How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Joshua Your Own Question

Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
35043042
Type Your Law Question Here...
Joshua is online now

I own a flat which I bought before marrying my husband so its

Resolved Question:

I own a flat which I bought before marrying my husband so its currently in my name. I would like to remortgage the property but have a few late payments on my credit score. Can I sign the flat over to my husband as his credit score is good and he has more chance of remortgaging?
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I ask roughly what level of equity there is in the property net of the mortgage please?

Joshua :

What is the approximate value of the property on the open market?

Joshua :

Roughly how much is owed on the existing mortgage?

Customer:

Property has a current mortgage of £83,000 and is worth £195,000,

Joshua :

Thanks.

Joshua :

Finally could you tell me if you would propose to seek any payment from your husband for the transfer of the property or would you propose to simply trasnfer it to him if possible?

Customer:

Simply transfer, we are not separating, divorcing etc. It would simply be my credit score isn't good. Its also a buy to let currently being tenanted. Not sure that makes a difference?

Joshua :

Thank you. The reason for my above questions was to determine if there would be any stamp duty payable on the transfer. It is perfectly possible to transfer the property to your usband providing your husband can raise or has sufficient finances to repay the existing mortgage however stamp duty can arise. Here no stamp duty would be payable based on the figures you have kindly given me so this is not an issue.

Customer:

How would we go about doing it? Would it be via a solicitor? When you say 'finances to pay off the mortgage' is this with regards ***** ***** he earns?

Joshua :

As above, in order to transfer the property o your husband he would need sufficient monies to repay the existing mortgage either from savings or a new mortgage or both. In addition there will likeluy be some fees which are usually minor in nature (though this should be confirmed by looking at your lease) to the landlord on transfer - normally this is just an admin fee of circa £80-150 to register the change of ownership but a few leases provide for higher amounts to be paid though these are usually either shared ownership flats or retirement flats.

Customer:

Ok, so can I organise all this or should it be done via a solicitor?

Joshua :

You will need to consider that in transferring the property to your husband, if he needs to raise a mortgage on the property and you cannot be a party to the mortgage because of credit history, you will have to make a gift of the property to your husband. This is perfectly possible but you are giving away a valuable asset. In the event you ever had any difficulties in the future, this may not be ideal from your point of view. If you are comfortable with this then that is fine, but it is important to consider it.

Joshua :

Regarding your last two queries...

Joshua :

"Finances to pay of the mortgage". If you are not seeking any money to transfer the property to him then all that has to be considered is the existing mortgage. In order to take a transfer, the existing mortgage must be repaid. In order to do this your husband will either need to use savings or he will need to apply for a new mortgage in his name to pay off the existing mortgage. The existing mortgage and transfer inot his name are both done simulatanously on the same day.

Joshua :

To achieve the transfer, the first step is for your husband to apply for a mortage if he needs one through a broker or bank. Assuming he can borrow enough to repay the existing mortgage then a solicitor must be appointed to act for him and the new mortgage lender. The process operates in a very similar way to how a purchase would operate with your husband the buyer and you the seller but there will be much less paperwork because it is just between the two of you.

Joshua :

The solicitor will have to conduct certain investigations into the title to satisfy the new lenders requirements and obtain some basic informatio from the landlord confirming that service charge etc is up to date and then there will be some papers for each of you to sign to confirm you are transferring the property and gifiting it to your husband and so on but it is relatively straightforward.

Joshua :

The process is likely to take 6-10 weeks from the date your husband makes the application for the new mortgage though it can go slower if you wish it to.

Joshua :

Does the above answer all your questions or is there anything I can clarify or help you with any further?

Customer:

No thats amazing! Thank you very much for your help.

Joshua :

A pleasure.

Joshua :

If I can assist any further as the situation develops please do not hesitate to revert to me

Joshua :

If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with please reply back to me though

Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
Joshua and other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.co.uk/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.co.uk/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.co.uk/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.co.uk/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.co.uk/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.co.uk/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.co.uk/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 

Related Law Questions