My house which I share with my partner is in my name and the mortgage is in my name. We would like him to have 50% share and responsibility.
The reason why it is in my name is because he was a student and couldn't be named on mortgage at the time. The previous house we had was also in my name but he has contributed significantly meaning we now own a good chunk of our current home already... so I do not want ' are you sure you want to do that..' answers!
2007-12-02 22:14:03 · 7 answers · asked by nesta 2 in Business & Finance ➔ Renting & Real Estate
Solicitor is the only way forward,get them to tie up all
legal necessity's.
2007-12-02 22:24:16 · answer #1 · answered by Anonymous · 1⤊ 0⤋
OK. Are you sure you want to do this ? Reason I state such is that, once you are married, assorted protections exist in the law about joint properties and how they are divided in the event of a problem. If you don't want to marry the guy (or can't), then you are advised to put into a contract the same sort of protective provisions for yourselves. Not difficult to do and wise.
As far as the shared ownership, you can easily put him on the title as a joint owner, and that will handle your first issue. Getting him on the mortgage is another issue. You can ask, but generally any such changes require refinancing.
2007-12-03 06:46:44 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
I'm not sure that you can just add a name to the mortgage without refinancing. The bank still has to do a credit check on the person and the rate you pay is based on credit score of both responsible for the mortgage.
By partner, am I assuming gay, and not possible to marry? This is part of the problem of not allowing gay marriages if that is the case.
2007-12-03 06:24:44 · answer #3 · answered by closetcoon_fan 5 · 1⤊ 0⤋
Can you contact your mortgage company and ask your partner to be put on to the policy?
I'm not sure how things like that work, but i think all you'll need to do is put him on your policy - although I have a feeling that if you're living together for a certain amount of time (i think it's something like 5 years or something?) you're 'commonlaw married' and thus share everything - but I don't know the legality of that in modern days... They may have repealed that since I last looked at it!
Hope it helps :)
2007-12-03 06:23:08 · answer #4 · answered by Ehryn 2 · 0⤊ 0⤋
See a solicitor and have a 'tenants in common' agreement made, this means that each of you has half ownership which can be separately willed and neither of you is assumed to be whole owner at any time.
It might also help to have both names on deeds and land registry!
I don't think that 'common law' relationships mean anything.
2007-12-03 06:24:07 · answer #5 · answered by norm c 3 · 1⤊ 0⤋
Go to a Solicitor and ask for a Transfer of Equity. You will need to get your Lender's permission first though and they may also want to be a party to a Transfer.
2007-12-03 06:25:24 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Add his name to the mortgage or get married.
2007-12-03 06:21:41 · answer #7 · answered by Chris 6 · 0⤊ 1⤋