UK Property Law
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Thanks for your question.
To enable me to answer your question could you please respond to the following:-
The property for which we wish to transfer equity is mortgage free (currently tenants live there-probably til May 2012 at least. )
We live in a separate house with our two children. We are not in the process of divorcing or splitting up. We wish to make the income from the rental fall entirely to me- for tax reasons.
Thanks for your reply.
The main disadvantage of this for him would be that he would lose all control over the property. As it is mortgage free he is at liberty to transfer it to you, but similaly you are at liberty to sell the property if you so wish. You would not need his consent to do this and could arrange the whole conveyance yourself because all that is required would be your signatures on the Contract, Land Registry Transfer Form and sundry documentation.
The disadvatage is tempered somewhat in that it would still be a matrimonial asset which would be included in the matrimonial asset pool for the purpose of financial settlement pursuant to divorce, but that would not stop you selling the asset and disappating the capital and/or charging the property under mortgage.
There would also be the disadvantage that if he were to run in to financial trouble and had creditors then they could apply to Court to ahve the transfer set aside as it was done at an undervalue.
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