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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I own £200k house deeds in my name only. We are looking to

Customer Question

I own £200k house deeds in my name only. We are looking to mortgage £45k to consolidate credit card debts. This may involve having to put my husband on the deeds. He has name on mortgage for £250 on ex martial home. Ex wife pays mortgage as legally drawn up she is responsible for this and he gets 35% on sale when she decides. If there was a shortfall on mortgage on other house could this debt be linked to my property??
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is his former home worth and how much is outstanding on the mortgage?
Clare
Customer: replied 3 years ago.


Hi Clare


 


House worth £350k.. mortgage £220k but gran owns 38% by deed of covenent.


 

Expert:  Clare replied 3 years ago.
Hi
Is that 38% of the equity or the value?
Clare
Customer: replied 3 years ago.


the equity

Expert:  Clare replied 3 years ago.
Hi
Since there is ample money to pay off the mortgage in the event of a default you have little to worry about although technically yes if the house dis sell for less than the outstanding mortgage your husband would still be liable and his assets could potentially be at risk - and that would include his interest in your home
I hope that this is of assistance - please ask if you need further details
Clare
Clare and 2 other Family Law Specialists are ready to help you
Customer: replied 3 years ago.

Hi sorry it is 38% of the value not the equity...

Expert:  Clare replied 3 years ago.
Hi
There is still no problem so far as the mortgage is concerned as the Mortgage company would be paid
he might end up owing money to the grand mother - but I would hope that that was dealt with in the Financial Order
Clare

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