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LondonlawyerJ, Advocate
Category: Law
Satisfied Customers: 822
Experience:  Solicitor with over 15 years experience.
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Good afternoon, I wonder if you could help with the following

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Good afternoon,

I wonder if you could help with the following query.

Me and my husband co-own (50/50) a leasehold flat, which is currently mortgaged. We would like to change a mortgage provider, but because I haven't lived in UK conitnuously for the last 3 years, it looks like it is more beneficial for my husband to apply for a new mortgage alone, as this way we could get much better rate.

At the same time, I am interested to put my own additional equity towards the mortgage, but would like to know where I legally would stand in relation to the ownership of the flat. Is it possible to draw up an additional agreement between me and my husband, to the one between him and a mortgage provider, which would state how much equity each of us has.

Thanks a lot in advance.

Kind regards,

LondonlawyerJ :

Hello I am solicitor with over 15 years experience. I will try to help you with this. In principle if the property is jointly owned then whoever's name the new mortgage is in will make no difference to the legal ownership of the property. If however you and your husband were in dispute over this property then issues like how much was contributed to he purchase price and how much equity was put in by each of you could become significant issues. There is no reason why you and your husband can not draw up an agreement as to who owns what share of the equity in this property.

LondonlawyerJ :

I would strongly suggest that any such agreement is drawn up with the help of a solicitor so that it is legally effective, tax efficient and takes account of future events that you may not anticipate in advance.


Thanks so much for the answer! Would you know what type of an agreement is this (maybe it has a legal name) and if there is a specific type of solicitor we should use?

LondonlawyerJ :

I don't think there is any specific name for this type of agreement but it is easily explained to a solicitor. In order to find an appropriate solicitor follow this link and look for someoen in the "houses, property, neighbours" category in your area. There will then be a list of firms practising in the relevant area in your locality.


Thanks a lot!

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