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What restriction have you been advised to put on? The property is in joint names so he cant sell without yr consent or court order. The restriction would protect yr interest if you weren't both on deeds.
Are you talking about another property in his sole name or this one in his sole name? Do you have lenders consent to transfer property to his sole name?
Who told you this?
I did say that he is going to be putting the mortgage in his sole name - he is applying for a new mortgage with a different lender, I guess I will at some stage have to consent to this to change the mortgage from the existing one to one in his sole name - a local solicitor advised about how I could go about protecting the property without my name being on the mortgage and a restriction with land registry was an option. Are you saying that under no circumstances should I come off the mortgage - I know this is risky but is there any way of me taking my name off the mortgage but still protecting my share in the future???
So he is taking a new mortgage on in his sole name on the marital home.
In which case, you need to register a Matrimonial Home Right (which is therestriction you refer to) which warms any prospective buyer that there is anex-wife lurking in the background who owns a chunk of the equity. If you havethe property in joint names, and the lender will insist on the mortgage in thejoint names and you are therefore liable for it if he does not pay. Thematrimonial home restriction gives you protection without liability.
You need to get an undertaking from the solicitor who is dealing with thetransfer from joint names to just his name, to register the property with therich restriction in your favour.
I would strongly suggest that you see an independent solicitor to make surethat you are not left hanging out to dry having completed the transfer from twonames to one name and with no restriction in place and then being faced withthe reluctant/uncooperative husband.
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yes you are right he is going to be taking over the mortgage in his own name on the matromonial home and occupying it. He has not started this process yet so I guess at the moment the deeds for the property are still in joint names - would i need to register the restriction with land registry before the mortgage transfers over to his own name. Will land registry put a restriction on a property in my favour when the deeds will at some point be transferred in his sole name . Would you know which land registry practice guide this relates to? Can deeds stay in joint names even if the mortgage is soley in his name or not ?
The easiest way is to get the solicitor to undertake to register the restriction as I said above
You cant register a restriction in favour of you if you are joint owner!
Usually a lender will insist that if it is joint mortgage it is registered in joint names and vice versa
so just to clarify then, when he applies for a new mortgage in his own name he will need to instruct the solicitors dealing with the mortgage transfer etc to register the restriction with land registry. I cannot go ahead and do anything at the moment whilst it is still in joint names... correct !?! Once we get divorced, I have read on the land registry website that the restriction would end as obviously our marriage would cease. If we still have the property at this point, can the restriction be extended until the point of selling the property (obviously with both of our consent). If we both agree to sell the property at any point can the restriction be easily removed to enable us to sell. Are there any other methods you can suggest of protecting my share of the property or is this the only option.
He can instruct them to do it but if they don't you will have to. I would let them have the trouble. Tell them that the transfer is conditional on that and you want their undertaking to register the restriction. They cant go back on an undertaking
You can instruct them now but not register it.
Don't get divorce absolute until finances are sorted
you can any one of a load of restrictions. The correct way is as I have described.
not really sure what you mean - say for instance he goes ahead and applies for mortgage in his own name, will there be a point where consent is needed from me to transfer mortgage from joint into sole name (even if this is with a new lender, will they still need my consent to come off mortgage) at what point in the proceedings would i need to get them to undertake a restriction in my favour - is this something they ask in transfer of mortgage into a sole name from joint names? How will i know if they have done the restriction - once the mortgage is in his own name can I still put a restriction in my favour or does it have to be done whilst the transfer is taking place
You said he was remortgaging with another lender.
You now mention transferring the mortgage into his name. That is different.
If he is transferring the mortgage into one name, he needs the lender'sconsent.
If the property (not the mortgage) is going from two names to one name, yousign the transfer deed. That gives effect to the transfer. There is no consentis needed from you as such.
When you agree to sign the transfer you agree to sign it provided you havean undertaking from his solicitor to register your restriction. It is as simpleas that.
No undertaking from his solicitor, you do not sign the transfer.
You can get up-to-date office copies from the land registry for 3 pounds orsimply get their undertaking to advise you when it has been registered.
The restriction can be placed after each is done in his own name but thereis no reason for his solicitor is not to deal with it for you
mortgage in joint names at present - mortgage will be in his name with a different lender. Will the same process not apply ? Does a joint mortgage, going to a sole mortgage with a different lender still require a transfer of names document. Can you have a motgage in a sole name but still the property be jointly owned ?? I,m confused !?!
Yes. Still needs the transfer to change name on the Land Register.
Joint owned property with mortgage in sole name is XXXXX XXXXX IF you can find a lender to do it.