loans secured on property

freebieholic

i am going to be seperating form my husband. we have loans outstanding which are secured on the house the loans are all in my husbands name only but secured on property in joint names. my husband has offered to sign away his half of the house for a fixed sum and he will keep up the debt repayments (or repay the debts) can we do this? can he do this? would i be wise to agree to this? could this all come back to haunt me in the future? or because the loans are solely in my husbands name and the house would then be solely in my name would the loan company have no more connection with me?

please help

fatbelly

Each secured loan will have a legal charge on the property. The only way I can see that the charge could be removed is for the debt to be paid in full.

Wonder_Girl

I wouldn't agree to this, your going to give him money to buy him out, you will then trust him to repay these debts for x years, if he doesn't pay you lose your home, think about it please, either sell the house and pay them off or buy him out by paying them off (if it's a reasonable amount) do not trust that this man who you may get in with now is going to support these repayments and his shiny new life? I really don't think so hun, get a clean break and a fresh new start for both of you

regularsaver1

I'm suprised the loans were able to be in a sole name in the first place, seeing as the property and deeds is in joint names

basically if they are his loans though for things he has bought, rather than joint, say he can't have anything. does your property have a mortgage? contact lender to see if you can do mortgage in your sole name and have his name removed

you will also need a solicitor to do the transfer. run the situation over with the solicitor as they will give you legal advice on what to do - but of course they will charge

Dr.Shoe_2

Citizen's Advice would be even better. If they can't advise you, they'll know a man that can.

My instinct would be to fix a price for his share of the house, pay off all his debts and then give him what's left. I would think that to "sell" the house to you would contravene the terms of his loans. Are you sure that the loans are in his name only? How can you be sure he isn't pulling a fast one?

freebieholic

freebieholic wrote:

i am going to be seperating form my husband. we have loans outstanding which are secured on the house the loans are all in my husbands name only but secured on property in joint names. my husband has offered to sign away his half of the house for a fixed sum and he will keep up the debt repayments (or repay the debts) can we do this? can he do this? would i be wise to agree to this? could this all come back to haunt me in the future? or because the loans are solely in my husbands name and the house would then be solely in my name would the loan company have no more connection with me?

please help

Thanks for all the replies,
i have had another chat with my husband and he says that the loans are in his name only (they were taken out mainly for house improvements) and that he was never asked when taking them out if he was a homeowner so they are not secured on the home. can this be right? i have asked if he has a credit agreement but he says he cannot recall receiving any. the loans are mainly thru his bank and repayments come out of his sole bank account. he says i am welcome to come with him and witness him paying them all off in full as soon as he received the sum of money we have agreed to

please advise my head is spinning with all this. i really want to stay in this house. i know with selling up and receiving my half share would not be enough to start again for me. i would have to go private rented and that would be throwing money away. we have to children but they are both in full time work and not dependent on us.

the money he wants from me is less then he would receive if we sold up and split 50/50. he says he will do this to help me keep the house.

julie

CLAPTON

check with the land registry to see if there are debts secured on your house.

CLAPTON

http://www.landregisteronline.gov.uk/lro/servlet/TitleSearchServlet?searchType=advanced

CLAPTON

and of course consult a solicitor about the transfer of the deeds into your name

freebieholic

CLAPTON wrote:

http://www.landregisteronline.gov.uk/lro/servlet/TitleSearchServlet?searchType=advanced

just been on this site. it says i have to purchase them. is there any way to get the info for free? it says it will show on the registry any financial burdens attached to the property but will not show the ammounts.

thanks

CLAPTON

if never used the service but maybe phone them on monday (but it is only £3)