Could a house be in my name but mortgage in joint?

LJW_2

Hi all, I have purchased a house with my husband and wondered if it would be possible for him to transfer the house in my name without changing the mortgage which is in both?

Anybody know?

Tozer

I don't think the lender would go for that as it would, effectively, be losing the security of your husband's (joint) borrowing.

PasturesNew

It might help if you said why you'd want to do this.
There might be other solutions to solve the issue you're addressing.

LJW_2

Hi Pastures new, my OH is being chased for a large debt!! not sure if its the right thing to do but trying to see it from all angles at the moment!

Kaz2904

I don't think it's a possibility. How about popping over to the DFW board and getting some debt repayment advice?

silou

My mortgage is in mine and my ex-husbands names (unfortunately) and our lender wouldn't allow me to change ownership to me alone while ever he remained named on the mortgage.

PasturesNew

LJW wrote: »

Hi Pastures new, my OH is being chased for a large debt!! not sure if its the right thing to do but trying to see it from all angles at the moment!

If it's for a large debt ... and you don't say what sort of debt or how large ... making these changes (even IF possible) could potentially be seen and you'd then also be prosecuted for fraud.

So you could end up with doo doo 3x as high if you tried.

I hope this debt isn't causing somebody else, somewhere down the pecking order, to lose their job/house because the debt couldn't be collected.

All money is somebody's income somewhere down the chain.

SouthCoast

my OH is being chased for a large debt

Be aware of Bankruptcy Restriction Orders:

What sort of behaviour could lead the official receiver to apply for a BRO against me?
When deciding whether to make a BRO, the court may take into account your behaviour before and after the date of the bankruptcy order, so the official receiver will be looking closely at all your conduct.

We cannot list all the actions that could be considered dishonest or blameworthy in relation to your affairs, but here are some examples the official receiver could include in his report to court:

• incurring debts that you knew you had no reasonable chance of repaying
• giving away assets or selling them at less than their value
• deliberately paying off some creditors in preference to others
• gambling or making rash speculations or being unreasonably extravagant
• failing to keep or produce records that would explain a loss of money or property
• fraud or fraudulent breach of trust
• causing your debts to increase by neglecting your business affairs
• failing to supply goods or services that have been paid for
• carrying on a business when you knew or ought to have known you could not pay your debts

The more harm your behaviour causes your creditors, in the court's opinion, the longer the BRO is likely to last.

From:

http://www.insolvency.gov.uk/guidanceleaflets/bro/bro.htm

LJW_2

Hi thanks for all the above advice I do agree with what you say and would feel far better just arranging to pay this debt back. It is to the Royal Bank of Scotland for an old Mortgage plus £10000 interest!! But at the end of the day we know debts don't just go away!!!

CYBERCIDERSAVER

LJW wrote: »

Hi thanks for all the above advice I do agree with what you say and would feel far better just arranging to pay this debt back. It is to the Royal Bank of Scotland for an old Mortgage plus £10000 interest!! But at the end of the day we know debts don't just go away!!!

You are right - dedts don't just go away. and that 10000 interest will probably grow, along with solicitor fees, debt collection fees. Your best bet is to go and see cab or one of the other debt help charities and sort out how you are going to pay it back...

A program awhile ago (dispatches? I think) where a couple had their house reposessed owing in excess of 100 000 when their original mortgage was no way near that.

The sooner you stop trying to avoid it and deal with the problem, the happier your life will be.

mightymouse

Hi

You need to be sure what it is you need advice on, firstly it would appear to be Mortgage Shortfall and then whether to include your husband on the Mortgage.

Have you bought already and did you see a solicitor?

Is / has your husband contributing / contributed to the Equity in your new property

http://forums.moneysavingexpert.com/showthread.html?t=830239