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I am the joint owner of my home with my wife and until recently

was an employee. I have...
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.
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Answered in 16 minutes by:
6/7/2011
Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7,626
Experience: BA (Hons), PgDip, Practising Solicitor
Verified

Hi,

 

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

 

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
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7,626
Experience: BA (Hons), PgDip, Practising Solicitor
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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