Really Random Question!

chrispyphillips

I got one for you all to ponder over. Its a humdinger (is that a word!?)

At the moment my mum is going through a rough time with my step father. They have separated and there have beena few problems, one involving the house. Basically, the long and short of it is he wants her to sell, or give him half of the house value, to take his name off the deeds.

I had a brain wave tonight, which was a bit crazy, but I wonder if it would ever work. Would it be possible for a third party (me, or another relative say) to buy the house off her for say £5, then sell it back to her for the same? She would have sold the house, the deeds would be in a different name, then she could again take up ownership!

Would there be some massive repercussions in regards to the mortgage or what? This deal would only be on the surface, and wouldnt affect anything, as she would have the house back, but I'm wondering about the possible outcome of it regarding the mortgage?

Its probably the daftest idea in the world, as I'm sure people eould be doing it already if it were that easy, but what are the legal implications, or those regarding the mortgage? Any help would be appreciated from anyone in the know!

pboae

Regardless of the legal and tax implications, if his name is on the deeds he would have to consent to the sale of his share of the house.

Oldernotwiser

I don't mean to be fussy but it sounds like you're trying to find a way of stealing your stepfather's half of the house from him! Unless there's more to it than you've said, surely he's only asking for the usual arrangement when a relationship breaks down; either the house is sold, the mortgage repaid and the equity divided or one person buys the other one out. Is this a more complicated situation?

chrispyphillips

Thank you for your replys, and yes it is far more complicated than i wish to let on over the internet.

It was just a spur of the moment thought, just wondered what would be any implications of such an event. I'll find out from a solicitor.

Thanks

Jet

Exactly that - she can't sell without his consent if his name is on the deeds. If she contests giving him half, she needs to get legal advice.

Emmzi

1. it won't be possible without his consent if his name is on the deeds
2. it's called gratuitous alienation (selling for less than its worth willfully)with intent to decieve. If somehow you got it through without his signature, so there would be clawback and he'd have to be paid his share of the true equity in the property.

I wouldn't waste your money on the solicitor, it won't fly. Otherwise HUNDREDS of people would be doing it!

Spend your time/cash finding out the legal ways to do a marital and financial seperation.