Mortage

[AnnTharp]

I am getting a divorce and my home is in my name only.  I do not want the house but wish my husband to take sole responsiblity.  My question is does he have to go through the mortgage company to get it into his name or can I sign somthing during divorce proceedings giving him sole responsibility of the house.  Question 2.  If this can be handled through signing papers at divorce proceedings will these documents enable me to have the balance of the mortgage removed from my credit history so maybe I can one day find another home.

THanks 

[NoGood Boyo]

Without knowing your circumstances it's hard for any of us to advise, and we cannot eneter into correspondence on this site. You need a Solicitor to help you sort it out. If you own the property you may be best advised to keep it. Why give it away unless you are in "negative equity"? Or are you in arrears with the mortgage? If so, this fact will remain on your credit file. And yes, the mortgage comapny will have to be involved. A bit more background would be useful, but I'm off to bed now. I'll check tomorrow. NGB

[Maud]

There are 3 factors involved (1) getting the mortgage lender to accept your husband only as responsible for the mortgage (2) altering the Entry on the Land Register and (3) notifying the Revenue as they regard it as a gift from you to your husband and the 7 year IHT rule applies. Your mortgage lender will insist upon doing all of your work in this as well as their own for which they will charge around �200 + VAT. They almost certainly will also require you to appoint a solicitor to act for you alone in this matter, so be prepared for this. Providing your husband is acceptable to them it will go through quite quickly, 14 - 21 days.

[Didwot]

In a divorce it is best to get all the of the financial issues set out in an Court Order. This creeates certainty, and prevents either party coming back to the court later and asking for more. As to the Transfer of the house you should ideally do the job properly. Your husband should make arrangements with the Mortgagee to take over the mortgage, or to borrow enuogh from another mortgagee - there are still some good deals out there, and for the title to be altered at HM Land Registry. Transferes between spouses are IHT exempt, You could achieve a similar result by executing a deed of trust, but that would leave you as the leagl (or paper) owner of the house and primarily liable to the mortgagee. It is all a bit technical, and you ought to consult a solicitor