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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I have a joint mortgage with my husband but we have separated

Resolved Question:

<p>I have a joint mortgage with my husband but we have separated and wish to sign the mortgage over to me, how easy is this?</p><p> </p><p>He is having problems with his credit and has agreed that we should sign the house over to me.</p>
Submitted: 3 years ago.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.

Hi

 

Are you able to receive a mortgage offer in your sole name?

 

Tom

Customer: replied 3 years ago.

I havent asked the mortgage company as yet.

 

Would this be the first step??

 

Thanks

Expert:  Thomas replied 3 years ago.

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.

 

If this is useful please kindly click accept so that I maybe rewarded for my time. You will be free to ask follow up questions.

 

Kind regards,

 

Tom

Customer: replied 3 years ago.
If the transfer has already completed will any creditors still be able to enforce me giving them any monies?

Thanks
Expert:  Thomas replied 3 years ago.

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.

 

Hope this clarifies, if so please click accept.

 

Kind regards.

 

 

Tom

Customer: replied 3 years ago.
As we have 2 children can they force me to sell the house to pay the creditors?

He owes way more than his share of the equity.

We are hoping he can agree something like an IVA or debt management plan with the help of CCCS.

Thanks
Expert:  Thomas replied 3 years ago.

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.

 

Please click accept. I will continue to answer your follow up questions free of charge.

 

Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6520
Experience: BA (Hons), PgDip, Practising Solicitor
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