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Site..mortgage..ownership

  • 18-01-2021 2:28am
    #1
    shellmc
    Registered Users Posts: 4 ✭


    My fiance owns land. We are going building a house (before we are married). I understand that if site is in his name then mortgage can be in both our names but, in event of splitting up or his death, I would be liable for mortgage but not entitled to house! I dont want to risk entering a mortgage on a site (and therefore house?) I dont own incase anything happens between getting mortgage and getting married (which would grant me some rights to house)
    What is the best way around this? Get him to gift me half of site (@33% tax) or can he sell me 1/2 the field for a small price? Will we need to get a new folio number for this part of the field?


Comments

  • #2
    Wilhelm III
    Closed Accounts Posts: 105 ✭✭Wilhelm III


    Ah to be in love :-) !


  • #3
    killbillvol2
    Registered Users, Registered Users 2 Posts: 5,178 ✭✭✭killbillvol2


    Wilhelm III wrote: »
    Ah to be in love :-) !

    It's great to see that romance is not dead!


  • #4
    Mellor
    Registered Users, Registered Users 2 Posts: 39,518 ✭✭✭✭Mellor


    shellmc wrote: »
    I would be liable for mortgage but not entitled to house!
    This is incorrect.

    Yes you would be liable to the mortgage. But it's not true that you have no entitlement to the house. He owns the site on his own. The materials and labour to build the house will be paid for by both of you jointly (via the mortgage).

    Lets say the site is worth 50k, and the construction costs 200k.
    It something happened, it would be reasonable to decide it's a 60/40 split and go from there. If he disagreed, you go to court.


    Of course, if something happened. You'd have very little paid off before the wedding, so the value of the asset isn't much after the site discount. Would be straight forward to asked to be bought out of the mortgage and be on your way. Avoid courts for trivial amounts would be in everyones interests.


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