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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7506
Experience:  BA (Hons), PgDip, Practising Solicitor
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I am the joint owner of my home with my wife and until recently

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I am the joint owner of my home with my wife and until recently was an employee. I have now started my own limited company and have arranged factoring for my debts within the business - to achieve this I have had to give a personal guarantee. My wife is not happy with the risk to our home, is it possible for me to give up ownership of the house and it just be in her name. My wife is a high earner and the property is worth quite a bit and we have a mortgage.



Thanks for your question.


In the event of a guarantee being enforced against you your wife's interest in the property or proceeds of sale is protected - only your share is at risk.


In order to transfer the property in to her sole name she would need to receive a mortgage in her sole name. The lender's charge prevents a transfer of title without their consent.


She would also have to purchase your share at market value. If it is transferred to her at an undervalue then the creditor of the guarantee could apply to have the transaction set aside. The Courts have very wife powers to do this.


In short, you can do it but she must pay you a fair price for the equity and remortgage in to her sole name


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Kind regards,


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