UK Property Law
Get UK Property Law Questions Answered by Experts
Are you able to receive a mortgage offer in your sole name?
I havent asked the mortgage company as yet.
Would this be the first step??
Yes, you cannot transfer the registered title to the property in to your sole name without the consent of the mortgage company. You must demonstrate sufficient income/finance in order to receive a mortgage offer in your sole name. Once you have this you can transfer the title but not without. Start here. Don't be afraid to shop around the lenders.
If there is equity in the property and your husband does not receive any money to account for his share and he then subsequently has creditors who wish to enforce any debts then they could apply to the court for an order that the transaction is set aside arguing that this is in effect a transfer which defrauds his creditors. This is obviously important for you to note.
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They will ask for your husband's value of the equity to be accounted for. This would probably take the form of a charge on the property to the value of the monies owed and the costs of making the application.
If they have a charge on the property they may then apply for an order for sale, which you would be at liberty to defend.
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They can still apply for one, but you would defend arguing that your family requires the house for your home accommodation and that the debt would not be repaid in any event. There is not defined list of what will prevent it or not, each case turns on it's own facts.
He should attempt to confront his debt issue now to avoid this situation occurring in the first place.
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