Joint tenancy vs tenants in common as a married couple

E

Every_blooming

Registered User
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24
Hi all,
Soon to be married and plan to take out a mortgage to purchase property, bank insisting on joint mortgage but just wondering about options, My spouse to be already has name solely on a decent residential property, small mortgage outstanding which will be paid off in next 10 years. For this new property purchase I'll be providing 100% of deposit and will make 100% of mortgage repayments, partner is very fair minded and is happy to go as low as is reasonably allowed as a minority shareholder in a tenants in common arrangement, is this something the banks are amenable to or do they insist on a 50:50 split as a married couple
 
What are you solving for? So you own a house each and it's clean if you divorce?

To my knowledge you both own both houses once you marry. I may have emails somewhere on this as I had similar questions after getting married and buying another property.
 
Basically yes. Having the conversation no one wants to have.... what happens if things go wrong.
 
To be absolutely honest, I feel that what the banks think should be the least of your concerns.

Having "the conversation no one wants to have" is one thing, but the fact is that everything is on the table, or at least can be made to be put on the table, under Irish divorce law.
 
I'm not so sure the bank will care, regardless of what way you split ownership you are both 100% liable for the mortgage. Banks will give a mortgage to two people with only one on the deeds in some instances. I'd consult a solicitor about any side agreements you want to make re the ownership but I don't think the bank is going to be the main issue here.
 
DannyBoyD said:
I'm open to correction, but once you are married I believe the Family Home Act supercedes any 'side' agreements in regards to your PPR.
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Quite probably, not valid similar to a pre nup but in the case of an early split up it could have bearing on a judge's ruling. If for example one person put up all the substantial deposit there is an expectation of not an exactly 50/50 split! It all depends.
 
DannyBoyD said:
I'm open to correction, but once you are married I believe the Family Home Act supercedes any 'side' agreements in regards to your PPR.
Click to expand...
So basically there's no advantage to a tenants in common title, we should just go joint tenants?
 
I believe so, especially if married. Its clean and simple, and in the event that one of you dies ownership passes automatically to the surviving spouse with no tax implications, and outside any will that may exist.
 
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