Can I sell my house to my partner??

danno_4

spendthrift66 wrote: »

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.

hi,just read you thread,right firstly get all your debts together,then one buy one right to them,offer them nothing at the moment.state that you have got someone looking into your financial affairs and you need 28days to enable them to do that.also ask them to freeze the interest on the account.now as regard to the morgage me not knowing all the details it would be wrong for me or anyone to offer advice on it.if you want me to offer you any advice on it write to me at my email address stephendanielsc@ i should be able to help.back to the debts after 28 days as elapsed request a further 28 days tell them that it is taking longer than you first thought and you require further time,they should grant that,you have now had a little bit of breathing space,after that if your financies have not inproved make them an offer of £1 per week for 3 months telling them you will review again to see if your situation as improved,they may ask you for an income & expenditure form they will be looking to see if you have any disposable income which hopefully you have not.buy this time you have had 6months breathing space.

debt23

Hi,

Sorry to jump in on here, but just to check something danno said..

Ref the going bankrupt bit (I know your not planning that OP), am I right in saying, with regard to the equity not being part of the bankrupts assets, its three years if the property was sold at market value, and five if it was sold under value (eg to the wife for a fiver!)

All the best

debt23

dippy

spendthrift66 wrote: »

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 ...

Wouldn't you have to pay sollicitors to change the name on the deeds, carry out the sale and still pay stamp duty?

spendthrift66

dippy wrote: »

Wouldn't you have to pay sollicitors to change the name on the deeds, carry out the sale and still pay stamp duty?

Derrr! I hadn't thought of that! Oh well, back to the drawing board - they get you every way! S

keeperbear

spendthrift66 wrote: »

One way of clearing debts would be to sell my house. 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

Selling you house to anyone, including your partner, may incurr substantial costs. How much is it worth? You partner may have to pay between 1% to 3%stamp duty, mortgage fees and other legal fees. Looking at around 1K to 3K. Have you tried remortgaging yourself?

amani_2

hi spendthrift66,

there should be no problem with selling your house to your partner. my house is in my name and my ex's. the deeds are now in my sole name but the bank would'nt take my ex of the motgage even though he has not paid it for 10yrs. the bank told me the only way i could get his name off would be to sell my house we asked if could sell it to my now hubby and they said yes. we have not done it as yet due to the costs involed.

spendthrift66

Hi Keeperbear - I can't remortgage myself as I am out of work at the moment. It's worth around 130 - but we would probably get more for it if we put it on the open market due to the way things work in my part of the world. Still don't really want to move ... wouldn't get anything particularly cheaper - it was just a thought to release some equity without having to move.

spendthrift66

amani wrote: »

hi spendthrift66,

there should be no problem with selling your house to your partner. my house is in my name and my ex's. the deeds are now in my sole name but the bank would'nt take my ex of the motgage even though he has not paid it for 10yrs. the bank told me the only way i could get his name off would be to sell my house we asked if could sell it to my now hubby and they said yes. we have not done it as yet due to the costs involed.

That's terrible - I don't get that at all ... maybe the bank thinks they can pursue your ex if you didn't pay the mortgage? I heard that banks like having two people on the mortgage for that reason?

amani_2

thats what they think! I have'nt been able to find him in 8yrs, even had a private detective on it. I'm like you I dont want to move. I have 15yrs left on my morgage.

spendthrift66

Oh dear - sorry to hear that. Isn't there something they can do if he can't be found?