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It seems we could be in serious trouble

(7 Posts)
captaincake Fri 23-Aug-13 21:40:21

I had this problem. My husband and I were buying a house and I had put in half the deposit but I couldn't get on the mortgage. I signed the occupier agreement which from the banks point of view means that if husband doesn't make the mortgage payments and the house gets repossessed then I agree to move out and not refuse to move out as I have equity. We then got a deed of trust which meant that in any other event I had a legal right to half of any equity in the event of a sale and he couldn't sell it without my permission. This got lodged with the land registry.

I hope that helps. It's not as scary as it sounds. If you want any more details just PM me.

mamafridi Tue 20-Aug-13 23:00:40

Unfortunately it's too late to change mortgage lenders we are meant to complete this Friday.
I need all the good luck I can get. Thank you!

nextphase Tue 20-Aug-13 22:26:13

I wouldn't loose the deposit over that.
What would happen if DH "bought" the house, and then in a couple of years, assuming you have got a tracker or fix that expires in 2/3/5 years, you remortgage in to both your names?

Is it too late to find a new mortgage with both names on?

Good luck!

mamafridi Tue 20-Aug-13 21:56:05

Thank you Moose I will do that!

MooseBeTimeForSpring Tue 20-Aug-13 21:49:07

OP report your original post and ask for it to be moved to Legal Matters. There are MN'ers who are legally qualified and can provide advice and reassurance smile

Rockchick1984 Tue 20-Aug-13 21:47:09

If you are married I believe that it doesn't matter whose name the mortgage and deposit is in, if you were to separate then it would be considered as a marital asset and split as though in joint names. Is there a reason you want to prove you contributed to the deposit?

mamafridi Tue 20-Aug-13 20:30:47

My husband came back from the solicitors and was informed that we could lose the deposit for the flat we are in the process of buying.
We are 1st time buyers and have lived abroad for nearly 20 years so we were sometimes lost in the terminology in the mortgage contract and terms used by the solicitor, but At the same time I don't believe it is all down to our stupidity and that perhaps our solicitor could have explained specific terms especially as my husband is Italian.
The solicitor says the reason why we could lose the money we put down for the exchange is because as my husband's name is on the mortgage (as he is the only one working at the moment) that I would have to agree to be the "occupier" and it is this word which holds so much importance in the problems we are now facing. We thought occupier simply meant that I would be occupying the flat together with my husband and dd - nothing else. Instead, days after the exchange I received a letter from what was now my husband's solicitor that I had absolutely no say over the property and I was to sign an occupier's consent form more or less relinquishing all existence of where the equity was coming from, ie me and my husband equally. In that same letter I was advised to seek my own solicitor which I did and as a consequence of my wanting to have my name as part of the contributor of the flat we are buying we may lose our deposit, worse still lose the mortgage agreement altogether and the lose the flat. Then we could be sued by the people we are buying from and end up losing every penny we have worked our socks off for the last 18years.
I am at my wits end, we are awaiting the bank's opinion but completion is meant to be this Friday. Is there anything I can do?
Sorry if I am ranting but I am going out of my mind with worry.

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