To not be concerned that my DH will be the sole owner (and responsible) for the mortgage on our first home?
Helpmepleasenow48 · 23/09/2018 21:07
We are lucky enough to have been gifted a substantial amount of money (from my husband’s fsmiky) which we are using to buy a new build detached 4 bed. We are renting so it’s our first home. My husband has been in his job (a permanent job) for 11 months but I left my permanent job last year and am on a well paid but freelance contract which I only started last month.
While we were deciding to apply for a mortgage I found a default on my credit record. It was from 12 years ago when I part settled a loan: I found this out when I did my credit record so I called up the company that now owns the debt. I can pay it off in the next few months but it would still go in my credit record.
So because my husband’s income can cover all our bills we have had to make the decision that he takes out the mortgage but this means he owns the property. Neither of us have built up assets outside our marriage and we aren’t too bothered. Our DC are 10 and 6. When I decide whether to continue the contract or go permanent (and when I don’t have a default) we may decide to see if we can put me in the mortgage. I use my full ISA cash allowance to set aside money so I will keep putting money in there and then pay down the mortgage when I’m on it. However a couple of friends have said I should be worried. Now I’m thinking I should be...
elephantoverthehill · 23/09/2018 21:11
Get your name on the deeds to the property, whether your name is on the mortgage or not is my advice.
Cantchooseaname · 23/09/2018 21:15
I’m not sure you can be on deeds and not mortgage- you have to sign to waive rights to title- in event of husband’s death the bank could repossess and sell from under you.
In adding to to deeds/ mortgage you may have to pay stamp duty - he has sold you a share.
It’s really not straight forwards- get some proper legal advice, make informed decision.
KlutzyDraconequus · 23/09/2018 21:15
You should be concerned and take added steps to ensure you can prove you are contributing to the overall running costs of the house.
Get your name on council tax, on has bills, on water bills and electricity bills. Set them up to.come.from.your account and only your account.
That way the house becomes a 'Pot' and you can prove.youve paid into the pot. If there is a split in the future, I believe it will help to have this proof.
Don't be in a positions where he's paying all house bills and you're paying for fun stuff as then his solicitor can argue you've not out into the pot.. as it were..
Hope that makes.sense, it's likely.innacurate, but it's what I was told when I divorced several years ago.
Outnumb3red · 23/09/2018 21:15
You can't put your name on the deeds if you are not on the mortgage.
Have you been told you wouldn't be able to borrow with your name included or have you just made the decision for you not to be joint owner as your husband can get it in his sole name?
fourandnomore · 23/09/2018 21:15
If you're married surely half of the house would be yours anyway if anything were to happen. Our house is in my husband's name for similar reasons, I'm not remotely concerned and nor were our solicitors when we sorted our will years later. Worth checking out from a legal standpoint but if you trust your husband I wouldn't worry.
LordEmsworth · 23/09/2018 21:16
Have you confused the mortgage, with owning the property?
If someone else has sole responsibility for the mortgage then it's their risk. If however you're not on the deeds as owning the property, then that is something I would not be comfortable with in your position.
fourandnomore · 23/09/2018 21:18
Sorry ignore my advice, more knowledgable people in the mean time. We had no choice though as we could only get it in his name only.
JessicaPeach · 23/09/2018 21:20
If the house isnt in your name as long as you are married it wont matter in the event of a divorce etc but what you might need to think about is if something happened to him and he didnt die but had to go into a care home or similar then the house would have to be sold to pay for it so you need some protection for that (although if you are married im not sure whether that makes a difference in that situation) Your Dh can have the house held in trust for you so you could continue to live there.
MacosieAsunter · 23/09/2018 21:21
You can't put your name on the deeds if you are not on the mortgage.
Yes you can.
Please don't listen to poor advice in this forum, its frequently incorrect.
safetyfreak · 23/09/2018 21:23
As their married, surely OP would be entitled to half regardless?
MattBerrysHair · 23/09/2018 21:24
Sort your debt and your credit rating as soon as you can and get your name on the deeds and the mortgage ASAP. You may not be in the position to do that right now but don't be complacent about it.
Bestseller · 23/09/2018 21:25
You can be on the deeds and it on the mortgage and that would be my preference.
However, whilst it would be a very big problem if you were cohabiting, marriage does give you some protection
theworldistoosmall · 23/09/2018 21:25
Shame you didn't take advice about the debt from 12 years ago. Then all of this could have been avoided.
LarryFreakinStylinson · 23/09/2018 21:27
If it’s from 12 years ago it wouldn’t be visible on your credit report anyway. Everything drops off after 6 years so I’m confused how this even impacts anything.
Lilao · 23/09/2018 21:28
I'd be asking questions about this default. It can only stay on your credit record 6 years from the date of default, regardless of if it's paid or not, and if you have made no payment or acknowledged the debt in 6 years it would be statute barred.
If you would like to pay the debt, it places you in a strong negotiation position to have the record removed from your credit file immediately however, like I said it absolutely shouldn't be on there anyway if the default incurred more than 6 years ago.
FusionChefGeoff · 23/09/2018 21:28
Macosie I was told by my solicitor that I couldn't be on the deeds if I wasn't on the mortgage.
demotedreally · 23/09/2018 21:29
Why are you saving money in an isa when you have a debt? How much is the debt?
IwantalltheDogs · 23/09/2018 21:35
Defaults only show on your credit file for 6 years, so I don’t see how a 12 year old one can still be showing.
In any case, you’d find it difficult to get a mortgage with only 1 month’s contracting.
You can go on the deeds and not be on the mortgage, but I only know of 1 lender who would allow it, so no point limiting your options.
StylishMummy · 23/09/2018 21:38
I'm a mortgage adviser. You CANNOT have your name on the title deeds of a property if you're not a named party on the mortgage, as it affects the property as security for the mortgage.
You CAN however do a 'deed of trust' which is drawn up by a solicitor and is pretty much solely used in the case of divorce. It shows the intended ownership of the property and a judge would consider it when deciding any financial settlements
Helpmepleasenow48 · 23/09/2018 21:40
Debt is from 12 years ago. I made a part settling five years ago. I can now afford to pay off the debt and put money in an ISA because of my new job which started a month ago; I’ve been a SAHM for 10 months after leaving my last job. We are doing it now because a family member is dying. DH and I are going to have something drawn up legally whatever; we are doing a will. Re. Nursing home - what about our DC having somewhere to live?!
theworldistoosmall · 23/09/2018 21:44
Posted too soon.
You need to get some proper independent advice from actual professionals. Whoever has adviced you so far hasn't been that great (old statue barred debt) and randoms on a site could be anyone.
GOODCAT · 23/09/2018 21:45
As you are married it makes no difference whose name is on what if you divorce unless you have a pre-nup.
Our house is on my sole name and I happen to pay the mortgage from my account but it is our house and if we divorced he would probably get the majority of it. I happen to earn a lot more. He does a lot more practically for us. We regard it as ours.
Helpmepleasenow48 · 23/09/2018 21:47
I’m not that worried - so long as we have legal agreements in place. The family member stated that the money given was given to us both. I’ve akways paid the bills. So they will be on my account.
Helpmepleasenow48 · 23/09/2018 21:48
Thank you stylish can we turnout my name on the deeds and on the mortgage at a later date?
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