Buying a house with partner in one name

[n20998]

Hi, I’m going through the process of buying a new build house with my partner. They have bad credit so we’ve agreed to do it in my name only. I‘ve paid around 85% of the deposit, and the house purchase and mortgage are in my name only. We haven’t discussed the percentage contributions to the mortgage, bills and buying stuff - we’ll both contribute with my contribution likely to be around 70%.

We’re at the stage where we’ve reserved a property, I have a mortgage offer and I’ll be exchanging contracts and paying the deposit soon.

we haven’t yet done anything legally about my partners share in the house. I believe we can do this as tenants in common with a deed detailing the split. Is this the right approach? Are there any alternatives?

To note, we’re not married but plan to marry in the future. We don’t have kids...but they are also planned

This is all very new to me/us so any thoughts or comments would be very much appreciated. Thank you.

[n20998]

Apologies for bumping but any thoughts on this? Would be good to know if our thinking and approach are ok or if we need to do something differently. Many thanks.

[ostell]

The mortgage company might not be pleased.

If you are planning to get married then why not joint tenants?

[n20998]

Hi Ostell - reason is bad credit so the mortgage is in my name only.

[des8]

A deed of trust is probably the best way forward, though you might consider a Cohabitation Agreement which is a more detailed agreement including how various costs etc are to be met by both parties

[ostell]

So wait until you are married and then tell the mortgage company. They might then be more inclined to allow the extra name on the registry

[n20998]

ostell des8 thanks for you’re responding.

I think what we’re saying is that’s it’s ok to proceed as planned? We can use a deed or cohabitation agreement to give both of us some security, then in the future if we get married or when we partners credit improves try adding her to the mortgage and changing how things are structured?

[des8]

Yes, a deed/agreement needs to be amended as circumstances change

[n20998]

Great, and I’m assuming we can have the deed/agreement as a document just between us i.e. the mortgage company doesn’t need to be involved?

[des8]

think so, but your conveyancer (solicitor?) should be able to confirm