karenlkr Posted September 13, 2006 Share Posted September 13, 2006 my husband and I are buying a house. the mortgage is in his name. we want the house to be in joint names. but our solicitor said the house can only be in my husband's name, because the mortgage is in his name. but last time when we bought a house, the mortgage was in his sole name, but the house was in joint names. we told our solicitor that, but she said it's impossible. we are confused now. do somebody know it? and can you make it clear to me? I'm a foreigner, not familiar with British law. thanks a lot. Link to comment Share on other sites More sharing options...
Cyclone Posted September 13, 2006 Share Posted September 13, 2006 As I understand it, the mortgage would have to be jointly held for you to have both names on the house deeds. Otherwise in the event of your husband defaulting on his mortgage, the bank would be unable to reclaim your half of the house (as you wouldn't be in default). Why not change the mortgage to be in joint names as well as the deeds? Link to comment Share on other sites More sharing options...
karenlkr Posted September 13, 2006 Author Share Posted September 13, 2006 thank you for your reply. about the mortgage, when it in both names, the borrow limit will be lower, so we only use one name. I was told that there are two kinds of ownership: legally joint tennacy, or benificial joint tenancy.for the first one, the mortgage is in both names, and both names are registered in the deeds. I'm not sure about the second one. our solicitor have asked us to sign a declaration for benificial joint tenancy. what will that affect the outcome? will both names be in the deeds? or how can I know I'm registered as one benificial joint tenant and be protected? thanks a lot. Link to comment Share on other sites More sharing options...
Cyclone Posted September 13, 2006 Share Posted September 13, 2006 Sorry, you've exhausted my knowledge. Link to comment Share on other sites More sharing options...
RichD Posted September 13, 2006 Share Posted September 13, 2006 The terminology you mention is different to what I was presented with - our options were 'joint tenants', and 'tenants in common'. The difference was that with one option, the whole house was owned completely by both of us. The other is that each of us had a specified share in the house, i.e. I owned 50% and she owned 50%. Which one is better depends on your needs, each has advantages and disadvantages. Not sure anymore what the details of each are though. Link to comment Share on other sites More sharing options...
karenlkr Posted September 13, 2006 Author Share Posted September 13, 2006 RichD, when you were joint tenants, was the mortgage in both your names? the problem with me is that, the mortgage is in my husband's name, so the solicitor said we can not be joint tenants unless the mortgage is under both names.how did you tackle this if you were in the same circumstances? thanks Link to comment Share on other sites More sharing options...
Cyclone Posted September 13, 2006 Share Posted September 13, 2006 out of interest karen, why would you not be able to borrow as much if the mortgage was in joint names? Normally you are given the choice of 3*salary A + Salary B or 2.5 * Combined Salary. Even if your salary is 0, that shouldn't reduce the amount that can be borrowed. Link to comment Share on other sites More sharing options...
karenlkr Posted September 13, 2006 Author Share Posted September 13, 2006 my salary is 0, since I'm still a student.so in joint, it's lower. plus, we have applied the mortgage in sole name and got the offer, and the mortgage advisor don't want us to change from one person to two. if my name can not be in the deeds, how can my right(or share of the house）be protected? since we signed the 'beneficial joint tennants' declaration, am I joint owner? is there anyone the same circumstances? Link to comment Share on other sites More sharing options...
Cyclone Posted September 13, 2006 Share Posted September 13, 2006 if you are not married and the deeds are not in joint name then you will have little to no legal protection. Especially since you won't be contributing to the mortgage, which at least would give you the option to take out a civil prosecution in the event of a break up. My advice is to get another mortgage offer under joint names, I don't see any reason it should lower the amount you can borrow. Link to comment Share on other sites More sharing options...
*Turbo* Posted September 13, 2006 Share Posted September 13, 2006 my salary is 0, since I'm still a student.so in joint, it's lower. plus, we have applied the mortgage in sole name and got the offer, and the mortgage advisor don't want us to change from one person to two. if my name can not be in the deeds, how can my right(or share of the house）be protected? since we signed the 'beneficial joint tennants' declaration, am I joint owner? is there anyone the same circumstances? More like your mortgage advisor cant be bothered to do some extra work:roll: It depends on the lender. Some use affordability calculators so if there are two people but one income then they have to borrow less. If your advisor works for a bank whom works like this then thats most likely the reason they dont want you to change anything as he/she knows you will have to go to another lender. Also you say your a foreign national; Its possible due to your nationality. Couple of lenders require 25% deposit whether its one foreign national or both. Who is your lender? Link to comment Share on other sites More sharing options...
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