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Signing over ownership
Leigh_oconnor12345
Posts: 6 Forumite
Hi There
I have just separated from my husband and he has offered to sign our flat (mortgage)over to me (its only in his name) and I would be giving him a lump sum of money as the house is worth over double what we bought it for.
Is signing a house over to a spouse simple? How long would it take and what costs are involved. I would be grateful if anyone could get back to me on this.
We are looking to rent out the flat at the moment as I will be going to oz for 1 year and my husband will be looking for a house to buy in the UK. My husband can sign the flat over to my and the tenant can pay the rent for the year.
Many thanks Leigh
I have just separated from my husband and he has offered to sign our flat (mortgage)over to me (its only in his name) and I would be giving him a lump sum of money as the house is worth over double what we bought it for.
Is signing a house over to a spouse simple? How long would it take and what costs are involved. I would be grateful if anyone could get back to me on this.
We are looking to rent out the flat at the moment as I will be going to oz for 1 year and my husband will be looking for a house to buy in the UK. My husband can sign the flat over to my and the tenant can pay the rent for the year.
Many thanks Leigh
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Comments
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You've not given us any income/cost details.
I'd have expected the lender to want to know your financial situation before they let you take over the mortgage.
Then you are wanting to let it out. Whole new bag of rules there.
If, say, the house were worth £200k and the mortgage was £45k and you earn £20k, then it'd be straight forward, but you've given nothing to help people give you advice.
Based purely on what you have told us ... I'd say "not a cat in hells chance of any of it". But that's because there's no details0 -
The bank will need cast iron proof that you can afford the mortgage before allowing a name to be removed. Fair doos, they can only chase one person instead of two if you default.0
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Hi sorry for the lack of detail. The mortgage is £27000 worth £60000 and I earn £16000. Many thanks Leigh0
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Hi sorry for the lack of detail. The mortgage is £27000 worth £60000 and I earn £16000. Many thanks Leigh0
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In Scotland usually a separation agreement, covering all the matrimonial property, is entered into before a matrimonial home is transferred. I would advice you to seek advise from a solicitor before you go any further. Even if its amicable between you you still require to find out what you are legally entitled to.Jan 1st 07 Car loan £4830.46@12% Personal Loan £11,517@8% variable Overdraft £1500 July 2009Halifax-£0Debt free date 14th July 2009 :j0
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Leigh_oconnor12345 wrote: »Hi sorry for the lack of detail. The mortgage is £27000 worth £60000 and I earn £16000. Many thanks Leigh
You will have no problem.0 -
Leigh_oconnor12345 wrote: »Hi sorry for the lack of detail. The mortgage is £27000 worth £60000 and I earn £16000. Many thanks Leigh
Presumably, your husband is looking for £16,500? How will you pay him this? If you have no other funds, then you'll need a total mortgage of £43,500.Warning ..... I'm a peri-menopausal axe-wielding maniac
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I will be getting a loan of £20000 and taking over the morgage. We also gave my gran money to buy her council house on the promise we would receive it in her will. My husband will let me keep this house even though he in intiled to 1/2. My husband income is three times as much as mines.0
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I think you need to do a budget to make sure you can afford all these new payments.
On the right of this Board, click on "Budget Planner" under Free Tools.Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
its prob ably cheaper to not get another loan, but to increase the mortgage you take out.0
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