Buying together & STD

[fernfurn]

Does anyone know if two people in a defacto relationship wanted to buy a property together, do they have to have one loan with one entity, or could they have two names on the title, each supplying half the money from their own loans from different sources?
Also if one of the partners has debts outstanding with an ex, can the ex foreclose on this new property if that partner defaults payment in some way (e.g. illness or death) Any help appreciated.

 

[APerry]

I don't think buying together will raise the risk of catching an STD.

Sorry, I couldn't resist after seeing the unfortunate title to the thread.

 

[alexlee]

I don't think buying together will raise the risk of catching an STD.

Sorry, I couldn't resist after seeing the unfortunate title to the thread.

APerry, I think Celica knows what she's written. STD can also stand for Sexually Transmitted Debt, referring to debt obligations picked up from your partner.
Alex

 

[Rolf Latham]

Hi Celica

You can have 2 separate loans in separate names.

However, the lender will ask that you guarantee each others loans.

On the foreclose question, I assume you mean this to be an ex partner to the current relationship.

If the ex has a legal entitlement to the others assets, even though they are entangled with the new partners, the family court force sale of the asset or other restitution, but then Im not a legal beagle.
ta
rolf

 

[fernfurn]

buying together and STD

If I then went guarantor and he could not make the payments, and I took over his share of the payments as well, then would I fully own the property when its paid? Or, if in the case of no will, and she can make the payments, then do I then end up with her as a partner. I have booked in to see a lawer but would still appreciate peoples opinions as this then brings up other questions I should ask, such as above

 

[confused]

Sorry, a bit off topic, i also have a question, my defacto partner has the block of land under his name only as he brought before we were together, we are going for a homeloan, under both names, legally, should my name be on title and mortgage? what happens if im only on mortgage and not title if we split up? is it like, his land, his house? or what happens?

 

[Peter_Tersteeg]

I've seen a number of cases where defacto couples have split up after buying a house together. I've seen similar cases where a married couple have split up as well. Whilst I'm certainly no lawyer, there doesn't seem to be much of a difference between the two.

 

[barney8]

Get a solicitor, not advice off an internet forum.

Probably best just speaking to a bank about this as well. They should be able to go through all the details with you regarding structuring a loan. Many options available.

Legally
This is another method of co-property ownership you may want to consider. Have a read:
http://homebuying.about.com/od/marketfactstrends/qt/0207TinCommon.htm

Finally, though pay for a solicitor.

 

[Aaron_C]

Probably best just speaking to a bank about this as well. They should be able to go through all the details with you regarding structuring a loan. Many options available.

I think people make this assumption all-too-often and get themselves into trouble very quickly. Branch staff have no idea about estate or loan structuring where complex family issues are involved.

 

[Terry_w]

Does anyone know if two people in a defacto relationship wanted to buy a property together, do they have to have one loan with one entity, or could they have two names on the title, each supplying half the money from their own loans from different sources?
Also if one of the partners has debts outstanding with an ex, can the ex foreclose on this new property if that partner defaults payment in some way (e.g. illness or death) Any help appreciated.

Each could supply their own money secured by other property. But if you are taking a joint loan then each person will be liable for the whole loan amount. There is apparently one lender where you could get separate loans on the one property so check this with a broker.

Yes the ex, or another creditor could get their hands on the property. If your partner has a debt owning then someone could get a judgment and then a court order to sell the property. His share of the property would be up for grabs - which may not necessarily be the legal % ownership as per title.

Did your partner have a property settlement with the ex? She could still make a claim for the property if he died too and didn't leave adequate provision for her - Doesn't mean she will necessarily get anything but she could make the claim.