Statutory Declaration of Solvency - Title transfer

Paya

Hi all,

I'm in the process of removing my name of the mortgage for a house I bought with my ex and giving her full title and ownership. Don't ask my why as it's a long story!

One of the letters I have received is a "Statutory Declaration of Solvency", but I don't understand two of the points noted;

- "From my examination of my papers which relate to my personal assets and liabilities I can confirm that my personal assets exceed my liabilities, excluding the value of the Property"

- "I am unaware of any change which is likely to occur in relation to my personal assets and liabilities which might result in an adverse material change to my overall solvency position."

My question is; can the above impact me in any way? I have signed an agreement previously, which was signed by two witnesses, that all I would do is transfer the property to my ex and each go our separate ways, with nothing else included. I have no shares left in the property either as agreed neither do I want to hear from them again. By signing the letter and taking into consideration the points above, will this not impact me at any point in the future?

Appreciate the help.

Tiglet2

It's a normal request to ask you to declare that you are not knowingly about to become insolvent. You are declaring that the reason you are transferring the title to your ex is because you have split up and agreed terms and it is not to evade your creditors who might have been about to seize your property but won't be able to do so once you are no longer a registered proprietor of the property.

davidmcn

Are the statements true? If so then you don't have a problem. And if not, it's only going to be apparent if you become bankrupt - at which point it would be pointless to sue you, because you'd be bankrupt...so it's all rather pointless other than demonstrating that they have at least asked you the question.

AdrianC

Paya wrote: »

I'm in the process of removing my name of the mortgage for a house I bought with my ex and giving her full title and ownership. Don't ask my why as it's a long story!

I think we can guess from "ex".

One of the letters I have received is a "Statutory Declaration of Solvency", but I don't understand two of the points noted;

- "From my examination of my papers which relate to my personal assets and liabilities I can confirm that my personal assets exceed my liabilities, excluding the value of the Property"

If you give away sufficient assets that you become overall in debt, your creditors may well decide that you're doing so deliberately to avoid your debts.

- "I am unaware of any change which is likely to occur in relation to my personal assets and liabilities which might result in an adverse material change to my overall solvency position."

Let's say that you're married and about to divorce. The property in question is one your soon-to-be-ex doesn't know about, but you think they'll find out about in the divorce. You want to keep their lawyer off it...

My question is; can the above impact me in any way?

What's your answer to the two questions?

If they're both "yes", then there's no issue.