How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Harris Your Own Question
Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2724
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Family Law Question Here...
Harris is online now

My partner and I are looking to buy a property together. We

Resolved Question:

My partner and I are looking to buy a property together. We are looking to buy a house off friends and have agreed a price of £250,000.
I was bought out of the former family home by my ex husband and have the whole amount in cash should I wish to purchase separately. My partner (having lived with someone previously for 7 years where the house was in her name and left with nothing) does not want to live under these circumstances and I understand that. He wishes to get a mortgage for his share of the house, However, he has very little cash and will probably struggle to get a mortgage of £125,000 although he would be able to get a mortgage of some value so I could make up the difference.
We have agreed that we will get a Declaration of Trust drawn up (we have little in the way of actual belongings).
Firstly, even though I don't need a mortgage in financial terms, is his mortgage affected by the fact I am a part-owner (50% or more)? Is there anything else he or I should consider ?
Thanks
Submitted: 10 months ago.
Category: Family Law
Expert:  Harris replied 10 months ago.

Hi, thank you for your question. As you will be joint owners on the property it is likely that the mortgage company will not accept only him taken out a mortgage and would want you both to be jointly liable for the mortgage as you would own the property jointly.

In relation to holding the property you should consider whether you want to hold it as tenants in common or joint tenants. As joint tenants if either of you die the property automatically passes to the other and cannot be passed down as inheritance, whereas with tenants in common you can own unequal shares and each person is free to bequeath their share as they wish.

I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you.

Harris and other Family Law Specialists are ready to help you

Related Family Law Questions