Signing the house over to my wife

ferry

Hi all
Can anyone please talk me through the process of signing the house over to my wife. Its in joint names at the moment.


Many thanks

BoGoF

Is there a mortgage involved?

ferry

BoGoF wrote: »

Is there a mortgage involved?

Sorry, yes and a second charge loan.

BoGoF

Can your wife afford the mortgage on her own?

What is the motive for this?

MovingForwards

https://forums.moneysavingexpert.com/discussion/5860515/wont-a-dmp-ultimately-cost-more-in-the-long-run

How much debt are you in and what are you doing to settle it?

You looking to try and protect the house from a bankruptcy application?

ferry

MovingForwards wrote: »

https://forums.moneysavingexpert.com/discussion/5860515/wont-a-dmp-ultimately-cost-more-in-the-long-run

How much debt are you in and what are you doing to settle it?

You looking to try and protect the house from a bankruptcy application?

Currently in a DMP but I don't think it's sustainable long term. All debt is in my name only

I will still be contributing to the mortgage and bills in the normal way but hopefully avoiding the mess of having a property in my name in the event of bankruptcy.

There are more debt solutions open to me with no assets...or am I simply over thinking matters.?


Thanks

Browntoa

It won't achieve your requirements

https://bankruptcyexpert.co.uk/articles/can-i-give-assets-to-someone-else-before-i-go-bankrupt

Straight property transfer now will not work

BoGoF

Transferring it to your wife won't protect it in the event of bankruptcy and no lender will remove you from the mortgage unless your wife has sufficient income