Please confirm that the lender will not consent to this.
Do you mean remove you from mortgage, deeds, or both?
Nat West have advised that I can't remove my name fro the deeds unless we change from a joint mortgage to a new one in my wifes name only.
My wife is retired and would not therefore have suffiecient income to take out a mortgage.
I only want to remove my name from the property deeds not the mortgage
On a previous property we had a joint mortgage but the property deeds were in my wifes name only.
So my question is, is it a legal requirement for the deeds to be in joint names if the mortgage is in joint names
I use an umbrella company for payment of works carried out. HMRC are currently reveiwing this method of payment and I may end up with a large amount of back tax, if the Umbrella company fail in their appeal. Having been made bankrupt before we avoided loosing our house by buying a new house with my wifes equity share of the in the original house and having the new property registered in her name but with a joint mortgage.
Thank you. That explains why.
Even if you didtransfer the property into your wife's sole name, it would have to be transferredinto her name for at least five years before it escapes the revenue's clutches if they decide that you transferred the house to her to avoid payingthem/creditors.
The situation is different if youwere getting divorced and it was as the result of a court order, but that isnot the case.
If you were getting divorced, the court can orderthe lender to remove you from the title deeds, but it cannot order you removedfrom the mortgage.
Provided your debt has nothing to do with yourwife, then her half of the house is safe from creditors and, depending on theamount of equity in the property, it may be that a creditor could not force asale in any event, if a sale would not release a substantial amount of money
I appreciate that this is not what you wanted tohear, but there is no point in me misleading you.
Can I help further?
No thats all thanks
Glad to help. I just wish it was better news for you.
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