Hello,Yes, there is a way around this and the solution is quite commonly used.You may sign what is known as a Deed of Consent and Postponement which is basically a statement that is required from you (the non owner) in occupation of the mortgaged property. By signing the Deed, you confirm that you understand that the mortgage company's interest in the property is the primary interest and that you understand that you will not be able to claim any interest in the property before them.
The Deed does not mean that you cannot claim any interest at all, it means that you agree that your interest can only be claimed on the equity in the property after the mortgage company's legal charge. You would therefore be saying that you understand that you will not get your money back without their mortgage being paid off first.
All these lenders typically grant mortgages if a Deed of Consent is signed subject to their other requirements being met:
You may wish to first transfer the deeds and mortgage in your husband's name and then take it from there.
To protect your equity against your husband, you may ask for a declaration of trust to be made specifying your contribution to the equity and how much you should get and how much your husband should get of the equity.
All the best
UK Solicitor JA only
Thank you for your advice but I don't know if I explained properly the biggest issue apparently is that I would be viewed as a sitting tenant who they can't evict if he defaulted also if my husband remortgaged and took over the current mortgage this is viewed as a distressed sale.
I cannot transfer my mortgage to him as the company I am with is not doing anymore lending and it wouldn't solve the problem if he took over my mortgage as interest only.
thank you very much can you recommend any experienced conveyancing solicitor in the Guildford area or are you not allowed to
Hi following on from our previous conversation and spending some time with a financial advisor it has come to light that I perhaps didn't make it clear that I am the sole mortgagee on this current mortgage and that the only possible solution is an undervalue sale to my husband would appreciate your opinion on this