sell my half of the house to my wife

ktate

hi can anyone give me any info about how i can sell my half share to my wife iv got a debt and want to pay it off we arnt splitting up so i just want to sell to her iv heard you cant sell a part of the house to pay a debt off any info please

Alter_ego

More info needed, how is the house owned? Joint or tenants in common?

holly_hobby

Is the house mortgaged - if so they'll be a few issues with the plan.

Hope this helps

Holly

ktate

the house is ours the morgage is paid off we are owners im disabled and 57 my wife is 62 and is due to retire in november this debt needs to be paid off and soon so we either have to sell the house or could i sell my half to my wife any info thank you

holly_hobby

Your wife cannot purchase your share with a mortgage, even if its currently owned under Tenants In Common, and you remain resident post completion.

Plus you have repayment, age and maximum term issues (ie max term with most high st lenders will be 13 yrs, taking your wife to 75).

Why does this debt need to be repaid ? Is it a HMRC debt ?

If a loan etc, and maintaining repayments are difficult, why not come to a reduced payment arrangement with the provider ? This link may be of assistance ... http://www.nationaldebtline.co.uk/

Hope this helps

Holly

CLAPTON

seems a very odd arrangement but

does you wife have the money to buy your share or will she need a mortgage?

Mojisola

ktate wrote: »

the house is ours the morgage is paid off

we are owners im disabled and 57 my wife is 62 and is due to retire in november this debt needs to be paid off and soon so we either have to sell the house or could i sell my half to my wife any info thank you

Is the house yours (single) or yours (plural)?

If the house is yours (single) and your wife has enough money to buy half of it, why doesn't she just pay your debts?

ktate

thank you all for your info we own the house that was brought on a morgage bye both of us and yes my debt is to the gov she would need a morgage has she hasnt the funds to buy it the house is val at 140 and i need 45 thou any info thank you

danthemoneysavingman

Surely you could come to an arrangement with the government?

holly_hobby

ktate wrote: »

thank you all for your info we own the house that was brought on a morgage bye both of us and yes my debt is to the gov she would need a morgage has she hasnt the funds to buy it the house is val at 140 and i need 45 thou any info thank you

Well her seeking a remortgage to effectively buy you out, is off the table, given that you are not separated/divorced and will remain resident post completion (creating beneficial ownership issues and possessionary rights of the lender) - plus equity release to settle HMRC liabilities is typically not permitted by lenders (given that it relates to unpaid income tax).

Suspected it was a HMRC debt, which has been confirmed as a 45k os payment - whilst I really have no sympathy for those with HMRC unpaid tax liability (as this should clearly have been salted away from your SE receipts), I would encourage you to liaise with them with regards to establishing a repayment schedule.

The other option if they refuse, or you can't meet the repayments reqd from current income, simple, sell the house.

Sorry I sound harsh I know, but really this whole situation was completely avoidable.

Hope this helps in any event

Holly x

Dave_the_Ginger_Cat

I'd be inclined to sell and downsize. Notwithstanding any tenancy points, I can't see any lender wanting to lend an additional £45k into imminent retirement.

Have a google on HMRC actions right now - I think they are favouring bankruptcy which could force a house sale and have other repercussions - Most people come off better financially if they volunteer a sale, but do make sure you have made provision for alternate housing