To buy a house with my partner whose still married?

[onedaymaybeone]

Hi,

I would like some advice please. I'm divorced and have been renting since. I would like to buy a house but cannot raise enough mortgage to buy in the area I live in now and where DP go to school. I would be £35k short on the amount I need to buy in the area. I know I can afford the mortgage repayments as it would be half my rent but I don't earn enough in my own to get the full loan amount required.

My partner has offered to come in on a joint mortgage with me to make up the difference. We would be joint tenants and he would be paying no deposit and would 'own' a minimal percentage of the house. The reason being he is still paying for his previous property which he is not living in whilst he fights for custody of his daughter through court. Due to the complicated nature of the case he can't get divorced yet.

What are people's thoughts on doing this?

@Rainbowheart1

No, she would be entitled to half his share, putting you back to square one. If it builds equity, that’s hers too, it’s a marital asset as they are still married

I was coming on to say this.

I’d be surprised if he could even get a second mortgage.

No, because when they get divorced the house is assets. You'd had to have the most iron-clad agreement that half the house is yours, but even then, his half would be considered in the divorce settlement and then what if you had to sell to give her her share of the house?

Just no.

I'd be very wary of this tbh, depending on their status his wife could end up with a claim on your property

No you’ll have to wait for him to get divorced.

Haven’t you ever heard the saying “once a cheater, always a cheater?” Do not buy properly with this man

How is that relevant to the op? Have I missed a post where she said her oh was a cheater?

Another big, fat NO.

With him owning part of the property and both of stretched you'd be wide open to losing it until his finances are resolved in full and final settlement.

Even if he signed away his interest in the property then still in his divorce he could well be pursued for half of that money he was able to put into your property. But those documents will then scupper your mortgage anyway as mortgage companies look into where money comes from etc to analyse if you're depending on loans or other, which obviously you would be.

If he already owns a house you would be paying the 3% extra stamp duty fee. Plus I would be concerned his ex would try for some of your house as settlement.

Dear God no. If you go through with this, don't get too attached to the house as you'll be losing it.

As pps have said, dreadful idea. My ex pulled out of a house sale with a woman after my solicitor wrote to him advising him that the house would be included in the pot of assets during our divorce.

It’s a no from me dawg

NO!

The house would be considered a marital asset if purchased before the divorce.

Just wait!!!

My ex has bought with his new partner, despite the divorce having not been finalised. He & I have a verbal agreement that I won't 'go after' his money & I will stick to my word. I think it very much depends on the circumstances & individuals involved.

No. He needs his finances done for the divorce or else your house could be a marital asset. I wouldn’t touch that with a 20 foot pole

On the surface of it, it sounds crazy as many posters have already said.

However...I'd still potentially consider it with the appropriate legal advice and forward planning.

For example op has said the mortgage would be half her rent, meaning presumably she'll be able to save a decent amount each month.

Is there some kind of clause to put in saying you're entitled to buy back his ownership in the house at any stage? With the savings from the mortgage/rent difference, how long would this take? Or would you be able to take a personal loan for the rest?

I'm not saying go for it by the way! But I'd certainly consider it if this is the ops only way.

Mortgage broker here.

1. IF you did buy a property together whilst he was still married you'd need to buy as tenants in common with set percentage

1. IF you buy together when he finally divorces her the property you own together will be taken into account for financial settlement, which may mean that he may need to find money to pay her off from your jointly owned property

1. Don't do it. It has carnage written all over it

Nope.

How do you feel about YOUR home being part of HIS AND HIS (not even ex yet) WIFE'S marital assets?

That's before you get into the complexities of him being able to be on (and therefore liable for the full repayments on) two mortgages.

If he's a keeper, you should wait until he's sorted the divorce. And I say that as a fully paid up member of the 'once you're separated you are free to date' brigade that got slaughtered on another thread this week. He's still too entangled, financially, and you are looking for a huge comittment that could put your own assets at risk - I say again, do you want your home to be considered as part of his divorce?

Not a chance. He's still married. Therefore anything he owns is and could be considered a marital asset. Wait until he's divorced.

No. Tell him to get divorced first otherwise it's a marriage asset. Why would you even consider it?

What’s the timescale for his divorce?

It's a no from me too.

What about shared ownership? All in your name?

It sounds as though you're just getting partnered up for financial reasons.

It’s a no from me.

I don't understand why he cant get divorced due to a custody battle?

Makes no sense.