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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25690
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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HiCan wife sell her share of property to husbend to pay

Customer Question

Hi
Can wife sell her share of property to husbend to pay of personal debt? And if she gets in to debt again will the house remain husbands or would creditors still try for charging orders ? We own a house out right at the moment with no morgage but I would like to take out a remorgarge too clear wife debt so in affect she will sell her share to me
Thanks
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience. May I ask if you propose to pay market value to your wife for her share please?
Customer: replied 2 years ago.
Yes that is correct it will be market share
Expert:  Joshua replied 2 years ago.
Thank you. Finally is your wife presently subject to any insolvency proceedings - e.g. bankruptcy or IVA?
Customer: replied 2 years ago.
None at all
Expert:  Joshua replied 2 years ago.
many thanks for the above. Your proposal is quite possible providing the proposal either involves a remortgage as I believe is the case, or if not, providing the existing mortgage loan provider is willing to remove your wife's name from the existing mortgage. If you are proposing to remortgage, it is not necessary to seek permission from the existing lender to remove her name but rather simply apply for the new loan in your sole name. The transaction would involve a remortgage and transfer of equity all of which can be undertaken at the same time by the solicitor that acts in the remortgage. other than the above, the only obvious other potential trap would be ensuring that you properly evidence that you have paid market value for her share. The reason for this, is that if any creditor contends that you paid less than market value, they could seek to set the transaction aside though in practice, they would only like to do so if the amount in question was substantial because of the costs involved in trying to unpick the transaction. However, in order to guard against this possibility, it would be wise to obtain ideally at least two valuations for your wife's share using the median in order that you can fully defend any claims that you paid less than market value should they arise. following the above transaction, your wife's creditors - present or future - would have no claim on the share you purchase. if it is intended to purchase your entire wife sharing the property, then it follows that such creditors would no longer have any claim upon the property whatsoever. I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me I'd be very grateful