selling to my husband!

Annisele

aero1 wrote: »

I get written into something, to protect my interest in the house.

I think that might be a sticking point - what interest is that? If your husband has paid full market value to buy you out, how come you have any interest at all?

I'm also confused about whether your husband really is buying at full market value, or if he's buying at a discounted value (with the discount equal to your equity).

I think you're absolutely right about the two separate solicitors plan. I also think your husband needs a good independent broker - hopefully he's already got one.

pleasedelete

You and ex will both be jointly liable for the loan and the mortgage. So NR may not let you sell without settling the loan. If your ex didnt pay then you would have to.

Annisele

I'd assumed OP was bankrupt - but in that case, it's a puzzle that she has any equity in the house. Did the ex buy it already?

giddypenguin

The problem is probably that you wish to maintain an interest in the house. I am neither on the mortgage or deeds of our house (solely in my husbands name) and mortgage company had no problem with it.

aero1

thanks for your replies - To be honest, I hadn't thought about my interest in it, until the earlier comment about a declaration of trust.
I went bankrupt so I am no longer liable for the unsecured element of the together mortgage. Ex is aware he will need to settle the outstanding balance on that part. I bough my beneficial interest from the OR as at the time the house was in negative equity.
House was valued twice recently at between £185k and 190k, so we had more or less settled on 'sale' price of £187500. That would pay off mortgage and leave "£37.5k equity less sols fees, split between me and ex.
Husbands mortgage would be £187500 less 15% deposit of £28125.

So there is no discount as such , he is paying full price.

Soooo, is it possible to do does anyone know?
Giddypenguin - did you do something similar then or is it just that the mortgage was only ever in your husbands name?

Thanks all!

silvercar

You are trying to do a transfer of equity (transferring ex's share to hubby) at the same time as a remortgage to a new lender.

The complication is that a transfer of equity keeps one party (you) the same on the new mortgage as it was on the old; the complication is that you were bankrupt which limits your choice of lenders.

The fact that there is still the unsecured loan payable to NRAM is irrelevant. By definition it is unsecured and therefore the mortgage can be moved provided that the main mortgage is cleared. Your ex may be shocked to find that NRAM have the power to increase the rate on the unsecured loan if the mortgage is moved away, but that is for the ex to deal with.

Ozzuk

Unless I'm missing something here you won't have an interest in the house if you are taking your equity out of it (37.5k/2). You'd have to hand over that money to new husband and then be on the deeds. Very messy!

Try London and Country (no link to me) maybe, they helped me with an awkward mortgage application (two residential houses in my case).

aero1

Thanks Ozzuk, I may well do that.

I seem to even be confusing everyone here so its no wonder I am getting nowhere with broker haha

I don't want/need to be on the new mortgage. Would be in husbands name only. He would buy my house like he would buy from a stranger. I sell him my house to him like he is a stranger. I settle my mortgage, keep my share of the equity, and my ex husband, (not the one buying the house!) gets his.
There, easy

So anyway I guess really the upshot is that no one really knows if it can be done. Which is fine I was just askin the question.

Thanks all xx

silvercar

That's easier then, your husband just purchases as anyone else would but without the need for an estate agent. You would need to sign a disclaimer that you wouldn't stand in the way of a repossession if the mortgage payments weren't met, but that too is fairly standard.

The only slightly stickiness is that you are one of the parties on the deeds, but that shouldn't be insurmountable.

aero1

Thanks Silvercar. We will try again and see how we get on.