- November 16, 2023
- Posted by: legaleseblogger
- Category: Related News
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Subject: Query Regarding Inclusion of Partner’s Name in S&P for House Purchase
Dear Team,
As my partner and I are on the verge of finalizing a Sale and Purchase Agreement for a house that we are interested in as first home buyers (FHB’s), I wanted to seek some guidance on the implications of including both our names on the property deed. Currently, I am the sole financial provider for our household, and we do not have any dependents. I am confident in my ability to secure financing on my own.
I am seeking a more comprehensive understanding of the advantages and disadvantages of adding my partner’s name to the property title if it is unlikely to significantly impact our borrowing potential. Furthermore, I am considering the potential impact on her eligibility for First Home Buyer grants in the future if her name is not included in the property documentation. Despite not being officially listed as co-owners, we have been in a committed relationship for six years, manage all our finances jointly, and the property would be considered relationship property regardless of the legal title.
As we navigate this important decision, I would greatly appreciate any insights or advice you may have on this matter.
Sincerely,
[Your Name]
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****** just grabbed a
Can confirm she will have FHB rights later on if she isn’t on the s&p agreement.
Also, if she owns this property but doesn’t use the FHB grant then she could apply and use the FHB grant for her next property if it meets the criteria.
Essentially, you can use the FHB grant once, regardless of whether you’ve owned a home previously.
You may be confident in your ability, but do you actually HAVE finance approved before you sign the S&P? That may have more impact (for finance) than simply a legal position, so IÔÇÖd be getting that sorted first.
>about to sign a S&P for a house we’re interested in (FHB’s).
>am confident in my ability to get finance
Please tell me you have spoken to the bank already before signing the S&P. If not, put as long a date as possible for conditions to be met and include a subject to finance clause
Please speak to a lawyer, not Reddit
Xoxo
Why not have her use the FHG in this property it’s 10k if you both apply. Why wait for her to maybe get her 5k later.
Completely joint finances sounds like you both contribute which is not the case. The benefits of her name on the house is she is protected from eviction if something happens to you. She is also entitled to part ownership if you break up.
Get legal advice
Ianal but I donÔÇÖt think sheÔÇÖd be able to have fhb benefits later on since you already said the house will be a joint property.
No benefits for you having both names on it right now, the benefit in the future would be if they started to earning and your lending needed to be reassessed. They would technically be eligible for fhb benefits, but they would have to commit to the terms of the schemes, one of the main ones being they intend to live at the property they are purchasing for at least xxx amount of time.
Yes she is a FHB later if you dont add her on title. And yes you are correct it is relationship property anyway. You dont need to purchase another property you can add her later to THIS property as a FHB and get eligible grants and KiwiSaver withdrawal. It will cost you legal transaction fees of course as you are selling the house from you to you and her. Good luck.
I was told to put my name only on our rental property, which ended up being the worse thing ever, mainly because everything had to be authorized by myself not my wife.
OP – Just bought a house, modest 600k mortgage taken, medium sized dep (150k), combined income 240k, mine is 150k PA. Both perfect credit, no CCs, no loans, no debt except a small student loan and 1 car under my company name – didn’t matter, that car made us really work for that approval in the end (it’s a nice car lol, still 65k owing on it, only 1.1k a month though). Our broker was confident, took a lot of back and forwards to get us there: but we made it. TLDR; Get the approval first, at the bank.