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Another first time buyer needing advice

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  • Another first time buyer needing advice

    Greetings.

    I guess what I need is probably some legal advice or the opinion of more experienced people in this forum.

    I apologise in advance if I am posting in the wrong section.

    Here is my question:

    My partner and I have purchased a property. Actually, we have used my partner's savings to get the mortgage. The property is therefore under my partner's name, although we are both paying back the mortgage and have both contributed for the refurbishment of the property.

    How can I legally be made co-owner of the property? Is this legally possible? I know this is something we should have thought about before...

    Anyway, I hope this question makes sense.

    Thank you
    Steppenwolf

  • #2
    Re: Another first time buyer needing advice

    You need to apply to your lender for a Transfer of Equity. There will be a form to fill out, probably a fee to pay, and you will need a solicitor / conveyancer to deal with the change of ownership etc...

    The lender will have to assess the application and conduct a credit check on you before agreeing to add you to the mortgage account.

    You might also want to think about asking the solicitor to protect your partner's share of the equity in his own name as it was his savings used to buy the property and once transferred to joint ownership half of this money will become yours unless you make a legal undertaking to allow him to recover this money should you go your separate ways in the future.
    ____________________________________________
    Property for sale in Torquay

    www.thomasdobner.co.uk

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