Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

After Marriage - adding name to existing mortgage

Options
  • 03-10-2016 11:20am
    #1
    Larbre34
    Registered Users Posts: 24,130 ✭✭✭✭


    Can anyone comment on how straightforward, or not, the following process is. Needless to say I'd like to avoid unnecessary fees where possible.

    My wife and I married this year, we were together for 5 years before that, (living together for 3) and she had a solo mortgage on what is our home for 5 years again before we met, so 10 years gone on the mortgage now. We both understand my name should go on the mortgage now, but are there any hoops to be jumped through other than simply notifying the lender? My pre-existing status was that I am a non-owning borrow on another mortgage with another relative that has 9 years left to run.

    Thanks!


Comments

  • Options
    #2
    fits
    Registered Users Posts: 13,509 ✭✭✭✭fits


    Why does your name need to go on the mortgage?


  • Options
    #3
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    Also, can you elaborate on what you mean by a "non owning borrower" on another mortgage?


  • Options
    #4
    billbond4
    Registered Users Posts: 2,413 ✭✭✭billbond4


    Your right to do this (if anything, god forbid ever happens to you)
    I got my solicitor to do this, I think it was very straight forward.
    Might be no harm doing a will while your in with solicitor , he advised us on this as well


  • Options
    #5
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    It might be an opportunity to get your name off the other mortgage.


  • Options
    #6
    Larbre34
    Registered Users Posts: 24,130 ✭✭✭✭Larbre34


    Why does your name need to go on the mortgage?

    To protect me / us as regards marital home security, event of unforeseen tragedy - we presumed.
    Also, can you elaborate on what you mean by a "non owning borrower" on another mortgage?

    I jointly pay an equity release mortgage repayment with another relative, it was done to resolve a family situation and I agreed to help. I am not an owner or deed holder to that property. The lender used that term 11 years ago.
    It might be an opportunity to get your name off the other mortgage.

    See above, not possible, I am liable for it.
    Might be no harm doing a will while your in with solicitor , he advised us on this as well

    Good call. Is it a case that my name can go on the deeds without being on the Mortgage? If a solicitor can deal with all the above then we'll do that.


  • Advertisement
  • Options
    #7
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,953 Mod ✭✭✭✭Moonbeam


    We own a house each and I can not see any advantage of putting both names on the mortgage unless you are re-mortgaging then they will insist on it.


  • Options
    #8
    fits
    Registered Users Posts: 13,509 ✭✭✭✭fits


    Larbre34 wrote: »
    To protect me / us as regards marital home security, event of unforeseen tragedy - we presumed.

    In event of tragedy, property passes to spouse anyway? It would have to go through probate but i think you should be well enough protected anyway. (obviously dont take my word for it, get legal advice)
    Good call. Is it a case that my name can go on the deeds without being on the Mortgage? If a solicitor can deal with all the above then we'll do that.

    If there is still a mortgage on the house, the bank will have deeds, and they might make you go through a new mortgage application to get your name on there. Again, get expert advice on this.

    After mortgage is paid it would be more straightforward I would imagine


  • Options
    #9
    Glass fused light
    Registered Users Posts: 1,576 ✭✭✭Glass fused light


    Larbre34 wrote: »
    To protect me / us as regards marital home security, event of unforeseen tragedy - we presumed.

    You currently enjoy legal protection  with your wife's home the family home act was specifically put in place to protect  the  spouse who is not on the deed.

    For different protection you need to either go on the deed ( with the banks permission ie added to the mortgage) or get your wife to write a will leaving you the house.  Edit probate would work if your wife has no children.

    The deed option is "safer" from a personal relationship breakdown perspective. By adding you to the mortgage the bank gain as they have an additional person who has to pay, currently you can win the lotto, you both stop working and don't pay to mortgage the bank can only chase your wife for the money.

    Currently you could delay (not stop)  any repossession by seeking the courts to examine if your financial contribution could be recovered due to you making them at the urging of the bank and as a result of promises made by the bank. 
    Larbre34 wrote: »
    I jointly pay an equity release mortgage repayment with another relative, it was done to resolve a family situation and I agreed to help.  I am not an owner or deed holder to that property.  The lender used that term 11 years ago

    See above, not possible, I am liable for it.

