want to put my house in my partners name removing my name

sarah_tkaczyk

Hi i would really appreciate some advice.
I own our family home. I was made redundant last year and my partner has been paying mortgage and bills. Im now stay at home mum.
We have spilt up and i cant afford to keep house. He wont leave,whilst i own the house i wont qualify for any housing benefit.
I would like to trans the mortgage and house to him as he isnt cirrently on either and reove myself. He doesnt have good credit, where do i stand with the mortgage company? Im with halifax on int only. Do they have special procedures for thses types of circumstances?
Thank you any guidance much appreciated

Conrad

Halifax won't ascede to transfering to his name only if he has an impaired credit record.

Possibly a specialist lender might, but it depends on factors such as;

1) When each late payment occured
2) Whether a late payment was a one off or a regularity where more and more payments were missed
3) Types of debt and amounts owed.

For example, he might have missed say 2 months on a mobile phone contgract, 8 months ago, but then caught up, or he might have missed 6 months in a row on a card.

Probably he needs to apply for a mortgage via a broker and see what's thrown up. He can bring his credit reports to a broker first for them to consider but I regularly find lenders have other information on people, not shown in the usual credit reports provided by the likes of Experian.

Be aware interst only is quite difficult to arrange now, and at the very least there will need to be a considerable proportion of equity to allow the possibility of int only.

LittleMissGiggles123

He would need to apply for a mortgage to buy the property from you. It's not just a case of signing your mortgage over to him.

Mortgage companies would do a credit check on him & if as you say he does not have very good credit then he might not get one, or might not get enough to buy the house from you.

mgdavid

how is he going to pay you your share of the equity in the property?

zzzLazyDaisy

sarah_tkaczyk wrote: »

He wont leave,whilst i own the house i wont qualify for any housing benefit.

This is not true. If you leave owing to a breakdown in relationship and the other person us still in the house, then you can get LHA (formerly HB) for a period of 26 weeks. But provided the house is for sale and you are making efforts to sell it, this will normally be extended.

Alternatively, seek advice about getting him out and consider having a lodger to help meet the bills.

Do bear in mind that if he stops paying the mortgage, it will be your credit rating that gets trashed.

If your partner has a bad credit history, it is unlikely that he will get a mortgage to enable him to buy the house (you can't just transfer the mortgage, the house is in your name so it will have to be transferred to him and to do that you must pay off the mortgage, so it is in fact a sale and purchase).

I suggest you speak to shelter, they are a mine of information about all housing related issues, including what happens when a relationship breaks down.

System

sarah_tkaczyk wrote: »

I would like to trans the mortgage and house to him as he isnt cirrently on either and reove myself.

I take it that you have discussed it with him and weren't hoping to just dump it on him because he still lives in the house?