Divorce Matter- Having House in my name

SmallStepsBigChanges

Hi Everyone

Quick background- Ex Husband had an affair which is now my ground for divorce. We have a joint mortgage and my solicitor is advising to have the house given to me. I am currently living there with my 3 children from the marriage. I am also unable to get a mortgage on my own so cannot buy my ex out. The property was up for sale but I have decided to do some small maintenance while getting myself back on my feet.

Can someone explain the benefits of me having deeds solely in my name? (frazzled brain) How will it affect any equity negative or otherwise if the house sold?

Thank you

System

I doubt that your mortgage company would allow the house to be in your sole name without you taking on the complete mortgage as well. As you are not in a position to service a mortgage on your own then you are not going to get the deeds solely in your name.

SmallStepsBigChanges

Thank you for replying! So much information going on.. I can understand your point. I thought it would mean my ex would stay on the mortgage so still liable if I didn't pay? To be honest in some ways Im quite happy to just go 50/50 just so its sorted but then wonder if I should say that if he pays half mortgage as well? Looks like I need to ask the solicitor some more questions.

mumofjusttwo

I am doing this at the moment. Mortgage company, i be
Ieve, has agreed to the deads beinog in my name. Obviously XH needs to stay on mortgage as i can not have mortgage on my own. He has not contributed to the mortgage for a while and there is not much equity in the house either.

Main reason for me to have deeds in my name is so that XH can not have any debts put on house. Peace of mind for me.

SmallStepsBigChanges

ah right didn't think of the debt thing.. do you know what would happen if you sold and it say for instance it went into negative or you came out with profit? or does it not affect the split of this?

mumofjusttwo

I expect that XH and i would still be equally responsible for paying the mortgage/debt.

The profit would be mine but if i had negative equity and i did not pay it hen they could chase him for it. For that matter they could chase him if I did not pay the mortgage now as joint name with myself.

FBaby

It's not the mortgage company that decides whose names are on the deeds. I don't think you can have only one person on the deeds when there are two people on the mortgage.

Voyager2002

mumofjusttwo wrote: »

Main reason for me to have deeds in my name is so that XH can not have any debts put on house. Peace of mind for me.

He could not "put any debts on the house" without your signature, since you jointly own it. However, since both of you have a joint mortgage you are financially linked, so his debts affect your credit rating.

No, putting the house into your sole name means that it belongs to you. It is obvious why that would be good for you (unless it is in negative equity) but I doubt whether it will be possible.

pigpen

I've just done this.

It means his name is still on the mortgage but he has no rights over the property.. he cannot come in whenever he wants, he has no right to any profit from a future sale.

We got round it by working out the equity when he left about £20k half of that would be his which would be £10k about the same as 2 years child maintenance so in leiu of him not paying CM he signed over the house to me.

He cannot get any secured loans against the house and if he tries if committing fraud.

You do have to get permission from the mortgage company but it is very possible. Even if you qualify for legal aid the deeds tranfser currently costs £400

silly_moo

FBaby wrote: »

It's not the mortgage company that decides whose names are on the deeds. I don't think you can have only one person on the deeds when there are two people on the mortgage.

My DH is on the deeds but both of us are on the mortgage so it's possible but I think not all banks allow it. Also, our solicitor said that if we ever wanted to add me on to the deeds we will need to ask permission from the bank and the bank may say 'no'.

SmallStepsBigChanges

hmmm very interesting thank you everyone!