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Property/DIY

Adding new partner to proporty deeds

44 replies

quieterbadderbear · 03/08/2016 12:38

My new partner is about to move in with me. He's going to sell his house and invest the proceeds in mine. We won't need to remortgage, and i'm not sure what I need to do to add him to the deeds of the house. Does it need to be done by a solicitor? Do i need to say anything to the mortgage company?

OP posts:

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Globetrotter100 · 03/08/2016 12:45

If you have a mortgage it is a contract between the bank and you. It is secured 100% on the property stated in the contract i.e. your home. Their interest is listed as primary charge on the deeds / land reg records.

You'll need to seek permission from your bank if you'd like to give another person a secured interest on the property i.e. by putting them on the deed as well.

The bank will most likely only agree to it if your partner is added to the mortgage contract i.e. accepts joint responsibility for the debt upon which your property is secured.

Am not a lawyer or mortgage advisor.

caroldecker · 03/08/2016 12:58

When you say invest in your property - is the money going to reduce the mortgage or into your bank account to buy some of your equity?

YelloDraw · 03/08/2016 13:31

When you say invest in your property - is the money going to reduce the mortgage or into your bank account to buy some of your equity?

Or be invested into renovation/extension/improvements?

Pay to discuss with a solicitor to work out an equitable arrangement over how much each person owns and might own in the future.

redhat · 03/08/2016 13:33

You would need the permission of the mortgage company and you need a lawyer to deal with the legals.

quieterbadderbear · 03/08/2016 13:45

Into the account. The mortgage is a fixed rate one with steep penalties for early repeyment.

OP posts:

redhat · 03/08/2016 15:25

You still need the permission of the mortgage provider.

Lilmisskittykat · 03/08/2016 15:43

If he's just putting the money into an account ... Why are you putting him on your deeds? I don't understand...

He becomes entitled to half your house and you get to know his money is in an account?

Plus you say he's a new partner... This could be the cynic in me or just my idea of new partner might be for a shorter duration than yours...

SugarMiceInTheRain · 03/08/2016 15:46

I'd go with him keeping the proceeds of his house in a separate account for now, but leaving him off the deeds, particularly if, as you say, he's a new partner and he wouldn't be paying off your mortgage or anything. Wait a while before you merge your finances.

LyndaNotLinda · 03/08/2016 15:57

Why doesn't he rent his house out for the timebeing if this is a new relationship?

TheCrowFromBelow · 03/08/2016 16:02

How long have you been together? You may better keeping separate finances for a short while just to see that it works out.
You can't just add him to the deeds without adding him to your mortgage, the bank won't allow it. If you really want him on the deeds you should speak to your provider and also an IFA.

quieterbadderbear · 03/08/2016 19:36

We've known each other for six years, but been together for a bit over six months. We're very happy and confident in the relationship. We've been spending almost all our time together and we're really looking forward to living together properly. Also, not to dripfeed, we're older, both over 40, so it's not like we're kids.

OP posts:

redhat · 04/08/2016 07:00

Just be careful OP. My DSis had known her ex for ten years. They got together, bought a house together etc all in the space of 11 months and six months after that had split up leaving an enormous financial mess. Also in 40s.

redhat · 04/08/2016 07:02

Also bear in mind that if he moves in and it doesn't work then he moves out again (with his cash). Simple.

If he buys into your property and it doesn't work out then he can force the sale of your house and you're only then entitled to 50 percent of the remaining equity after the costs of sale. Depending on the market at that time this may well leave you unable to buy another property.

LyndaNotLinda · 04/08/2016 08:17

I would think you being over 40 is all the more reason to be cautious

quieterbadderbear · 04/08/2016 10:09

Well, you'd never do anything if all you considered was how it might go wrong, would you?

OP posts:

LyndaNotLinda · 04/08/2016 10:36

Depends on how you view risk I suppose!

After six months' together, I wouldn't throw away all my financial security, particularly at an age where it's going to be harder and more expensive to get another mortgage but go ahead. It's your life :)

Floggingmolly · 04/08/2016 10:46

You'd be exceedingly foolish not to consider "how it might go wrong"... You have no idea whether it will or won't work out, so it's common sense to take steps to protect yourself financially (6 months!!)
But hey, it's your life.

coolaschmoola · 04/08/2016 10:54

Before you do ANYTHING you should consider what could go wrong and then put plans in place in case it does. It's called risk assessment.

Noone is saying it WILL go wrong, rather that you should protect your interests just in case it does.

Move him in, let him put his money in a savings account of his own for at least a year before you even think about adding him to your deeds.

Protect yourself at least until you have lived together for a MINIMUM of a year.

OhThatThingAgain · 04/08/2016 11:01

See a solicitor and get him added with the clause that you own the share value of what the house is worth now and he is entitled to 50% of future value. Do not go 50/50 on the current value, it is your house and you have paid the mortgage to date.

Then he pays 50% of the mortgage from now on and it's his home too.

It should cost you about £300, protect your assets just in case. Any reasonable partner would accept that. You are not married and have no rights to his money. I did that way back in 2001, we're now married and bought a new bigger house together on equal terms.

Lilmisskittykat · 04/08/2016 11:03

Plan for the worst.. Expect the best is a good mAntra for life I think op

BitOutOfPractice · 04/08/2016 11:03

You've been together six months!? Are you stark raving mad?!?

ImperialBlether · 04/08/2016 11:04

Six months! And if you're not together another six months, then you've lost your house?

With age is supposed to come wisdom, surely?

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Rikkitikkitemper · 04/08/2016 11:09

Why do you not ask him to pay rent while he is living with you? He can keep his money in a separate account. There is no need to risk your home.

FreeFromHarm · 04/08/2016 11:10

Do you know anything about his financials ?

HeddaLettuce · 04/08/2016 11:14

You can't. I'm always seeing on here about adding people to the deeds, as if you can just do that! You have a mortgage, its the bank that really owns the house. Do you really think you can just add on another owner, who they can't claim the mortgage from if you default?

IT isn't possible to add another party to a house deed on a mortgaged house without the express permission of the mortgage lender, who will almost always require a new joint mortgage.

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