Adding partner to mortgage - equity

Discussion in 'Home Life & Finances' started by Sparklisam, Oct 24, 2016.

  1. Sparklisam

    Sparklisam Well-Known Member

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    Hi

    Not sure if anyone can help ?

    Want to add my partner to the mortgage, however want to safeguard myself to ensure what I have worked hard for is kept safe for my son. Any ideas if anyone's adding partners but had t written in the equity of their house ? May seem awful to some but when you've worked two jobs to keep your house you don't want to risk looosing it should the unthinkable of a relationship breakdown.

    Thanks
     
  2. Holi

    Holi Well-Known Member

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    When me and my partner bought our house he put the deposit down. We had a solicitor write a contract that we both signed that states that if we were to break-up/sell that he would get his deposit back then the rest would get decided 50/50. Think it cost about £500 to do. Not sure if that contact is even valid now as we have since got married! X


     
  3. Maud

    Maud Well-Known Member

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    What you need is called a declaration of trust and you will need to own the property as tenants in common. When you do your remortgage your solicitor should be able to assist you with this, although you and OH will need to be in agreement on the content of the declaration, ie how to split the equity.
     
    #3 Maud, Oct 24, 2016
    Last edited: Oct 24, 2016

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