Selling own home and buying new ,what about the partner

R

rholland

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Hi all,
I have a question here after coming off the phone to a mortgage advisor and didn't like what he is implying. So story goes I own a house where we all live in , no mortgage. I have a son from previous relationship and I have a partner and a 10 years old son. I am looking to sell my house and buy another house ( i felt that we have outdo the space we have!) so I was looking to borrow 100 K and move to a bigger house. I have no loans and don't owe any money! Now I am the sole earner while my partner is a home dad , after redundancy he didn't secure another role and stays at home with our 10 y.o. son. My older son is 18 y.o. So I have enquired with BOI who tells me that if i sell and take a loan they will place my partner on the loan and on the deeds of the house. I explained that I have solely pay for my previous home and now taking the loan again myself so why is my partner has to be on the deeds ? My partner doesn't care by the way! BOI is telling me that basically i am selling my home ( their roof) and by that the next house has to be in both names even so he won't pay nothing. That sounds to be idiotic . What am I missing? Can anybody advice? By the way he had to issues with 100k loan , I can cover that , I am risk averse so don't like to take loans and all . But i will have to rethink the whole story if this is the case with all the banks. The issue here we have outgrew the house and we could do with a bigger space .
 
Its not idiotic.

Your partner is a cohabitant with you and has certain claims against you in the event that you ever separate. So, he needs to be on the Deeds and on the mortgage so he is acknowledging that the Bank have first claim, before him, on the property in the event of default on the mortgage.

And, yes, I imagine all of the banks will have the same requirement. You can check if it would be possible to attribute a small proportion of ownership to your partner with full, shared, liability for the mortgage by you both.

mf
 
Thanks mf1 , I see so bank wants him on the mortgage so they can make sure he knows they ( the bank) have a liability over the house in case of default before him the partner. This is a good idea of the small proportion of ownership to my partner. Looks to me this is the scenario just because we are looking for a Loan . If by any chance , we would save the 100 K ( which obviously haven't !) and I would sell the house and buy a new house with the proceeds plus the 100 K Savings, nobody would care less that I am the single owner on the Deeds!!! In the Savings scenario nobody would go around telling me I am selling my home and now buying new home I have to put both names on the deeds, they would be grand with just me on the deeds! As i said again my partner doesn't have an issue.
What if somebody actually lies about who do you live in the house ?
 
I would engage solicitor to review and take a look at it for you, these transactions relate to the Family Home Protection Act and it's your solicitor who would be ensuring any/all of those act's conditions are being met.
Myself and my wife bought last home as 'joint mortgage, sole title' in her name, and reversely when I sold my previous apartment (my sole mortgage/sole title) before we were married, she had to sign certain releases to verify she 'approved', all via decent solicitor.
 
rholland said:
What if somebody actually lies about who do you live in the house ?
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Yep - hard to protect against especially if you're not married but you may have a problem getting a solicitor to represent you if he/sge smells a rat. Do mortgage applications ask whether you have children and whether you pay maintenance ? Probably I guess so you'd be filling out a few porkies which could trip you up.
 
thanks all for your answers. Elcato, I am a woman and I don't pay maintenance! It is worse , my ex hardly never bothered to pay maintenance for our older son and let him away with all his sob stories , he gave me money here and there whenever suited him, he hasn't handed me anything in ages ! So yes I am owed maintenance but never ever went after it , I let it go! I agree with you , I don't like to lie and never did . Thanks for letting me know mf1 is in the legal profession , delighted to get a reply from people who deals with this in their job. :)
RedOnion , interesting fact that I can't sell without his permission! He is aware of it and has no issues and delirious happy that I even talked about it now as it has been on the cards for years but knowing he is at home he obviously would let me make my mind. Himself would defo love to move out ! We are fully in agreement both of us! What puzzles me a lot is the fact that one person pays all and the person gets rights!
Thos , in your situation you are talking about you and your wife, so you are married, we are not! I don;t get any extra tax credits just because he is at home and I don;t want to be bullied into being married just for tax credits either! :)
My question still stands : so if we saved 100 K ( or I received it as inheritance ) and sold my house and bought another house ( so no loan involved!) , would anyone had any issues me being on the deeds by myself ? Is this issue arising only because we were looking for a loan?
 
rholland said:
My question still stands : so if we saved 100 K ( or I received it as inheritance ) and sold my house and bought another house ( so no loan involved!) , would anyone had any issues me being on the deeds by myself ? Is this issue arising only because we were looking for a loan?
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regardless of whether you are on the deeds solely or not it may not change the rights of your partner, so you need specialist legal advice.

as to the fairness of giving rights to someone who isn't earning money but is at home maybe think it through a little
 
"My question still stands : so if we saved 100 K ( or I received it as inheritance ) and sold my house and bought another house ( so no loan involved!) , would anyone had any issues me being on the deeds by myself ? "

You spend your own money, you can do want you like.


"Is this issue arising only because we were looking for a loan?"

Yes.
A loan, to be secured on a property, where the bank want anyone, with any potential interest, to be quite clear where they are in the pecking order!

mf
 
Thanks mf1 and everyone for your replies ! very informative! I didn't think bank takes too much risk with a 100 K loan on a house just over 500 K , quite the opposite.
 
rholland said:
My question still stands : so if we saved 100 K ( or I received it as inheritance ) and sold my house and bought another house ( so no loan involved!) , would anyone had any issues me being on the deeds by myself ? Is this issue arising only because we were looking for a loan?
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There would be no issue in doing this. And that applies if you were married or not.

But it never changes the fact that your partner/husband may have equity rights in the property.

Back in the day it was often the case the family home was only in the husband's name and ditto the mortgage.
 
Thanks Bronte , very valid points. I am not looking to separate or anything, we are both in full agreement, I have made a Will in his favor and the kids too. What I was looking here is a way to protect myself !
 
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