Putting House in Joint Names

M

Mr. Smith

Guest
Hello, I need some advice. My partner purchased the house about six years ago in her own name (mortgage etc). We got married a few years later and we now have a child. My partner wants to put the house in Joint Names. My wife pays the mortgage ( I contribute, but its in her name).

We want the deeds in joint name ( and mortgage i suppose) ....

Question - what is involved ?
What would be the costs ionvolved ?
Can we do this ourselves ?

Any help/advice very much appreciated.
 
You will have to get the banks consent- that's the first step. If they consent, they will join in a transfer of the property into your joint names. I doubt you will be able to do it yourself as the bank will likely only release the 'deeds' to your solicitor. So you could get a quote from a solicitor to do it for you- and while you're at it, get some tax advice if you are not married ( it's not clear from your post as you mention partner and wife).
 
I got married recently and the house is in my sole name as is the mortgage (property was purchased by me before I got married). If the house is transferred to joint names then I realise I have to get the lenders permission.

Will this effect my current low mortgage rate? I don't want to lose my current low rate.
 
Hi puttfordough I'm in a similar position and just wondering how you got in with the lenders on this request ? I have a tracker so don't any change for obvious reasons .
 
There must be some way of equalising both parties' beneficial interests in the property without going through this rigmarole ?

E.g. would an agreement drawn up by a solicitor whereby the (legal-)owner relinquishes some of her beneficial interest in return for the other party to assume a share of the (mortgage-)debt? I understand that most mortgage agreements contract against this type of assignment, but surely some form of novation (if I'm using the term correctly) may count ?
 
I'm going to contact a solicitor next week to see what's the story.
 
I bought my house before I married.

But the idea of adding a second owner to the deeds never crossed my mind.

There's no need - my wife has ownership rights in law. She didn't buy the house, she doesn't (directly) pay the mortgage.

But she now owns half the house.

And if I die, she inherits the house automatically.

If we separate, she gets to stay in the house.
 
Note that my statments above may not be 100% correct - please see the other thread.
 
Protocol said:
I bought my house before I married.

But the idea of adding a second owner to the deeds never crossed my mind.

There's no need - my wife has ownership rights in law. She didn't buy the house, she doesn't (directly) pay the mortgage.

But she now owns half the house.

And if I die, she inherits the house automatically.

If we separate, she gets to stay in the house.
Click to expand...

What if she dies?

You will still be left with a mortgage on this property. By adding her to the deeds and something happen, you'll be in a better position. In the same boat myself and think it makes sense to add my future wife. There will be a increase in the Life Insurance Costs.
 
Getting life assurance for the non-owning spouse is a separate issue from putting her on the deeds or the mortgage.

@ Protocol - as you have realised from the 2 threads on this topic - not having the house in joint names may cause all sorts of hassle.

I am aware of one case where the father had owned the house before they married and died intestate. Their child was over 18 and forced the mother to sell the family home to realise his legal right share. This would have been avoided if the house had been jointly owned by both spouses as it would then have fallen outside his estate. I don't know whether the son could have challenged a will in this case if it left him nothing - I assume if he was still in education then he could have argued that he wasn't adequately provided for.
 
spuddien said:
Hi puttfordough I'm in a similar position and just wondering how you got in with the lenders on this request ? I have a tracker so don't any change for obvious reasons .
Click to expand...

Spuddien

Is your house in negative equity?

I see very little advantage in a married couple switching a house and a mortgage into joint names. I see a lot of disadvantages.

Brendan
 
Brendan - can you elaborate on the disadvantages ? Would it effect the mortgage interest rate ?
 
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