House only in partners name - how do we put it into both names

[SimLondon]

A year ago my partner (not husband) and I tried to buy a house together but I wasn't allowed on the mortgage due to being on maternity leave so house and mortgage is in his name only.

I paid about a third of the deposit and he paid the rest, since then we've both put large sums into renovating the house. He pays the mortgage from his bank account, I pay him some money towards it every month and I pay the rest of the bills, food and nursery from my account so essentially it works out that everything is split 50/50.

It occurs to me that I'm not really protecting my own interests here and I'm worried about what would happen if we were to ever split up.
He doesn't think I need to be on the mortgage to have a declaration of trust set up?

Can someone please advise me on the best course of action?

[prh47bridge]

He is correct. You don't need to be on the mortgage to set up a Declaration of Trust which would protect your interests if you split.

[Suzietwo]

Jesus please get a declaration of trust ASAP! Even if it's just an email recording the division as a start before you enter the formal deed.

[SimLondon]

Thanks - is a declaration of trust something that a solicitor has to draw up?
could one solicitor do it or would we need separate solicitors?

I will start an email thread about the division tomorrow.
I spent my inheritance on renovating this property and I feel very guilty and irresponsible that I've not protected that.

[Suzietwo]

I would be better to ask a local solicitor to do it. Shouldn't cost more than 150 on the high street.

[ElizabethJonesMartin]

I am not convinced by the comment that you cannot be on the deeds because you were no maternity leave. Sounds strange. Surely a lender would rather have two people they can come against on a mortgage than just one? They are more not less secure if you are on the deeds.

I would press for it to be put into full joint names immediately.

[Blu]

It isn't just about what happens if you split up, either.
Have you made a will?
Presumably of the house stys on your DP name for ever, there wouldn't be 2 allowances against IT when it is passed to your DC.

[Blu]

You need to look into the pros and cons of owning as tenants in common or joint tenants.
What might happen if something happens to one of you.

[prh47bridge]

Surely a lender would rather have two people they can come against on a mortgage than just one

Not necessarily. If one of the two people has a poor credit record the lender may be only be willing to lend if that person is not named on the mortgage. Don't forget that the lender's main security is the house.

[MILLYMOLLYMANDYMAX]

Not too sure why being on maternity leave would affect you being on the deeds of a mortgage/ house. I have not worked for years yet my name is on the deeds of the house I live in, and on mortgage.
Would definitely get your name on the deeds.

[ElizabethJonesMartin]

I just wonder if the partner is conning her to keep her off the deeds. If you are on maternity leave you are still employed so it sounds like a spurious reason. If however as said above you are a really bad credit risk for other reasons - bankruptcy etc -then yes the lender might not let the house be in joint names although if the house mortgage is a first charge then surely their loan is protected as if she were made bankrupt the mortgage company still has first dibs on the house equity.

[mumblechum1]

You can do a transfer of the property into joint names but because there's a mortgage, the lender will have to consent.

If they don't then you do need to enter into a deed of trust which will set out exactly what the shares are (and how that may change over time depending on contributions). You need to have separate legal advice for that.

Because you aren't married, if your partner died you would receive nothing if you leave things as they are at the moment.

You really should make wills, as your partner could gift you all or part of the house. That wouldn't necessarily get around the problem of the lender, if they won't let you have a mortgage on it (they can force foreclosure in some circumstances), but at least you would receive the equity. The safest option in that regard would be for your partner to take out a decreasing term life insurance so that if he died while he's still the sole owner and there's no deed of trust, the mortgage would be paid off and, if he gives you the house in his will, you would of course have that security.

[SimLondon]

Thanks folks, I don't have a poor credit record but I am a freelancer, perhaps the lack of work coming in made a difference. Anyway we have been into the building society today and to add me would mean doing a whole new application. As I suspect he only got the mortgage because the broker did a good job in packaging the application we've decided to hold off until the fixed period ends.

So deed of trust, wills and decreasing term life insurance it is.

[AdoraBell]

Who told you that you couldn't be ñamed on the mortgage/deed Due To maternity leave?

[SimLondon]

The broker told my partner, hopefully once we're out of the fixed rate period we can look around in terms of lenders and brokers. LTV has increased so that will help.