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.
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.
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.
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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).