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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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I have registered an interest in my home at the land registry

Customer Question

I have registered an interest in my home at the land registry to prevent husband borrowing money against substantial equity without my knowledge. Property originally transferred ownership from me to him approx. 12/13 yrs ago. In the event of a future sale can I be legally protected and assured of my fair share at point of sale/completion without further legal battles.
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hi thanks for your question. My name isXXXXX can help with this.

Customer:

Not sure how to proceed. Is my question unclear?

Customer:

What is this stepping in/out . Can you answer or not?

tdlawyer :

Hi - I'm sorry.

tdlawyer :

Technical issues.

tdlawyer :

Okay.

tdlawyer :

If there is a charge registered on the property already, then a lender could technically lend on the basis of that existing charge (what's called "tacking on") without your consent, and could still affect your interest in the home.

tdlawyer :

However, if you have an interest (and had) at the start, i.e. before the charge is entered into, that it's likely the charge can only attach to his interest in the house.

Customer:

My interest has not been quantified in £ terms only as being marital home. There are 2/3 charges apart from the existing mortgage.

tdlawyer :

OKay. The best thing for you to do is consider having the property sold by a court order, and draw a line under the co-relationship of the property if at all possible. No lender is likely to lend anyway when the property is subject to court proceedings for an order for sale.

Customer:

Selling is not the problem. Getting my share of the balance after settlement of mortgage/existing charges is my problem. Can this be done as part of the completion?

tdlawyer :

I know it's not principally about selling, I just wanted to make the point that if you look to sell, then no lender is likely to lend and cause the equity (and your share of it) to diminish.

tdlawyer :

And yes, you can get your money due to you on completion.

tdlawyer :

If there is a dispute about what you're owed, then you can resolve it.

tdlawyer :

It's always best if you can to resolve any issue about who gets what before completion, but you can resolve issues on completion too.

Customer:

Discussion will not resolve this as my husband unprincipled. I have to be prepared. If I can get a fair division in writing would that suffice?

tdlawyer :

It's a good start - but what you really want is a promise that he will not let the money leave his solicitors until you've had your money from them - and for the solicitors to say they will do this for you too. That way, you should be in a better position.

Customer:

A solicitors "undertaking" ?

tdlawyer :

Yes, absolutely.

tdlawyer :

A solicitors undertaking is any promise that it;s intended you rely on, but you're right, that's what it should be.

tdlawyer :

then, you have agreed on the amount (or at least the % division), and you have security about the use of the money being sent to you.

Customer:

Thank you, XXXXX XXXXX hoped that this would be the possible outcome. It needs to be in place before I sign off on the sale. Thanks again.

tdlawyer :

You're very welcome. Are you happy with today's service on the site please?

Customer:

Yes indeed.

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