Ask Experts Questions for FREE Help !
Ask
    chicco's Avatar
    chicco Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 8, 2006, 03:18 PM
    Unmarried couple buying property together
    My partner and I are buying a house, I was unable to get my name onto the mortgage because of adverse credit history in the past. His name will be the only name on the mortgage. I feel financially vuknerable. I will be making a 50% contribution towards the purchase of the house, also will be paying half of all the bils.
    We are due to marry next year in October and both have children from previous marrieages.
    What it my best legal solution to ensure that my interests are safe in the event of my relationship breaking down, especially prior to marriage. Will marriage make a difference?
    Thank you. We live in the uk
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
    		  
    #2

    Nov 8, 2006, 04:53 PM
    I will assume that the laws in the UK are similar to those in the US. Once you are married, he should be able to put you on title to the property without triggering any Due on Sale (transfer of interest in the property) clause. Prior to the marriage he could execute a note secured by a second mortgage (in AZ we use a Deed of Trust) for $XXX. That could at least cover your investment in the property. I hope that everything works out for you both and this issue becomes a moot point.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Nov 8, 2006, 05:03 PM
    I am not up on UK law, sorry here in the US, a non married couple can deed the property as tennants in common and normally the lien holder does not care.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Buying a negotiated property in Arkansas. [ 1 Answers ]

I am new at purchasing tax deeds and just want some advice from experienced buyers. I am interesting in purchasing a negotiated property in Arkansas. WHat exactly can I do with the property? Can I rent it out or sell it right away, or do I have to wait? Also, with a tax deed, what can I do with...

A F1 couple, what to file [ 1 Answers ]

Thanks for your help! Both my husband and I came to the U.S. in late Aug. 2001. We have been F1 all these years. So, 2005 is the fifth year for us. As F1, can we choose First Year Choice to file as resident alien? Also, we have a U.S. born baby, can we claim child tax credit and credit for child...

Couple in H1 and OPT [ 4 Answers ]

Hi, We are a couple, one in H1, and one in OPT, what is the best way for us to file the tax? My understanding is we should file separately, one in 1040a, one in 1040nr, in order to get the OPT Exemption. Is this correct? Thank you very much.:)

Property taxes/lien on property [ 2 Answers ]

We have been taking care of the rental properties across the street from us for many years as the landlord lives in Arkansas. We have never been paid for these services. We repair and maintain these properties, and the last tenants we even collected the rent and deposited into the landlord’s...

View more questions Search