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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My fiancé and I are due to get married in a couple of month's

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My fiancé and I are due to get married in a couple of month's time. We have both been married before; I have one son who I receive no maintenance for (I have a well-paid job) and my fiancé pays a hefty maintenance for his ex-wife as well as for his two teenage daughters. In addition, he is the guarantor for his ex-wife's mortgage (but no longer on the deeds). We currently rent, but we are considering buying a property in 2 years' time, which we could do in my sole name if need be. Do I need to be careful of any risks around the guarantor piece before we get married? Will I become liable for the mortgage too once we are married? I would appreciate any advice....
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

If you proceed with the purchase in your sole name, you have absolutely nothing to worry about in the event that your fiance finds himself liable under the Guarantor agreement. This is because the Bank/B Society can only come against his assets, and even though you may be married at such time, the Bank can not lay claim to any assets which are not in his name.

Likewise, the Guarantor agreement is between your fiance and the Bank/B Society, so you have no potential liability in this regard whatsoever.

Of course, if the property were to be purchased in joint names, this would be a different matter, as the Bank/B Society could lay claim to your fiance's half share in any such property.

I hope this assists you and answers your question.

Kind Regards

AL

Customer: replied 2 years ago.

Thank you. We currently co-habit and do have a boat together (in joint names). Does this mean that if he becomes liable under the Guarantor agreement the Bank can come against this asset? What about money in our joint account? If I have read your reply correctly, any asset we share (that has his name on it) is at risk if she defaults on her payments?

Expert:  Aston Lawyer replied 2 years ago.

Hi,

Thanks for your reply. You are correct-

The Bank/B Soc could come agianst any jointly owned assets, but only for your fiance's half share.

In practice, if the worst ever came to the worst, and your fiance was unable to pay any monies under the Guarantor's Agreement, the Bank would issue County Court proceedings against him and it would then be up to him to agree a repayment plan. They wouldn't be entitled to seize any of his assets without a further Court Order, following any successful County Court claim. Alternatively, iand it is rare, if they were to make him Bankrupt, then all of his assets, including his share in any jointly owned assets would need to be "collected in" to pay off the debt.

I am of course looking on the bleak side, but need to inform you of the worst possible scenarios.

Kind Regards

AL

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