Thank you. That explains why.
Even if you did
transfer the property into your wife's sole name, it would have to be transferred
into 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 paying
The situation is different if you
were getting divorced and it was as the result of a court order, but that is
not the case.
If you were getting divorced, the court can order
the lender to remove you from the title deeds, but it cannot order you removed
from the mortgage.
Provided your debt has nothing to do with your
wife, then her half of the house is safe from creditors and, depending on the
amount of equity in the property, it may be that a creditor could not force a
sale in any event, if a sale would not release a substantial amount of money
I appreciate that this is not what you wanted to
hear, but there is no point in me misleading you.
Can I help further?
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