Can I sell my house to my partner??

spendthrift66

Hello all - well, things have not improved on the job front for me since January when I stopped working. I have cancelled all my dds for credit cards etc, so they are all ganging up on me - fair enough.
One way of clearing debts would be to sell my house. But I need it to live in. So I wondered if I could sell it to my partner for the market value which is somewhere above my mortgage - clear my debts, keep the house and start again, kind of.
Does anyone think this is a plan or is it bonkers? (I am nearing the end of my tether).
Thoughts appreciated. Thanks in advance.

ps - have previously done my SOA but at the moment am paying nothing on my debt as we can't. CCCS can't help at the moment as I have no income.

sanfrancisco

I am not sure about the house selling. However, I would automatically send all your creditors £1 per month, to show that you intend to pay at some point. Are you claiming jobseekers?

Whilst you are unemployed is there are free training you can do, which will help you get another job.

Sorry I did not answer your question, and I answered another one! Useful ey?

Crown

hi spendthrift,

I personally dont think its a good idea because whatever way you look at it you are consolidating the unsecured debt into secured and even though it wouldnt be in your name it would put a lot of stress on your partner and the relationaship.

Also would your partner be able to get a mortgage in there name only on the salary that they are on if you were not mentioned?

If things really getting to much have you thought about selling the house and moving to something more affordable or even rent for a period a time why you get your debts under control?

Crown

Also I agree with SanFran, Make sure you try at least to make the token payments of £1 as this dies go a long way when the banks check there records.

immoral_angeluk

I read something about that sort of thing before and the general thought was it would be classed as fraud or something like that but I think that was in the case of someone going bankrupt and selling their house to their partner so they didn't lose it and it backfired hugely on them

spendthrift66

Hi - thanks for your reply - don't know about you but it is nice to know someone reads your posts and takes the time to reply!

Can't get JSA apparently as my partner is working ...

I have sent letters re token payments - but on the phone egg have told me that they won't accept it and will begin to wreck my credit score ... without giving any breathing space. So that's good!

And to top it off I went into the bank today with a cheque (from a third party) to pay my mortgage and they would't take it off me as 'it wouldn't clear in time'. Banks????

hilstep2000

I can't see that it wouldn't be allowed, as long as your partner can get a mortgage for it. I thought you could sell your house to who you wanted?!

CLAPTON

if you are not going bankrupt or into an IVA then there is nothing legally to stop you selling the house to your OH.

there are the obvious issues

can he get a big enough mortgage and can he afford the repayments?

is there sufficient equity for you to pay all your debts off or only some

have the issues that lead to the debts in the first place been addressed so you wont be in the same situation in a year or so time

spendthrift66

Crown wrote: »

hi spendthrift,

I personally dont think its a good idea because whatever way you look at it you are consolidating the unsecured debt into secured and even though it wouldnt be in your name it would put a lot of stress on your partner and the relationaship.

Also would your partner be able to get a mortgage in there name only on the salary that they are on if you were not mentioned?

If things really getting to much have you thought about selling the house and moving to something more affordable or even rent for a period a time why you get your debts under control?

Hi, thanks - I have thought of that - and even asked the bank about it but really I wouldn't gain much as where I would want to live (for daughter and partner - proximity to station to travel over the Pennines for work), also factoring in solicitors/stamp duty/removals - there would be little point in selling up. Well, if it gets desperate ...

Partner could probably get mortgage for market value of house. And mortgage payments would be around what they are now - so we wouldn't lose there but would have 'consolidated' debt. However, I do take your point of course (as I did in another thread today).

spendthrift66

CLAPTON wrote: »

if you are not going bankrupt or into an IVA then there is nothing legally to stop you selling the house to your OH.

there are the obvious issues

can he get a big enough mortgage and can he afford the repayments?

is there sufficient equity for you to pay all your debts off or only some

have the issues that lead to the debts in the first place been addressed so you wont be in the same situation in a year or so time

Hello - well, yes, we think he could get the mortgage. And if I 'cleared' (some0 of my debt then we wouldn't have that to pay so outgoings would be slightly less each month. As for have the issues been adressed - I think SO! My experiences since January have given me a huge kick up the bum ... and I am resolute not to use another credit card - EVER.

johanne

Have you checked if you can you get contribution based JSA?

When i was unemployed I was told that if my partner was working and i was out of work - as long as my NI contributions where up to date for 2004-2005 tax year i could claim contribution based JSA for 6 months. (unfortunetly mine werent but i found a job the same week he did luckily!)

Here is the link to the jobcentre website with details of the amount etc and more info: Jobseekers allowence