Joint Mortgage or go with one named person?

maynooth_rules · 25-02-2015 5:52pm #1

Myself and herself are wondering about this (we are not married). She can get the mortgage for the house we want on her own and has the deposit needed without me. Obviously we can get a joint mortgage too but my work situation is less reliable than hers.
Which is the best option. Does going with just her name leave me vulnerable if the worst should happen in the future and we broke up

Moonbeam · 25-02-2015 5:59pm

If you are buying together then buy it together ,if she is buying it and the sole owner then she buys it on her own .

MarkAnthony · 25-02-2015 6:28pm

Make sure you're fully informed of all the legal and equitable ramifications of purchasing a house together notwithstanding who is on the mortgage.

NIMAN · 25-02-2015 7:40pm

Get legal advice, in case you aren't always together.

ABajaninCork · 25-02-2015 7:42pm

NIMAN wrote: »

Get legal advice, in case you aren't always together.

Absolutely this. Get GOOD legal advice, even if you have to shell out a bit. Personally, I wouldn't never buy again unless the ring was on my finger. I've been burned because I bought with someone I wasn't married to.

maynooth_rules · 25-02-2015 7:48pm

ABajaninCork wrote: »

Absolutely this. Get GOOD legal advice, even if you have to shell out a bit. Personally, I wouldn't never buy again unless the ring was on my finger. I've been burned because I bought with someone I wasn't married to.

This is worrying. It would probably suit to get it in just her name but obviously I have to think of my interests. Would I have any say on the house when we marry or will t always remain hers as her name would be on the deeds?

MarkAnthony · 25-02-2015 7:50pm

maynooth_rules wrote: »

This is worrying. It would probably suit to get it in just her name but obviously I have to think of my interests. Would I have any say on the house when we marry or will t always remain hers as her name would be on the deeds?

It's in no way as simple as anyone expects it to be. It's a journey all law students take...

"Ah I understand the common law" then you get chucked in to Equity 101.

In relation to purchasing property you then have the legislative framework.

ABajaninCork · 25-02-2015 8:01pm

If you're married, then you have an interest. If you're not and it goes to the pictures, it will be expensive and messy to sort out. Depending on how long you've lived together you may have an interest. It'll cost you to find out...

_Tombstone_ · 25-02-2015 8:20pm

ABajaninCork wrote: »

If you're married, then you have an interest. If you're not and it goes to the pictures, it will be expensive and messy to sort out. Depending on how long you've lived together you may have an interest. It'll cost you to find out...

Ahh, I forget, 18 months is it? It's not really long anyway. I know a guy that let the girlfriend move in.

His house, his mortgage but when they fell out she looked for have and pretty much got it. He had to buy her out.

ABajaninCork · 25-02-2015 8:33pm

There's no set time limit. See here. I had to buy out my cheating, scumbag, no-good, worthless ex after ONE year. But that was in the UK.

NIMAN · 25-02-2015 9:46pm

I think when people are common-law partners they can end up having as much rights as someone who is married to you. No sure of the timescale.

But if I was buying a house with someone i.e. contributing towards deposit, mortgage repayments, bills, upkeep, improvements etc, and yet it was only their name on the deeds then I'll not walk into it lightly.

We all think we are going to be together forever, but isn't the separation rate 50%?

Get good advice.

The_Morrigan · 25-02-2015 10:00pm

Not only do you need to get advice, but you both need to get good independent advice. There is no point you rocking up to a solr acting for your partner hoping he will give you an unbiased opinion.

witchgirl26 · 26-02-2015 10:24am

OP - I'd recommend really looking at it from all aspects. You only accrue rights on a property that you live in with a partner but don't own if you've lived together 5 years. I think it's 2.5 years if you have a child together. Be sure as well that you are comfortable with the situation if it is going down the route of her being the sole owner of the property. While it's not fully legally enforceable, I believe, it may be worth laying out a document of what would happen if you did buy together and split later based on how much each person had contributed. Also if not married & buying together, each of you should have your own solicitor to act in your interests.

It's not nice to have the "what if we break up" conversation but the emotionally aspect has to be removed from it.

I was recently in a similar situation and we came to a conclusion that worked for us but it is not necessarily the way to go for everyone.

The Spider · 26-02-2015 11:15am

maynooth_rules wrote: »

Myself and herself are wondering about this (we are not married). She can get the mortgage for the house we want on her own and has the deposit needed without me. Obviously we can get a joint mortgage too but my work situation is less reliable than hers.
Which is the best option. Does going with just her name leave me vulnerable if the worst should happen in the future and we broke up

Far as I know, the house is hers if she buys it irregardless of marriage, and even if you do buy together and get married if kids come along then it becomes the family home until the kids are eighteen, if you do break up, then as you're a bloke (I'm assuming) the house will remain with her until the kids are adults and longer if they go to college.

Long and the short of it is, it doesn't really make that much of a difference to you one way or the other, if you get married and kids come along because either way you're the one who'll be out on their ear, without the possibility of selling the house.

However if you have no intention of getting married or having kids, then yeah I'd get my name on it.

Little Miss Cutie · 26-02-2015 11:16am

We recently bought and are unmarried.

Based on good legal advice, we drafted and signed a co-ownership agreement. It sets out what will happen in a range of circumstances ie breakup, death, loss of job.

It was an unpleasant conversation at the time as no-one likes to think of breaking up or dying etc but I'm glad we have it should we ever need it.

MarkAnthony · 26-02-2015 8:13pm

Little Miss Cutie wrote: »

We recently bought and are unmarried.

Based on good legal advice, we drafted and signed a co-ownership agreement. It sets out what will happen in a range of circumstances ie breakup, death, loss of job.

It was an unpleasant conversation at the time as no-one likes to think of breaking up or dying etc but I'm glad we have it should we ever need it.

I'm not trying to get you to give second hand legal advice here but out of interest was the topic of enforceability given Civil partnership legislation broached? Wishing I'd done family law now!

The_Morrigan · 26-02-2015 8:22pm

MarkAnthony wrote: »

I'm not trying to get you to give second hand legal advice here but out of interest was the topic of enforceability given Civil partnership legislation broached? Wishing I'd done family law now!

Did you not cover it under property law?

MarkAnthony · 26-02-2015 9:06pm

The_Morrigan wrote: »

Did you not cover it under property law?

God no, that syllabus is big enough given having to know the law pre and post LCLRA 2009. TBH we would have covered off Land Law more than the law of real property in it's entirety, as indicated this would be more the family sphere on my course.

I think I may have predated the latest legislation anyway, ah no but it was fairly new.

Intellectual Property was much more shiny and had better looking girls in it.

Joint Mortgage or go with one named person?

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