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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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My boyfriend and I are buying a house together. I am on long-term

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My boyfriend and I are buying a house together. I am on long-term sick leave from work but have a deposit of £100k, he is in full time work and happy to be the only one paying the mortgage but is planning on us applying for the mortgage jointly. What is the best way to legally protect myself in the event that the worst happened and he became unable to work or in the unlikely event that we split so I will not be liable for the mortgage payments? As I will technically be a dependent when we buy the house should I be on the mortgage at all? We plan to get a contract written up so it's very clear who owns what percentage of the property but my main concern is that if we are both on the mortgage that it will supersede any other agreement.
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

If you are purchasing a property together and will both be named on the registered title as the registered proprietors on the title for the property AND with a mortgage then you will both have to be named on the mortgage. The lender would not offer you a mortgage unless you were both named so you not being on the mortgage is simply not an option.

Mortgage liability is joint and several, which means that in the event of default the lender would be able to sue either OR both of you in the event that any monies are owed. This is regardless of whether you have a private agreement between you and your partner. So, you and your partner will each remain liable for the whole of the mortgage.

If you are putting in more money than your boyfriend to finance the purchase of the property then your conveyancer will likely recommend that you hold your interest in the property as tenants in common. This means that your respective interests pass according to your will (ie. not automatically passing to the surviving owner) and that you can own unequal shares in the property.

You may then make 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 your large deposit by either specifying that you should receive this amount first and dividing the remaining equity equally (or as a percentage proportion) or it could simply stated that you receive x% and you boyfriend receives y%.

The declaration of trust can specify who is to pay what in terms of expenses and outgoings for the property.

You need to talk to your solicitor acting in the purchase to prepare and draft the declaration of trust on your behalf.

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Kind regards,


Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6375
Experience: BA (Hons), PgDip, Practising Solicitor
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