Property Ownership & Mortgage Deed

[wagw81]

I currently own a property with my wife with equal equity as joint tennants and in both our names on the deeds and no secured borrowings. We have sold this, and are buying another property together, except taking out a very small mortgage in my wifes name only. The mortgage company have asked me to sign the mortgage deed as 'not expressing any interest' - which I understand will mean I cannot appear on the title deeds as an owner. However I am investing almost 50% of the capital deposit from our sale along with my wifes share. I've been advised to either draw up a declaration of trust OR allow the sale / purchase to complete and then apply to the land registry to get my name added to the deeds, with the permission of the mortgage company. We have 3 children, and I'm uncertain of either option and how safe or protected I would be in the event of any problems after we have completed the transaction. We also don't have any formal wills in place. Any advice would be greatly appreciated.

[MustafaTickl]

Based solely upon what you have written here it would be best to let the purchase go ahead with your wife Registered as Sole Proprietor at the Land Registry as required by the lender. At the same time you should structure your loan through a solicitor in such a way that the Land Registry will allow a Restriction (previously called a charge) to be placed on the Register. This will rank after the Mortgage Lenders Restriction and will prevent the property from being disposed of without your entitlement being settled, which is what I assume you are aiming for. Your Restriction can be willed to whom you like, and there are some firms who will purchase them.

[wagw81]

Many thanks for the info.

[Nipper9]

You should have valid wills in place - the fact that you have children and property make this a matter of necessity. I strongly advise this as a priority. If money is tight look in your local paper (usually in Autumn} to find "Free" will-making by certain solicitors. The service is completely free, but you do make a contribution to a charity of their choice, (usually �50 each) We have done it successfully.
Always,always, have a joint repayment mortgage. This is an absolute must: you are married today, but tomorrow....? We all know that tomorrow never comes, but where finance is concerned belt AND braces, please!!