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Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6525
Experience:  BA (Hons), PgDip, Practising Solicitor
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Good Morning, My partner has recently been divorced (2 weeks).

Customer Question

Good Morning, My partner has recently been divorced (2 weeks). He now has to provide his ex £70,000. He has £56,000 outstanding on his property in the way of a mortgage and has £13,000 legal charges on it. His property is worth £200,00. He has to pay his ex £70,000 by end of December or property goes on market.

He has no credit rating at present as is returning to work (self employed flooring fitter) so starting up from scratch.

Is it possible if I marry him I can then take out a loan on his property for the £70,000 or is there another option.
Maggie
Submitted: 2 years ago.
Category: UK Law
Expert:  Thomas replied 2 years ago.
Hi

Thanks for your patience.

I’m afraid that in order to take a loan out against a property you must be able to put up the property as security. This means you must either by named as the sole registered proprietor of the property or have the consent of the registered proprietor(s). However, in order for a lender to accept someone elses property as security they – as you have probably guessed – require that the person also meets their criteria, effectively that they have a credit history acceptable to them.

If your partner has a problematic credit history then taking a loan out in your name but against his property would not be a possibility, and getting married doesn’t change that. Marriage does not operate so as to transfer legal titles in properties in to the other spouse name. Over time they may obtain a potential financial interest in it because of the financial settlement in divorce, but the actual legal titles remain vested in the person who had them before.

You’re going to have to look at other options I’m afraid.


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Kind regards,


Tom
Customer: replied 2 years ago.

FAO Tom


 


Thanks Tom, OK, my details are I have a £200,000 property of which I owe £6,500. I have rented out my rooms which brings me in an income of £745 per month. My job is permanent and my salary is £1200 per month. My risk would be to take out a buy to let mortgage on MY property which would release £70K but how would I get my money back from HIS property if I did so. I have heard of Tenants in Common for his property but would need a WATERTIGHT contract that insures that if anything goes wrong I would have the right to SELL his property thus paying back the £70K + interest and securing my property 100% again.


OR


He pays his ex £70, pays the £56K mortgage back to the Building Society, clears his £13K charges and basically comes to live with me with £50K in hand. Then how could I ensure that HE doesnt then have a claim on MY property.


 


Its a very tricky position I am in and I need to know what my best options are.


Maggie

Expert:  Thomas replied 2 years ago.
Hi Maggie,

With respect to option 1, I would advise against this in preference of option two simply because option 1 exposes you to liability whereas option 2 does not.

You could give him the money in option 1 but would need to do this as a legal charge, however the charge would also rank behind the mortgage and any other charges on the property so it's not really great security for you. You could impose a power of sale in it, but this is tricky as this does not mean that he coudl not attempt to dispute the terms of the sale (eg. marketing price/sale price).


In option 2, the position is that where a unmarried partner is not named on the registered title to a property then you can generally only claim an interest in the property if you have made either a capital contribution to it (ie. financing the purchase or pay for significant works which materially increase the value of the property) or have maintained the mortgage payments/paid rent or bills/foof to a total that is more than you would otherwise have paid in private rented accommodation in the area.

So provided in option that you you did not marry he would not be able to claim against your property.

I have to go out now for about an hour or so, I will answer any following up question you have upon return.

Please remember to rate my answer.

Kind regards,

Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6525
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and other UK Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi THomas,


As I said earlier, he has £56K mortgage and charges of £13K, is there ANY credit out there from companies for him to take on another £70K. Surely there must be sites for bad debtors. He does have equity in his house of £130K.


It is as you say too risky with no guarantees for me to take on this £70K but there must be some way of him raising this amount somehow.


 

Expert:  Thomas replied 2 years ago.
I'm not financial broker, I can't say for sure but I doubt it..

Tom
Customer: replied 2 years ago.

Is there any option from his point of view you can think of to go down.


 

Expert:  Thomas replied 2 years ago.
I'm afraid not. Not apart from the ones mentioned above.
Customer: replied 2 years ago.

Hi,


Please can you tell me if I have lived in a property for nearly 3 years is there something I can put on the property (a sort of charge) that gives me the right to live there.


Could you ask a colleague if you cannot help please?


Thanks


Maggie

Expert:  Thomas replied 2 years ago.
Hi,

I believe you may be referring to a matrimonial home rights notice, which is a notice that can be entered on a property (not a charge or restriction) which confirms a person's right to live in the property. It effectively will stop a buyer purchasing a house until it is removed.

Tom
Customer: replied 2 years ago.

Thank you Tom, would it still be applied to me as we aren't married. How would I go about getting this home rights notice set up please?


Regards


Maggie

Expert:  Thomas replied 2 years ago.
Maggie,

It only applies if you are married or in a civil partnership I'm afraid.

Tom

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