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tdlawyer
tdlawyer, Lawyer
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Experience:  11 years experience of general practice.
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I sold equity in my home 4 years ago to my wife due to an agreement

Customer Question

I sold equity in my home 4 years ago to my wife due to an agreement over bankruptcy - We have however remained with a joint mortgage. I have always paid the mortgage full and on time and have overpaid about 20% of it in this time. I now want to change to a fixed rate - will the fact only my wife owns the home be a problem > I think they did it by her having a charge over the home through solicitors to make this binding.
Submitted: 2 years ago.
Category: Law
Expert:  tdlawyer replied 2 years ago.

tdlawyer :

Hello, welcome to the website. My name is Tony, I can assist you with this.

tdlawyer :

Both of your names are on the legal title, is that correct?

JACUSTOMER-q6n1nafj- :

They were when we bought the house and then my wife bought out my share to protect the home - this was agreed with the OR - the solicitors took the money which and did a 'House Equity Transfer' and there was a 'Charge' placed over the house in her name. The Mortgage then stayed as it was in joint names and we have paid it ( I have) ever since on time and overpaid about £70k on a £470

JACUSTOMER-q6n1nafj- :

£470k Mortgage - I have just gone to change to a fixed rate and they say there is something blocking me from doing this.

tdlawyer :

Do they say its the charge that preventing it?

JACUSTOMER-q6n1nafj- :

I think so - they said ask the other mortgage holder about a charge

tdlawyer :

Is this because she was paying in instalments in respect of your share in the house?

JACUSTOMER-q6n1nafj- :

No we (she) paid that in cash - about £30k at the time - all upfront.

JACUSTOMER-q6n1nafj- :

They just said it had to go on the register so it was in her name - I am guessing it is what you call a charge.

tdlawyer :

I think they would have transferred title solely to her, and hence, it is not only in her name?

JACUSTOMER-q6n1nafj- :

Is there any problem of a joint mortgage when she is now the owner - as it needs my salary to be at the level for the mortgage - this was 5 years ago and there are now no money issues - just the opposite and we will pay the Mortgage off in about 4 years

tdlawyer :

Well, you would need to transfer the ownership of the house back into joint names, then you can have a joint mortgage secured by both of you on the property.

tdlawyer :

You shouldn't have an issue though with the lenders because so long as the property is secured against, which they can do just against her, then they shouldn't have an issue really.

tdlawyer :

Security is their main issue.

JACUSTOMER-q6n1nafj- :

Thank you. I was mainly protecting from a divorce - but I did a separate final pay off through the courts witb

JACUSTOMER-q6n1nafj- :

with her

tdlawyer :

I see. If all that is out the way now then, there is no obvious reason you can't get things back to how you intended to have them to start with.

JACUSTOMER-q6n1nafj- :

Thank you - no further questions.

tdlawyer :

Please remember to rate the answer for me . Thank you.

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