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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34272
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 want to take my name off the deeds to my house. It currently

Resolved Question:

I want to take my name off the deeds to my house. It currently is in joint names myself and my wife, there is about £30,000 left on the mortgage. can I do this and what do I need to do? Or should I give my half to my 3 children equally?
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.
HIThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstWhy do you wish to do this?
Customer: replied 1 year ago.
I own a business and am worried if the business goes bust I could end up with having to sell my part to make any payments owed
Expert:  Clare replied 1 year ago.
Is that likely to be within the next 5 years?
Customer: replied 1 year ago.
hope not but could never say, would it make a difference? and if so is there any other way of securing my house?
Customer: replied 1 year ago.
Hi Clare is there anyway I can be removed maybe gifting my half to my children?
Expert:  Clare replied 1 year ago.
Does your wife have her own income?
Customer: replied 1 year ago.
Yes she is a teacher
Expert:  Clare replied 1 year ago.
okAre you a sole trader and could you face personal bankruptcy?
Customer: replied 1 year ago.
I am a limited company and no personal bankruptcy
Expert:  Clare replied 1 year ago.
Then what is your concern about the house?
Customer: replied 1 year ago.
If my limited company went into liquidation the liquidators could come after my half of the equity in my house I believe? As this happened to a friend of mine.
Expert:  Clare replied 1 year ago.
Have you put up your home to secure any finance for the company at all?
Customer: replied 1 year ago.
No but what I am concerned about is that when my friends company went into liquidation the liquidators tried claim exactly half of what his equity that was in his home, even his solicitors said this was there tactics as he had no other savings or money just the equity. They found him to be an easy target. He ended up having to take a very large personal loan as his cost were mounting so high he had make an offer to settle even though he had not done anything illegal. So my question is what do I need to do to hand over my half of the house and whether it would be better to gift to my children now and if so would they have to pay any tax? If I gave it to my wife would she have pay anything if I just wanted to remove myself from being an owner?
Expert:  Clare replied 1 year ago.
If you have a limited company and there is no finance secured on your hime then shoudl the business fail there is no reason why your home should be at risk - that is why we have limited CompaniesI suspect that there is something about your friend's problem that he has not been entirely clear about since from what you have said your home is utterly safeTo transfer your share of the property your wife would have to apply to have you released from the mortgage before the Transfer could take placeHowever if you shoudl go bankrupt with in the next five years then the Transfer could be set aside and your share of the equity would still be at riskI hope that this is of assistance - please ask if you need further detailsClare
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