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To Feel A Bit Uneasy About Not Having My Name On The Deeds?

(27 Posts)
GirlsWhoWearGlasses Fri 29-Jul-16 15:28:56

We are in the process of remortgaging our house. I currently work p/t, DW works f/t. I do the bulk of childcare and housework in the week.

I'm just about to start a course which would qualify me for a profession with great prospects and conditions. We're also planning a second child. The plan is for me to be studying and at home, which I'm very happy about.

The thing is, this makes remortgaging more complicated, as I would essentially become a dependant rather than an 'asset'. It would be easier for DW to put in a sole application and the amount we're looking for, this would be fine, BUT, am I being daft?

We're happy and settled. Married for a decade. Wonderful daughter. It's just the thought of earning nothing and having nothing in my name. It makes me feel a bit anxious inside. I've never not been earning before. DW is a bit insulted by my unease. AIBU?

davos Fri 29-Jul-16 15:31:41

No I wouldn't be happy about it.

My mum was twice divorced and twice screwed over. I wouldn't ever be resident in a property my name wasn't on.

However since you are married it is a joint asset, is it not?

NickyEds Fri 29-Jul-16 15:33:24

You'll get loads on here say you must be mad to agree with it but it honestly wouldn't bother me. You say dw, are you married? If so I certainly wouldn't worry, especially if not doing this will prevent you getting the re mortgage.

icy121 Fri 29-Jul-16 15:35:05

There's a difference between the title and the mortgage. The mortgage is a debt, and if it's just in your DWs name that doesn't mean the title should change. If you're not sure about the title, check it on the Land registry website - £6 to download the title and the title plan.

WibblyWobblyJellyHead Fri 29-Jul-16 15:35:22

You're married, so it makes no difference being on the deeds, it's still a joint asset.

I wasn't on the deeds for our first house as I wasn't earning and having me as a joint applicant massively reduced what we could borrow.

EssentialHummus Fri 29-Jul-16 15:35:30

We're likely to be in a similar situation soon, so I'm watching with interest.

In your shoes, I'd be minded to see a specialist lawyer - what kind of protection would you have if your relationship were to end? Could the property be held by your DH on trust for you both? Could some other agreement be entered into to alleviate the concerns you have?

Brightnorthernlights Fri 29-Jul-16 15:36:14

But isn't your name already on the deeds from the original purchase?

Maybe somebody more qualified can answer, but remortgaging doesn't mean you have to be taken off the deeds, just because one party has had a change in circumstance?

I agree with you by the way, even if I felt as secure in my marriage as a person could be, I would still want my name on the deeds.

GirlsWhoWearGlasses Fri 29-Jul-16 15:36:17

Nicky Yes we're married.

Davos My mum was totally screwed by my dad, so that may be it.

I guess I worry about things like if she died, not just if we ever split, which is extremely unlikely.

KarmaNoMore Fri 29-Jul-16 15:36:29

If you are married, this shouldn't be an issue.

What are the reasons for using just her name in the deeds? Those reasons are what you should consider before getting another child or more dependent on her.

FiveFullFathoms Fri 29-Jul-16 15:37:17

If you're married the family home is considered a joint asset even if only one name is in the deeds. You might be screwed if you were just living together but marriage protects you in this situation.

icy121 Fri 29-Jul-16 15:40:57

girls if you're married and your W died then you'd automatically inherit. Do you have wills in place? And lasting power of attorney set up? That's important to do, cos if something terrible happens, say, and your W is in a coma, the last thing you want to being is doing is applying to the court of protection for POA. And going through private when there is no will is painful too. It's horrible to have these conversations & spend money on this shit, but so so necessary.

GirlsWhoWearGlasses Fri 29-Jul-16 15:41:19

The mortgage company wont process a sole mortgage with both of us on the deeds, so it has to be both the debt and the asset. It's something about not being able to pursue her for full asset if defaulted.

The reasoning is that, as lending is much tighter now, complicating the application with my financial drag if you like, would make it less likely to be approved, whereas DW has a perm F/T job and is seeking well within what they say they'd lend just her.

icy121 Fri 29-Jul-16 15:41:56

Ffs. probate not private

NickyEds Fri 29-Jul-16 15:42:58

Is she insured? Having your name on the mortgage wouldn't offer you any protection as such if she dies, as in it would still need to be paid by you if you were on there. Life insurance would provide better protection than your name on the mortgage surely?

crayfish Fri 29-Jul-16 15:43:41

We are in this situation except that it's DH who isn't on the deeds or mortgage for our house. It depends who you are getting your mortgage from but Halifax didn't class him as a dependent on my mortgage, they just ignored his existence completely. Lots of people will tell you that it's not possible to do this, or that it's somehow 'playing the system' but it is because I did it, and Halifax were fine with it.

Our reasons for doing it are different to yours (he works and earns more than me!) but the outcome is the same and we are fine with it . The difference for us is that we have both been divorced before and got stuck in our properties with our exes and lost lots of money and had a lot of stress we both know that if we split, he could just walk away and that suits us both. We are not planning to split obviously and both pay equally for 'our' house, it's just a legal arrangement that suited us best when we bought the house. Do what works for you, people think DH is mad but our situation is one we are both happy with and that's what matters.

KarmaNoMore Fri 29-Jul-16 15:44:49

It will be ok. Most people take mortgage deals which expire after a small number of years. If your earning power is bigger by then, you can apply for a joint mortgage next time you re mortgage.

icy121 Fri 29-Jul-16 15:45:10

Oh right. Well as others have said you're married and it counts as a joint asset. My OH's exW, as the main caregiver, absolutely screwed him when they got divorced (her instigation) so in your shoes I wouldn't feel at all worried about not being on the title.

crayfish Fri 29-Jul-16 15:46:03

Sorry I should have said, obviously you need a will in case the homeowner dies. Especially if you have children.

GirlsWhoWearGlasses Fri 29-Jul-16 15:46:07

We do have life insurance. The whole mortgage would be cleared if either of us died. What we don't have, and I realise this is awful, is a will. We haven't been able to come up with anyone who we'd be happy to raise DD, so we've put it off and off. I know we need to get that sorted.

Backhometothenorth Fri 29-Jul-16 15:47:06

We recently remortgaged and carried out a transfer of title (cost about £250) to put my partner on the deeds- previously property was only in my name and I am currently not earning as SAHM. We are both now on mortgage (I am named but based on partners earnings only) and deeds- two separate processes.

crayfish Fri 29-Jul-16 15:48:35

In our situation we can't ever change the deeds because I used the help to buy scheme and that is in my name, but pp are right - down the line you can remortgage and pay for a change of title when you are working again.

NickyEds Fri 29-Jul-16 15:53:14

If you're insured and married then I wouldn't worry about not being on the mortgage at all, as pp have said it can be remedied when you are earning again. It's incredibly difficult I know but a more pressing worry would be getting wills sorted in case of the, all be it extremely unlikely event that you and your dw both die. Sorry that sounds so blunt.

GirlsWhoWearGlasses Fri 29-Jul-16 15:54:51

Ok. Thanks very much everybody. IABU, I accept it smile .

And yes, we will get a will sorted.

Sellingyesterdaysnews Fri 29-Jul-16 16:07:04

I would want to be named in both.

PersianCatLady Fri 29-Jul-16 16:19:33

If you are married then it doesn't matter whose name is on the deeds as in the event of you getting divorced the house would make up part of the assets and the courts would decided how they should be distributed.

If you were just living together I would say that you should be worried as you would need to protect your interest in the property.

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