Thank you for your question and welcome. Your wife can own a share in the home without being legally responsible for the mortgage. However the mortgage company will only lend if they can charge the property as a whole as security, so this would potentially mean that they charging your wife's shares. Your wife's share would then only be at risk if the mortgage was worth substantially more than the property. Therefore in theory if you defaulted on the loan, the bank would force a sale of the property and after they have been repaid return any proceeds to your wife.
Hi, Thank you. If you are buying the property with a mortgage then there is always a risk that if the mortgage exceeds the value of the house your wife will lose her share. A mortgage charges the whole property, you cannot escape this fact and your wife will have to consent to it for you to get the mortgage. As long as the property does not go into negative equity, your wife's share should always be protected from your debts. Kind regards AJ
Thank you for your question
My name is ***** ***** I have been a solicitor for more than 30 years.
The document that you need is a Declaration of Trust stating that you hold the property for yourself and your wife.
This should be registered at the Land Registry
The is will need to be signed AFTER completion - and should be prepared by a separate Solicitor - since your conveyancer also acts for the building Society
Please ask if you need further details
It would be best to see a solicitor face to face - but I will send you a service request if you wish