We are buying together but with my partner solely on the mortgage. Can we have a legal agreement to divide the equity?
Posted on 10 June 2013 by Paul
My partner and myself are looking to buy together but with his name on the mortgage, and legal agreement to divide the equity?
If the mortgage is in your partners sole name, then the title deeds will need to be the same as well. You can certainly set up a legal interest or second charge on the property, however as you will be a 'named occupier' in the property, and I'm assuming that some of the deposit will be coming from yourself then you will need to take independent legal advice.
Also some lenders will have an issue if you are providing part of the deposit but not going on the actual mortgage.
It's probably worth having an initial discussion with one of our consultants, to see how can assist in arranging the mortgage. If you'd like to do, then please let me know and I'll arrange a convenient time for you to speak to one.
More than mortgages, talk to me about: Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.