Thanks for your reply , but I wanted legal advise appertaining to U K law
Hello and thanks for using Just Answer.
My name is ***** ***** English Property Solicitor, and am happy to assist you with your enquiry.
You mention that your girlfriend can not get a Mortgage, but would she be able to get a Mortgage if it were in joint names of her and you? (I am not 100% sure if she has such a credit history as to prevent her from getting any type of mortgage with anyone else, orit would just be the case that she wouldn't be able to get a Mortgage on her own).
If you could let me know, I can then provide you with a full answer.
I look forward to hearing from you.
Al, My girlfriend would not get a mortgage, the mortgage would be in my name and I would own the house she would be a tenant. She will pay me the 25% deposit back when she has sold her present home.
Thanks for your reply.
Any Mortgage Lender will only allow the person in whose name the Mortgage is with to be on the Deeds to the house. Therefore, your name and only your name will have to go on the Deeds- the Lender will not allow your girlfriend's name to be on the Deeds, unless she is party to the Mortgage also.
Likewise, even when your girlfriend has paid you the 25%, your name alone will have to remain on the Deeds.
It's as simple as this.
Your girlfriend will therefore need to protect her own financial position when this payment is made- she can instruct a Solicitor at that time to prepare a Declaration of Trust, which is signed by both of you and which will set out the financial interests each of you have in the property. Your Mortgage Lender will not need to be party to this Deed.
I hope this sets out the legal position and assists you.
Please let me know if you require any further clarification.