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Topic:
Property purchase (7 Posts)
Started By:
Date:
11 October, 2017 05:41PM
Property purchase
metal - 11 October, 2017 05:41PM
Hi all,

I am a first time buyer and looking to purchase my first property.

I am married (after a previous divorce) and earn significantly more than my spouse. My spouse has only started working full time 5 months back, so doesnt have significant savings yet.

The deposit will be ­base­d on all my savings and mortgage will be basd on my finances.

Now, just to protect myself in future in case the worst fears come true - which one is preferred -


1. Buying a property in joint name and having both of our names on the mortgage

2. Buying property in only my name and just my name on the mortgage.


Thanks in advance
Re: Property purchase
davidterry - 11 October, 2017 05:49PM
If you are married there is no difference in practical effect between your two choices. Or, at least, not after you have been married for some time. If, say, the property is in your sole name, there are no children, you have paid the deposit and the mortgage and your relationship breaks down after three months then you stand a good chance of keeping the property. If the property was in joint names your wife would be entitled to half from day one. On the other hand, if the marriage lasts a year or longer the practical difference between the two situations is likely to be negligible.



Edited 1 time(s). Last edit at 11/10/2017 05:53PM by davidterry.
Re: Property purchase
metal - 11 October, 2017 06:06PM
david,

thanks for a quick response.

yes I am married now, but I am not familiar with how properties is dealt with in the event of a divorce.

On the other hand, if the marriage lasts a year or longer the practical difference between the two situations is likely to be negligible.

Should I interpret this as - If the marriage lasts longer than a year then my spouse will always have a claim on the property, irrespective of whether it is in sole name/ joint name and whether I paid all of the deposit?

being a novice ( as a first time buyer) my understanding was that having both names on the mortgage will make both of us liable to make payments in the event of any default.
Re: Property purchase
Andyk - 12 October, 2017 07:05AM
It doesn't make any difference if one or both names are on the mortgage or if the house is in your name only. The house will be the marital home and therefore a marital asset. Once you get married and have been married for some time, generally any split would be 50/50 unless there are children involved in which case you stand no chance of a 50/50 split.

Marriage is a partnership and the only way that you can protect your investment would be to not have married in the first place.
Re: Property purchase
metal - 12 October, 2017 11:59AM
Thanks Andy.

Just one last thing - is the initial deposit paid by any party during the purchase taken off from the value of the house or is that also split?
Re: Property purchase
Andyk - 12 October, 2017 12:30PM
If you have been married a long time it makes no difference who paid the deposit, it is water under the bridge and is deemed to be part of the pot to be shared. You might find that if say the house is worth £5 million and £1 million would suitably house your wife then you might be able to argue that you get your deposit back but as in every divorce, figures are everything and things are looked at in the round. You might want to give up more of the house to preserve your pension, nothing is dealt with in isolation.
Re: Property purchase
metal - 14 October, 2017 05:26PM
Ok thanks, got it
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