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Can one spouse purchase property without the other?

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  • 28-03-2013 1:09pm
    #1
    Needahome
    Registered Users Posts: 4 ✭


    My husband & I have just had our first child. And we both work in Dublin. I bought a property in Westmeath in the boom, and now I'm one of the the thousands of people with a property in negative equity, as such sellling this is not an option at the moment. We have let this property out and are renting in Dublin, this has been ok until now, but as our family has grown we feel the need to provide a bit more stability for our daughter, and live in our own home, the one she will grow up in instead of moving around as is common with renting. My husband has never owned a property, nor had a mortgage, and the house in Westmeath is in my name only.

    My question is, Can my husband buy a property himself, or does he have to include me because we are married? I have no problem whatsoever with him owning the property, and as soon as its feasible the existing property would be sold. We just want to do what's best for our daughter, but not sure of the legal implications.


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    #2
    drunkmonkey
    Registered Users Posts: 28,192 ✭✭✭✭drunkmonkey


    Renting might not be the worst idea. You currently own a house in Negative equity now you want to buy another house when house prices are still falling. It's not the best of ideas. The bank will have to take into account you and the child. I don't think it's a runner unless you sell the current house.


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    #3
    AfterHrsProp
    Banned (with Prison Access) Posts: 76 ✭✭AfterHrsProp


    drunkmonkey wrote: »
    Renting might not be the worst idea. You currently own a house in Negative equity now you want to buy another house when house prices are still falling. It's not the best of ideas. The bank will have to take into account you and the child. I don't think it's a runner unless you sell the current house.

    Well, it depends on alot of different factors. Does your husband earn a good salary? Does he or do ye have any other assets? How much negative equity are you in at the moment? What percentage of the rent is covering your mortgage currently?

    The bank would take into account all these factors but realistically your husband would need to have a very secure job earning a very high salary.


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    #4
    Needahome
    Registered Users Posts: 4 ✭Needahome


    The house he is looking at is a 4 bed in Dublin for 100k, not sure we would get much cheaper than that, and the repayments would be the same as the rent we are paying at the moment. To Be honest, its about providing stability for our daughter more than anything else, and there is no way we could commute from Westmeath, that would not be providing her with the quality of life we want for her. We are stuck in a catch 22 and just looking for a way to work with it, so if its possible, its an option.


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    #5
    Needahome
    Registered Users Posts: 4 ✭Needahome


    AfterHrsProp wrote: »
    Well, it depends on alot of different factors. Does your husband earn a good salary? Does he or do ye have any other assets? How much negative equity are you in at the moment? What percentage of the rent is covering your mortgage currently?

    The bank would take into account all these factors but realistically your husband would need to have a very secure job earning a very high salary.

    Thanks. I've just been looking for information to see if its even possible and can't find it anywhere. He has a very secure position, and a good salary, we also have a good amount put by for a deposit so the mortgage amount we would need to borrow would be low enough.


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    #6
    drunkmonkey
    Registered Users Posts: 28,192 ✭✭✭✭drunkmonkey


    A 4 bed in Dublin for 100k?


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    #7
    Needahome
    Registered Users Posts: 4 ✭Needahome


    drunkmonkey wrote: »
    A 4 bed in Dublin for 100k?

    Yes, new build and local to where we are at present.


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    #8
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    One thing to bear in mind is can you service two mortgages if the rented property spends a period of time vacant? Its not a problem for you at the moment; if push comes to shove you can always move into the house in Westmeath if it lies vacant and only have one mortgage/rental payment. Buy a second house and this is not an option.


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    #9
    Marcusm
    Registered Users Posts: 10,325 ✭✭✭✭Marcusm


    Any lender will need you to be part ofthe transaction as the Family Home Protection Act gives a non owning spouse rights with respect to a "family home" (as opposed to an investment property, which is what your Westmeath property will now be). It will be very difficult to proceed without disclosure of the negative equity and the impact that will have will depend on the institution.


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    #10
    ted1
    Registered Users Posts: 23,524 ✭✭✭✭ted1


    No you will need to be on the mortgage. If you are married the house is half yours this is what would happen during a seperation or death.


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