Will the mortgage company not permit you to be jointly named on the mortgage and therefore also the joint owner on the title to the property?
The deed you are being asked to sign is essentially a statement that is required by all non-owning person who are to occupy a mortgaged property that they are not named on. It says that you understand that the mortgage company's interest in the property is the primary interest and that you understand that you will not be able to claim any interest in the property before them.
It does not mean that you cannot claim an interest at all, it just means that you are saying that your interest can only be claimed on the equity in the property after their charge. You would therefore be saying that you understand that you will not get your money back without their mortgage being paid of first.
If you are to live in the property you will have to sign it.
However, if you are contributing money to finance the purcahse then to secure this you should ask for a declaration of trust to be drawn up by the solicitor. This is a deed which would declare how the proceeds of sale are to be split. It can say that you should receive your contribution first, or that you and your husband should split the equity in the property in certain specified percentages. This will provide some security to you so that you wouldu receive your money when it is sold.
You can also ask that the deed is noted against the freehold title in the form of an agreed notice so that you will know when the property is to be sold.
If this is useful please kindly click accept so that I may be rewarded for my time. You will be free to ask follow up questions.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).