Can't buy my husband out - options? Joint tenants, tenants in common, deed of declaration of trust?

weston800

Hi all, I have a 'joint tenants' 50/50 mortgage with my husband. We split up and the house is on the market but struggling to sell. There is hardly any equity and once it's sold and all fees are paid there will be around £15k left. None of this £15k is coming to me as my husband put most of the deposit down so we've always agreed he'd get the first portion back.

Anyway, he has suggested me giving him £15-£20k - he'll then move out and I can stay in the house and pay the mortgage on my own. I cannot remove him from the mortgage as my salary will not allow me to take the mortgage on alone and I also don't have anyone else to take the mortgage on with me.

I am fully aware that legally both myself and my husband will be always liable jointly for the mortgage unless something changes but I am wondering if I can get something legal drawn up such as a 'deed of declaration of trust' which states he will not be able to come after for me for any money when I sell the house? He's not a bad person and I know he'd never take me to court etc, I trust him and we get on pretty well but I'd feel better having something legally drawn up if I am to keep the house and pay the mortgage on my own.

I have also heard about changing the mortgage from a 'joint tenants' one to 'tenants in common' where I could then maybe just change the ownership to 99% to me and 1% to him (or whatever the minimum is) but I don't know if I can do this or if it's even an option?

For reference:
House is on the market for £200k
Mortgage balance £174k
Early exit fees: £8k
Solicitor fees (if we sell) £1250

My salary £32.5k 
My age: 36
My debts (£9k credit card)
No children

Thank you

ian1246

You need a financial order to sever you as a couple. A divorce alone does not do this - meaning you'd both be liable for the other at any point changing their mind and putting in a claim - whether that be now or 20 years down the line when you have significant pension pots or inheritance.

That is the absolute minimum you should be doing - and it could probably be worded in a way to address the house issue.

weston800

ian1246 said:

You need a financial order to sever you as a couple. A divorce alone does not do this - meaning you'd both be liable for the other at any point changing their mind and putting in a claim - whether that be now or 20 years down the line when you have significant pension pots or inheritance.

That is the absolute minimum you should be doing - and it could probably be worded in a way to address the house issue.

Yes you're right, I've already seen a solicitor about this. We can't apply for a financial order until several weeks after the divorce but we've not started divorce proceedings yet