Transfering morgage to o/h

theladyknows

Friend has a 47.5 k morgage on a house worth 120k (falling I know). They are living together only because he can't afford to move. He is on a dmp with the cccs but facing bankrupcy very soon though. She is on paper clear of debt. The have a joint morgage which is up to date.
Can he sell her the house for a fee? Does this have to be fair market value? What is the position with the morgage company and the deeds?
Should she kick him out now and would that protect her and her kids home or is there another way.
Any help appreciated as she is very worried.

Zapp_from_Planet_Zogg

As far as I know they should be able to move the mortgage by doing a transfer of equity. Any decent conveyancing solicitor can do it for them. Other than normal conveyancing fees, the house can transfer for 'free'.

Only restrictions are likely to be placed by the lenders. Your friend will need to satisfy the lending criteria of a new mortgage lender such that they can get a mortgage on their own. (Expect to pay a fee.)

If he has debt secured on that property (and the creditor has a 'charge' on the property), it is likely that the transfer of equity will not be possible straight away. It may be the case that the debt needs to be cleared before the property can be 'sold'.

Booting the guy out will not, on a joint mortgage, save your friend from debt secured on the home, as both parties are jointly liable for any secured debt.

Worth noting that if he has ccjs and lots of defaulting debt secured on the house, your friend will not have a good credit rating by virtue of her financial links.