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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7600
Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi, my husband and i have seperated, we are going to get a

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Hi, my husband and i have seperated, we are going to get a divorce. Our problem is only his name is XXXXX XXXXX mortgage. He brought the house of my parents 3 years ago to help them out, they were still to stay there and pay the mortgage themselves. Me and my husband were renting somewhere else. Now me and our 2 children have moved back in with my parents. My husband wants me to have the house, that is not a issue, but i have bad credit and i know i would not be able to go and get a mortgage, is it possible thst my husband just signs the mortgage over to me?

 

Hi,

 

Thanks for your question.


I'm afraid not, no. The lender has a first legal charge over the property which prevents your husband from transferring the mortgage/legal title to the property to anyone else without their consent. In order to get their consent their mortgage would have to be repaid, which would mean you getting a mortgage offer from a lender.

 

If you cannot get a mortgage then you will not be able to transfer the title to the proprerty in to your sole name.

 

Your husband may execute a declaration of trust which is a deed which states that although he is the legal owner of the property you own the 100% interest in any equity on the property. This would not alter the fact that he and he only is liable for the mortgage but it would provide you with a small measure of security until such time as you can refinance and/or sort out your own credit record to enable you to get a mortgage.

 

The execution of the declaration of trust would not stop him raising it as an issue in matrimonial financial settlement if you cannot settle amicably and it gets contentious though.

 

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I will answer your follow up questions you may have.


Kind regards,


Tom

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