getting joint mortage is good idea..
and she is usualy right arn't mothers always!!!!
As for you mum and your nan, if they go on the mortgage and you default, they will be liable. Your mortgage company may object to you putting people on the deeds who are not on the mortgage as it will be much more difficult for them to recover the property if you default.
What you actually need is a Deed of Trust drawn up setting out how the property will be split when it is sold or you and your partner split up. This can evidence the payment of the deposit and state that it be returned to whoever paid it. You also need to consider what would happen if the person loaning you the deposit died before you had repaid it as it will form part of their estate.
As for tenants in common, this is the phrase for when the people owning a house each own their own share to do with as they please in their will. It relates solely to ownership of the property, not the mortgage.
When a couple split, even a married couple, it is not law that the division is 50/50. This is a starting point called presumption of equity and the percentages are balanced against a number of things not least, original capital input.
Cx
Correct – if he is on the mortgage as a tenent in common then it is yours as far as I know
I would suggest that if you can afford the mortgage reasonably on your own, then to do it yourself. If you put your mum/nan on the actual mortgage and deeds, when you come to sell, their share would be subjected to capital gains tax.
If your OH will not be contriubting to the mortgage etc, then definitely do not put him on your mortgage/deeds. I believe the way to get around him having a stake in your property if you split up, is if he pays you rent.
Or I think you can have some sort of agreement where he has no rights to the property, but someone else will have to clarify that. I think it might be tenants in common or something like that.
Obviously you will have something drawn up to protect the deposit you, your nan and your mum put in.
Hope that helps a little.
Cx
The mortgage was in joint names so now that we are splitting my ex is getting 50% of the equity in the house.
If it just goes in your name then it will be yours. I have been told that there is no such thing as 'common law' partners any more. The only way he would be able to claim something would be to prove that he had paid towards it etc etc.
In my situation, I was paying all of the bills but if I did not put my partners name on the mortgage how does that look??? It is a very sensistive area so tread carefully.