Joint Mortgage

[Smercer]

My husband is going to buy a flat in his sole name only as he earns enough for me not to get involved. In the unlikely event of us splitting up........ what happens? I am putting in the money for the fees etc and I will be paying a smaller share of the mortgage. What happens if my husband leaves me or dies?

[lady_p_gold]

Well that is not the way I would want it to be done. You don't have to be on the mortgage but there is no reason why you shouldn't be the joint owner of the property especially as you are paying towards it. As his wife you would have an interest in the property anyway but as the joint tenants as most couples are, it would automatically pass to you on his death ... I think I would be asking to be a joint tenant or need a good reason why I wasn't being !

[Smercer]

So what is the difference between being on the mortgage and being a joint owner?

[Miss Zippy]

As lady_p_gold says, if you want to ensure your financial security in the event of a split/death, you should be named as a joint tenant or at least tenant in common. The flat will be a matrimonial asset no matter whose name appears on the property deeds, but if you are named on the deeds you will not need to prove you have a claim on the property. If you are not named, on divorce a Court might only award you, say, 10% of the property value, rather than 50%. On your husband�s death, his estate will be dealt with in accordance with his will (if he has one) or in accordance with the laws of intestacy (which state that a deceased�s estate passes to the spouse and children (if there are any). However, if the flat is solely in your husband�s name, there is a �risk� that your husband could draw up a will leaving the entire flat to someone other you.

[Miss Zippy]

To answer your second query, which crossed with my post, you do not need to be a party to the mortgage to be named as a joint owner of the property on the deeds. They are two completely separate agreements.

[Smercer]

Thanks Miss Zippy.

[Smercer]

Should I then contact our solicitor and ask to be a joint owner? Is this easy to do?

[lady_p_gold]

Well I think my initial discussion would be with my husband .... firstly to ask if there is any reason why he is not including you as a joint tenant, and then if he agrees it will just be a joint purchase and you can use the same solicitor as the one he is using for the purchase.

[Maggie-Mae]

Ask you solicitor to draw up a Deed of Trust so that any monies you have paid into the property can be recovered.

[Smercer]

Lady_p_gold - my husband says there is no reason for me to be on the mortgage as it is hassle as I will have to declare my earnings, debts etc. He is putting down a big deposit and he is able to obtain a mortgage on his own. As a joint purchase - I don't need to declare anything do I? I only have one small debt and I earn good money. Thank you for your help by the way.

[lady_p_gold]

Yes but you can still be a joint owner of the property and not be on the mortgage - there is no reason for it to be in his sole name, but of course if you are happy with that then fine, the problems it can cause have been outlined to you above ... good luck !

[lady_p_gold]

Sorry I might have misread your reply, anyway .. hope we have been of some help!

[Smercer]

Thanks Lady_p_gold - no I wasnt agreeing with the situation and thank you very much for all your help. I will be contacting my solicitor tomorrow re: joint purchase. Lots of food for thought. Thank you VERY much!