SequioaLeaf
New Member
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- 1
Hello,
I've just gone sale agreed to purchase a home and am anxious to get things over the line. The mortgage approval is in my own name as a single person. I have a cohabiting partner who will also be living there but is not involved in any way with this transaction or its financing.
It's currently in our best interests to keep finances totally separate as they are self-employed and have been working through financial constraints (reducing a huge pile of debt) for some time. Their financial situation should be resolved within the next 24 months or so, after which point we'll revisit shared ownership, and I have no concerns about future issues of asset division.
My only worry is whether anything might impact mortgage drawdown or closing, e.g. any documentation that might ask about a cohabitant or add extra steps to the process? The mortgage application itself only asked for civil/marital status and did not ask about a cohabitant. I'm aware that there will be a Family Home Declaration Act to sign at the solicitor but isn't that only to declare that I have no spouse or civil partner?
Any advice is greatly appreciated. Thanks for reading.
I've just gone sale agreed to purchase a home and am anxious to get things over the line. The mortgage approval is in my own name as a single person. I have a cohabiting partner who will also be living there but is not involved in any way with this transaction or its financing.
It's currently in our best interests to keep finances totally separate as they are self-employed and have been working through financial constraints (reducing a huge pile of debt) for some time. Their financial situation should be resolved within the next 24 months or so, after which point we'll revisit shared ownership, and I have no concerns about future issues of asset division.
My only worry is whether anything might impact mortgage drawdown or closing, e.g. any documentation that might ask about a cohabitant or add extra steps to the process? The mortgage application itself only asked for civil/marital status and did not ask about a cohabitant. I'm aware that there will be a Family Home Declaration Act to sign at the solicitor but isn't that only to declare that I have no spouse or civil partner?
Any advice is greatly appreciated. Thanks for reading.