building a joint mortgage house on my girlfriends land?

S

starman

Guest
i am looking to build a house on the land that my girlfriend has just been gifted from her mother and father.
i would not have expected to been given any part of the land being a non family member at the moment, and for stamp duty purposes a gift to a non family member is huge money.
my query is does anybody know how i would stand in the future being a joint mortgage holder of the house but not being a land owner should things unfortunately go wrong???
 
Hi Starman,
I have a friend who was in a simular situation, when it came to signing over the site by her boyfriends parents the solicitor they were with advised her to get a solicitor of her own so that her interests would be protected. I am sure this is a common situation.
 
Have you been loan approved to borrow X000,000.00 euro to build? Does lender know that land is held in gf's name only? Can gf borrow in her sole name?

I think that you will not be to borrow as joint borrowers unless the property ( i.e. the site) is in joint names. Can you buy a half interest? How much would this cost?

The security of the loan is the house built on the site, owned by both borrowers. They cannot really secure a loan on a house unless its also secured on the site.

mf
 
thanx for your reply's, the mortgage can go ahead under the circumstances, it seems, like hacker suggested, receiving independant legal advice to draw up an agreement is the answer!
what the conditions of the agreement will be i am not sure, i hav some vague ideas, but will soon find out, thanx for your reply,s.
 
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