Help, please: house in whose name?

chipotle_2

hello

how much would it cost to have a house deeds (currently in OH's name only) changed to my name only? once changed, what would be my rights and responsibilities?

thanks

zzzLazyDaisy

Firstly, are you married? There are tax implications if you are not.

Secondly, is there a mortgage? If there is, the lender won't agree unless you take out a completely new mortgage in your own name.

Thirdly, is there any prospect at all of OH going bankrupt? Because the OR can simply take the house back.

chipotle_2

Yes, we are married. Yes, there is a small mortgage. If mortgage is changed to my name, does it mean I am solely responsible for paying it?

No prospect of OH going bankrupt. Pardon the ignorance, but what is the OR?

thanks a bunch

zzzLazyDaisy

chipotle wrote: »

Yes, we are married. Yes, there is a small mortgage. If mortgage is changed to my name, does it mean I am solely responsible for paying it?

The mortgage can't just be changed to your name. You would have to apply for a mortgage in your own name, assuming of course that you earn enough to meet the qualifying criteria. Yes that would mean you would be personally responsible for paying the mortgage.

May I ask why you want to put the house in your sole name? An alternative might be to put the house in joint names, this would mean that both your names would be on the mortgage, but the lender might look at this more favourably.

No prospect of OH going bankrupt. Pardon the ignorance, but what is the OR?

Official Receiver - the person who handles a bankrupt's affairs

chipotle_2

May I ask why you want to put the house in your sole name? An alternative might be to put the house in joint names, this would mean that both your names would be on the mortgage, but the lender might look at this more favourably.


I have been at home with the kids for a long time now with not very good salary prospects when I go back to work. It would make me feel more secure if the house was in my name, in case anything went wrong with the marriage, for instance.

zzzLazyDaisy

Okay, firstly, if anything went wrong with the marriage, the fact that the house is in his name only would be irrelevant as the courts have the power to share out the house between the divorcing people. The fact that you have been married a long time and have raised children will count in your favour, especially if you would still have responsibility for putting a roof over dependent children's heads after the split.

As far as putting the house into your sole name is concerned - obviously he would have to agree to this. If you are not working you are unlikely to get a mortgage, but if you put the house into joint names the lender will probably just add your name to the mortgage.

As far as the cost of the transaction is concerned, you would need to use a solicitor so you could be looking at £500+, depending on the value of the house, but you'd need to get a quote from a solicitor.

Jonbvn

Do not forget that you will become liable for stamp duty. Don't you just love good old Gordon?

Graham_Devon

Sounds to me like someone wants to leave their partner and is up to something crafty!

chipotle_2

Graham_Devon wrote: »

Sounds to me like someone wants to leave their partner and is up to something crafty!

It's very easy to judge others, isn't it? It is evident that your own experience may have something to do with your opinion....

I need to know where I stand. It is much clearer now. Thanks zzzLazyDaisy.

zzzLazyDaisy

You are welcome.

I suggest you have a chat with a solicitor. You may qualify for legal aid, and at least you will know where you stand.

Good luck.

Daisy