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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7620
Experience:  BA (Hons), PgDip, Practising Solicitor
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my house is in joint names with my wife. can i sign the house

Resolved Question:

my house is in joint names with my wife. can i sign the house over to my wife even though she doesnt earn enough to make the repayments
Submitted: 7 years ago.
Category: UK Property Law
Expert:  Thomas replied 7 years ago.

HelloCustomer

 

No, if the house is subject to a mortgage then there will be a charge registered against the title to the property. This would prevent any transfer without the lender's consent. If she cannot afford to be the sole name on the mortgage then they will not consent to the transfer.

 

In the event of the company going in to liquidation then unless the house (or a charge on the house) is an asset of the company and you incur personal liability through your role as director (which is pretty uncommon) then the house is not at risk.

 

If this has been useful please kindly click accept so that I may be rewarded for my efforts. It wil be gratefully received and you will be free to ask follow up questions.

 

Kind regards

 

Tom

Customer: replied 7 years ago.
thanks for the reply. we both did sign £32000 limited guarantees with our bank barclays. we currently owe 22k on the business loan so would they be able to get access to our house that way.
Expert:  Thomas replied 7 years ago.

Right.

 

Unfortunately, in that case there're is not much you can do. Were you table to attempt to siphon off the asset (the house) then insolvency legislation would mean that that the transaction could be set aside anyway.

 

A very difficult position, I do sympathise. Please kindly click accept.

 

Kind regards,

 

TOm

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