ᐅ Land Registry Entry – One Owner, Two Borrowers Possible?

Hello,

I have a question regarding ownership rights. Both my partner and I are listed as debtors in the construction contract. Is there a way to officially record (in the land register or elsewhere) that I am the sole owner, while both of us remain debtors?

The background is this: In case of a separation, we want to avoid any complications. I am supposed to receive the house, and she is to be "bought out" (she agrees with this arrangement). But as often happens in life, after a separation, people tend to deny previous agreements.

So my question is: Are there options for this? If yes, what are they?

Thank you in advance.

DirtyNerdy schrieb:
Hello,

I have a question about ownership rights. My partner and I are both listed as borrowers in the construction contract. Is it possible to have it notarized (in the land registry or elsewhere) that I am the sole owner, but both of us remain borrowers? The background is this: In case of a separation, we want to avoid any complications. I should keep the house and she should be compensated. (She agrees with this arrangement.) But as life often goes... after a separation, people tend to deny any prior agreements.

So my question is: Are there options for this? Which ones?

Thanks in advance.

Well, you’re funny :-) If I were your partner, I’d be pretty upset with you (sorry for the blunt words).

At the moment, you are both owners, borrowers (I assume both loan holders), and you both signed the construction contract.

If you end up as the sole registered owner in the land registry, but she is still on the loan and construction contract, you will hold all the (unpaid) property rights while she remains responsible for 50% of the debt and obligations.

Nice.

If your partner agrees to not be listed in the land register, she is quite foolish. Without the registration, she has no rights to receive any payment.

Under certain circumstances, I can understand such an arrangement... Parents transfer ownership of their house to their son or daughter, but continue to live in the upper floor for life. He or she contributes all the equity before marriage (for example, the land is gifted by the parents) for the construction, etc.

However, if both parties are equally involved, including financially, and take on debt together for the project, then your idea seems rather odd.

Who says you would stick to any agreements?

Well, if your girlfriend is listed on the loan agreement, she might not be able to get out of it later.

If only you are registered in the land registry, you should definitely take out the loan on your own, and her payments should be arranged privately. She will have to hope and pray that you only separate after the construction work is completed and all payment obligations are fulfilled.

DirtyNerdy schrieb:
So the question is: Are there any options? Which ones?

If you want a binding and secure agreement, you should consult a notary! Tell them what you want, and they will put it into writing for you.