Is partner eligible to have name on title deeds?

[sdena]

I am in the process of buying a house. The mortgage witll be in my name alone as funds come from the sale of my flat.
My partner of three years will move in once her employers make her remote (able to work from home) and pay rent. However, there's a catch- the employer states that only home-owning employees are able to work from home.
Result- as she will live with me and will pay half of my mortgage with her rent, she asks if she can have her name on the deed.
My solicitor says she has to be on the mortgage application to have her name on the deeds- are they right or do we have a case, seeing as my partner will be financially contributing tot he repayments?
Ta
Dena

[Ethel]

The mortgage company would have to agree - and they won't.

If you default on the mortgage they can repossess your house without any problems.

But if a third party is also on the Title it makes it very complicated - she would own half, taking the mortgage company's security away.

[Ethel]

You could take out the mortgage jointly - and you would both own the property as 'joint tenants'.

It could be made very clear the size of each joint tenancy - it doesn't have to be 50/50. This is something your solicitor would be very familiar with.

For example - the house costs �200.000. You are putting �50,000, the rest to be paid by mortgage with both of you contributing equally.

The house could be owned on a 70/30 share basis in your favour. That is a very rough example and the proper formula is quite complicated - when the mortgage is paid for you will have paid far more than �75000 in mortgage repayments and interest.

But that would protect your initial investment and give her security too.

[figure]

Sdena - think carefully before making this person become part owner of your property. Is this person you a life-long partner?

[sdena]

Thanks for your answers everyone :)
Yes this person is my life partner.
I had no idea the mortgage lender could make life dificult for us. Shame.

[Ethel]

If you read the mortgage papers carefully you will see you are supposed to notify them if you move anyone in to your property, as partner or lodger.

It makes perfect sense that the mortgage company takes this view. If a third party has any sort of legal or beneficial interest in the home, it can take years to get it sorted out if they need to repossess - especially if the other party refuses to move out.

If it were any other way it would be an unsecured loan with very high interest rates.

I see no reason why you shouldn't put her name on both the Title and the mortgage - after all you have said she will be contributing to the payments. This gives her a beneficial interest in the property and if you split she will be entitled to some of the equity whether her name is on the Title or not.