Can a mortage be "signed over" to one of the borrowers?

briggy

Eight weeks ago I returned from a night out and my husband had left. Although he hasn't actually confirmed it it looks as if he isn't coming back.

I'm currently 23wks pregnant I want to move back to where my family are so I will have some support with the baby. The only thing that is tying me here is the house which is in joint names.

H currently has a lot of debt which i only found out about in January and he has a debt manangement program with Gregory Pennington. I currently pay the mortage but won't be able to continue this as I will have to leave my job (family live in another country). We have agreed to sell the house but it needs some things doing to it before this can be done and at the minute he doesn't seem to want to do this.

As it may take quite a while to sell the house can I sign the mortage over to H or is there anything else I can do. I have always been very responsible financially and really don't want to suffer becase of his decisions. We aren't financially linked in any other way

Any ideas?

opinions4u

To sign the mortgage (and property) over to husband you need his agreement, the lender's agreement and a solicitor.

If your husband has debt problems I doubt the lender would release you from your obligation to pay the mortgage,

CLAPTON

no you can't sign the mortgage over to your OH

your OH would need to apply for a 'new' mortgage in his sole name; if he is on a DMP then its very unlikely that the mortgage company would agree.

best to just sell the house asap and form a complete break with OH
is the property is negative equity?

briggy

Thanks both, I thought that may be the case. We should get enough to cover whats left of the mortgage. My fear is I won't be able to cover the mortgage while it is up for sale and there are some things that HAVE to be done before it goes up for sale

It was a doer up and these are necessities that need to be done not just tidying up. I can't afford to get a builder in to do them and at the minute H won't do them (he's a builder) even though it will benefit him as well and I am due to go on maternity leave in July

Back to the drawing board

getmore4less

You bought it, so someone else will.

Unless you have made it worse you should get the same value(which may be less absolute)

Whats the best option will depend on a lot of things.

property.advert

I seriously suggest you investigate how to push through a forced sale. It was only that which forced my ex to wake up and smell the coffee.

ItMightBeUsefulOneDay

briggy wrote: »

My fear is I won't be able to cover the mortgage while it is up for sale and there are some things that HAVE to be done before it goes up for sale

You bought it as a project, why wouldn't someone else? Yes you'll get less money for it but unless there's no sink (or toilet?) it should be mortgageable and therefore saleable.
If your OH has big debts and has left you (and the property) you do need to cut your ties as swiftly as possible. How much of your financial lives are joined together - just the mortgage?

Trollfever

some things that HAVE to be done before it goes up for sale

Properties of this nature usually attract strong interest at auction.



.

briggy

Thanks all. I'll have to look into auction a bit more.