    You are effectively acting as guarantor on a non performing loan.
    If the other relative can't afford to pay the full payment obligation falls on you. If You go on the deed and in an extreme case this bank could seek to repossess your current home. Currently they can only repossess the original home.
    Larbre34 wrote: »
    Good call.  Is it a case that my name can go on the deeds without being on the Mortgage?  If a solicitor can deal with all the above then we'll do that.

    The bank will not allow you on the deed  without you going on the mortgage, as they would be loosing say 50% of the security in the house, and as you are married they would be limited in their ability to repossess the house where you don't owe on the mortgage.

    Good legal advice is not cheap but allocate the cost over the remainder of the mortgage and it will look like better value.

    As you have recently married it may be a good time to put a will in place anyway and to review any other financial obligations or benefits to see if they need to be amended.

    Your solicitor and your wife's solicitior should not be the same person, in this transaction you both potentialy gain or loose so if you both are in a position to freely ask "what if" you both get comprehensive advice.


  • Options
    #10
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Glass fused light wrote: »
    You currently enjoy legal protection  with your wife's home the family home act was specifically put in place to protect  the  spouse who is not on the deed.

    All the Family Home Protection Act does is prevent the owning spouse from selling any interest in the property without the consent in writing of the non-owning spouse. It does not give anything to the non-owning spouse other than a veto on sale and does not cause a transfer to the non-owning spouse on death.


  • Options
    #11
    Glass fused light
    Registered Users Posts: 1,576 ✭✭✭Glass fused light


    4ensic15 wrote: »
    All the Family Home Protection Act does is prevent the owning spouse from selling any interest in the property without the consent in writing of the non-owning spouse. It does not give anything to the non-owning spouse other than a veto on sale and does not cause a transfer to the non-owning spouse on death.

    Yes my post should have additional not different.

    For additional protection you .....

    With no children of the wife's to claim the from estate, the OP should be covered by the Succession Act but if they decide not to add the OP to the deed until the mortgage is paid off, a will should cover any claims after death.

    Sitting in front of a solicitor without the wife will allow a open discussion on what is best for the OP it may not be the cheapest solution eg will they loose out on a new mortgage. It goes both way as were the OP was to die how is his loan closed out.

    Edit in response to athrasn post : warning I am so not qualified to give legal advice so the only advice (< non-legal advice nor opinion) worth anything it to talk to a solicitor.


  • Advertisement
  • Options
    #12
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Glass fused light wrote: »
    Yes my post should have additional not different.

    For additional protection you .....

    With no children of the wife's to claim the from estate, the OP should be covered by the Succession Act but if they decide not to add the OP to the deed until the mortgage is paid off, a will should cover any claims after death.

    Sitting in front of a solicitor without the wife will allow a open discussion on what is best for the OP it may not be the cheapest solution eg will they loose out on a new mortgage. It goes both way as were the OP was to die how is his loan closed out.

    A child could appear at any time. How does the o/p know that the spouse didn't have a child years ago. A will could be challenged under S117 of the Succession Act by such a child. O/p should get on the deeds if he can.


  • Options
    #13
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Can we steer clear of legal advice please in the interest of keeping the thread open?


  • Options
    #14
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Larbre34 wrote: »
    Can anyone comment on how straightforward, or not, the following process is. Needless to say I'd like to avoid unnecessary fees where possible.

    My wife and I married this year, we were together for 5 years before that, (living together for 3) and she had a solo mortgage on what is our home for 5 years again before we met, so 10 years gone on the mortgage now. We both understand my name should go on the mortgage now, but are there any hoops to be jumped through other than simply notifying the lender? My pre-existing status was that I am a non-owning borrow on another mortgage with another relative that has 9 years left to run.

    Thanks!
    The lender has to agree so it is not a case of notification. If the property is not registered, it will have to be registered costing over 1k between land registry and solicitors fees. If it is registered the new security will have to be registered. A deed of transfer will also have to be drawn up and registered.


Advertisement