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Experience:  BA (Hons), PgDip, Practising Solicitor
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My husband and I own jointly a house. He wishes to transfer

Resolved Question:

My husband and I own jointly a house. He wishes to transfer the whole value of the house to me- I am not paying him anything for this.
What are the disadvantages for HIM?
Thank you
J Turner
Submitted: 3 years ago.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.

Hi

Thanks for your question.

To enable me to answer your question could you please respond to the following:-

  • 1. Is there a mortgage on the property please
  • 2. Do you both live in this property
  • For what reason does he propose to do this? What is the objective

Kind regards.

Tom

Customer: replied 3 years ago.

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.

Thank you

Jo

Expert:  Thomas replied 3 years ago.

Hi Jo

 

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.

 

 

If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question.

 

I will answer your follow up questions you may have.


Kind regards,


Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6296
Experience: BA (Hons), PgDip, Practising Solicitor
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