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Ownership Rights

My girlfriend and I are soon to be getting a joint mortgage of exactly 50% each for what is currently a rented property. The property has been rented by my girlfriends grandmother for many years.

We are puchasing the property under the "Right to buy" scheme which allows tenants to purchase properties at a reduced cost to the actual value of the property.

However, the scheme requires that the names on the deed be that of the person who was renting and my girlfriends and this is effective for 3 years.

If I am legally paying half of the mortgage and there is official contractual documentation supporting this BUT my name is NOT on the deeds, are the official owners of the property the Mortgage payers, or the people who's names are on the deeds?

Reply to
Paul
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Paul said

Will the mortgage company allow that? When me and hubby were looking at a joint mortgage last year, the Halifax wanted the house to be in both our names. As we were planning to do that anyway we didn't bother to ask them why, but I am sure it was a requirement.

Reply to
Freda

Presumably if the purchase was in you and your girlfriend's name, you wouldn't get the property at such a good price. In my view, if you want the good price, the deed and the owner must be your girlfriend and her gran. Make sure that the relationship is solid.

Bear in mind that the majority of mortgage payments are for interest, rather than capital. Your share could be seen as helping towards this. It is probably less than half of the rent.

You and your girlfriend are jointly liable for the mortgage while a rise in value of the property would benefit the owner of the property, i.e. your girlfriend and her gran.

In time it is likely that a couple's property will be seen to be jointly owned (like husband and wife) but this is a few years away.

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Reply to
DP

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