Making a credit for a couple is an important step since it will allow you to finance your projects. Nevertheless you will have to respect some rules of use that we will detail you in this special file. So you can easily make your credit freely, and know your rights if you are a married or unmarried couple.
Make a credit for a married couple
Making a personal loan for a couple in order to realize their real estate project is often a sign of commitment over several decades. Equipment loans, renovations, car purchases, and travel arrangements are commonly planned by couples. Prevention is better than cure, and therefore know your rights when you are married, because conflicts can exist between the two married.
A. Make a couple credit
If the couple is married any of the spouses can subscribe to a credit. The other spouse will automatically be attached to the debt on the following conditions:
– The purchase must be related to the needs of the household
– The purchase is not an unreasoned act
In practice, the majority of banks make a contract with two co-borrowers, in which both spouses must show supporting documents relating to the publication of their credit agreement.
B. Rules for the co-borrower
Younited Credit, an online credit institution for individuals in France is aware of this kind of procedures, which is why we ask our customers to declare their co-borrower in their loan application.
Why this rule? It is a security for the borrower, should one of the two co-borrowers ever lose his job, or have a period of disability. In addition, the demand for funding is more likely to be accepted because all revenues are taken into account.
Make a credit for a non-married couple
It is estimated that 5 to 6 million people live in a common-law relationship in France. Many of them welcome the relative freedom of administration. Then comes the day when cohabitants decide to become owners of real estate. And this is where the problems begin, what solution to choose when you have to make a mortgage to acquire the property of your dreams? Light today on the different options for an unmarried couple that allow them to make a credit to carry out their projects.
A. The PACS
Without being the miracle solution, PACS organizes the life of two out of the paths of marriage. It is the acronym for a civil solidarity pact and it is a contract concluded between two people, regardless of their sex to organize their life together. The law introducing PACS was passed in 1999 under the Jospin government, with the aim of taking into account same-sex couples who aspired to recognition of their status. The law has since evolved, since it is now possible to get married for these couples.
PACS offers different advantages and disadvantages of marriage or cohabitation, rights and obligations are as follows:
– Duty of Assistance : The signatories of PACS are bound to a duty of mutual assistance. As well as material or immaterial assistance proportional to the means of each
– Liability of debts : like married couples, the signatories are jointly and severally liable for debts incurred by the household, the education of children, or housing. This solidarity can be lifted if one of the signatories commits to unreasonable expenses
PACS partners may reside in a different home than their common home. The residence is in fact a place where the two pacsés partners choose to settle either periodically or temporarily, while the home is the main place of life of each partner. Finally, if you do not use a notary to draft your PACS agreement, you will not have any fees. However if you want to use a notary you can go through the credit pacs Younited proposed Credit.
Indivision is the most common way to make a loan to buy a home. Each concubin up to his actual down payment, a share of the housing (Example 60% for one of the cohabitants, 40% for the other concubine). The division is then registered in the deed of ownership. The indivision presents a major disadvantage, stipulated by the civil code: no one is bound to remain in the indivision.
Each owner can therefore ask to sell his share, at any time. The cohabitants must first sign an indivision agreement when they visit the notary at the time of purchase.
In the legal framework, decision-making takes place unanimously. In case of separation, a solution must be found with the consent of both partners. And if the sharing can be provoked it most often results in the sale of housing. But there are other solutions: the purchase of the shares of one of the two co-owners is one of them.
C. The real estate company
Cohabitants may also choose to form an SCI or civil society real estate, which will acquire the property or to which they will make the contribution of a property they own. Attention it is not the cohabitants who will buy the good but the society. The coacquerors actually hold shares in SCI.
The inheritance is more easily shareable in case of succession. In the event of the death of, for example, one of the partners of the couple, the heirs of the majority concubin may ask the minority partner to leave the premises. The SCI will help to cope with this pitfall and protect the remaining cohabiting partner.
What about its operation? The assets of a real estate company are in fact real estate. Each shareholder will have a right on the whole, proportional to the number of shares he owns. If one of the shareholders has less than the other, he can not be dispossessed of his shares.
Regarding your life projects, marriage is a definite asset in terms of protecting the other spouse, it is more secure. Nevertheless, legislation has evolved in recent decades to offer optimal solutions such as the civil solidarity pact (PACS) or the solution of indivision, or that of the real estate company (SCI).
It’s up to you to play and make your choice on the solution that suits you best!
To find out more you can consult our file get a credit to rejuvenate an apartment, or the criteria for choosing credit online.