Adding wife to title

N

Ning

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I bought a house on my own a few years ago with relatively large deposit and overpayment over the years.

I got married in the meantime and have been living with my wife in the house, so this is the family home.

I am currently switching mortgage, and my solicitor mentioned that it may be advisable to add wife to the new mortgage and house title, but without much more details, beside that this would remove the need for a probate in the case where I die.

My understanding is that my wife would get the house in the case where I die through family act, regardless of whether she's on the deeds, so I am not certain on the reason to add her to the title and new mortgage.

She does not work and would not be able to pay the mortgage on her own, so we are worried that if she gets added to the new mortgage she may be liable for the rest of it in the event where I cannot pay back anymore (ie: if I lose job, illness or die).

On the other hand, if the worst happen in the relationship, I'd like to ensure that the significant financial contribution (my entire life savings) on my side is somehow taken into account, and I am not sure that the source of the deposit and overpayments would be taken into account if I move the title in joint ownership. Perhaps I am wrong here, but I've been reading that ownership is split 50% / 50%, when the current contribution toward the house has been more like 94% on my side and 6% on her side (she's contributing the best she can).

I don't see much benefit of moving the title in joint ownership from several angles, perhaps I am missing something here. Would anyone have more details?
 
How much is the house worth?
How much is outstanding on the mortgage?

The lender to whom you switch will probably insist on it anyway.

Assuming you stay together...
It doesn't make much if any difference.

If you go bankrupt, and the house is in negative equity, there might be an advantage in not having her name on it.

However, as you are switching mortgage at the moment, I presume you are far away from bankrupt.

If you separate...

She will not necessarily get 50% of the house.

Depending on how long you have been married when you separate, and depending on whether you have kids or not, she could get more or less. Your entire wealth and your pension will be up for discussion.

I don't know if it would make that much difference having her name on the deeds.

At least if you have her name on the mortgage when you separate, you could tell her to make the payments if she wants to keep the house.

When you die
It's simpler if her name is on the deeds.
 
Highly unlikely any lender is going to do a mortgage on the family home without both names on the mortgage regardless of whether or not your wife is working outside the home, that is not the relevant bit.
 
Hi, Hope you don't mind that I add to this thread. I recently got married and would like to add my wife to the title of our apartment. My question is, would my mortgage increase if her name iadded to the title but her name not added to the mortgage. She is not working at the moment
Regards,
Seforin
 
If your wife is not on the mortgage then i think the lenders security would not be effective
 
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