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Thomas
Thomas, Lawyer
Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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My partner and I are in the process of buying a property together.

Resolved Question:

My partner and I are in the process of buying a property together. Our conveyancing solicitor has sent us a form "consent to Mortgage L26" which we are a little reluctant to sign. We are obtaining a mortgage from the Halifax and the mortgage is to be in my name only because my partner failed the credit rating and it was only myself who was able to get the mortgage. The concern is that he is paying the deposit of £38000, as well as an additional £10000 towards improvement costs. We will also both be wanting to contribute to the mortgage equally pro rata during its life. Our worry is that if God forbid something happens to me, or we split up, the will have no rights to the property and consequently loose his financial share. We did suggest signing a prenuptial agreement but our conveyancer advised that they are not worth the paper they are written on.

If relevant, I am in my late 40's and my partner late 50's and both have two children each. We are getting married in 6 months.

Grateful for any advise on how we can get around this problem.
Submitted: 1 year ago.
Category: UK Law
Expert:  Thomas replied 1 year ago.


Hi

Thanks for your patience.

If the mortgage is your name then the registered title will also only be in your name. No getting around this with a mortgage. So, technically you are the only legal owner of the property,

The reason that the lender requires your partner to sign the consent to mortgage is because your partner will be living at the property. This means that they have to get him to sign the form to acknowledge that their mortgage has priority over any interest which he may have. Effectively, that regardless of any money he is contributing that the mortgage lender has first call on the monies (but only up to the amount outstanding on the mortgage.

His option in terms of securing the money that he has contributed is by executing a declaration of trust, which is a deed sworn by you both in which you specify how the proceeds of sale of the property (ie. when it is eventually sold) are to be divided. This could take account of the actual individual monies paid by both of you by specifying that you have any x% interest in the equity (after the mortgage and he has y% (after the mortgage).

If you are unmarried then your estate would not pass to him. Therefore you should executed a Will to provide for this until you are married. Once married you should execute a further Will to confirm what you wish should happen to your estate.

The consent is simply about making sure that no-one can use the proceeds of sale of the house (when it is sold) without first paying off whatever remains on the mortgage. There is nothing sinister about this.


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Kind regards,


Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6437
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 3 other UK Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you very much, your answer has certainly put our mind at rest over the Christmas period. Its just very frustrating that the Conveyancer was not able to allay our fears in the first place.


 


Wishing you a happy Christmas.


Heather

Expert:  Thomas replied 1 year ago.
Hi Heather,

Thanks. No problem.

Obviously I don't have access to the specific documents to confirm but on the facts as you have stated this would appear to be the way forward.

You shold ask your conveyancer about it.

Please remember to rate my answer.

Merry Christmas!

Tom

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