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familylawexpert, Family Solicitor
Category: Family Law
Satisfied Customers: 311
Experience:  Substantial experience (14yrs +) in divorce, financial cases, cohabitation, pre-nuptial agreements and civil partnerships.
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I have been married to my second husband for four years ! I

Customer Question

I have been married to my second husband for four years ! I already have four children of my own and I already own my own house outright , my husband is a good provider and has as three children of his own by two previous partners he has a printing shop where he has paid rent for the last decade .He now has been given the opportunity to buy the shop & has asked if I will put my house up for remortgage to buy the shop my house is solely in my name I want to help but feel I have to take precautions to safeguard my interest i.e my children's inheritance I need advice as to what to do I expect the new mortgage will be solely in his name ! Thank you Sandy
Submitted: 4 years ago.
Category: Family Law
Expert:  familylawexpert replied 4 years ago.

My name is Mac. I can help you with your question. First I need a bit more information:

- how much is your house worth?
- is your house currently mortgage-free?
- how much is the mortgage he wants to take out?
- are you going to get an interest in his business / the premises?
- do either of you have any other capital?

Customer: replied 4 years ago.
My house was recently valued at £270-280,000 and is mortgage free. The shop premises asking price is £180,000 although he would like to take out an extra.£10,000 for a new printing machine ! .
I personally do not have a very good credit rating ! But I do own my own house & have the deeds in my pocession in my old married name .
He is now thinking that due to my bad credit rating the remortgage cannot be in my name but then he has no other capital neither of us do ! So I am thinking maybe he will want my name taken off my deeds & put in his. Somehow ???? I do trust him but then again you hear so many stories. I feel I should somehow safe guard myself ! I have just hit 50 years old & it was always a goal of mine to own my own house by then !
He has interest in two other houses with his previous partners but they are in their names with his respective children ! Which is good so he has no claim on them .
He is a very good provider and was never married before !
We have been married four & a half years the shop has only recently come up for sale in last 6 months ! It would make good sense to buy it as the mortgage would work out the same as the rent . Took lease out for 10 years mortgage over 15 but then it would be a good pension as it would be owned and not just giving keys back !
Thank you Mac from Sandy
Expert:  familylawexpert replied 4 years ago.

Hi Sandy,

I can see that it might make financial sense to buy the premises, but you are absolutely right to be cautious of your financial future.

You should be very cautious before taking out a mortgage and giving him the money - although as I understand it that might not even be possible. You should be even more cautious of transferring your home into his name.

If you want to proceed with the purchase plan, you really must (and I would underline that if I could) enter into what is called a "post-nuptial agreement" setting out who beneficially is entitled to what if two of you separate. That document could record that the house is to be entirely yours (whatever the name on the title deeds) etc. You will need a solicitor to help draw that up, but given the amounts of money at stake it would be a very sensible thing to do. A post-nuptial agreement could also protect him, for example by saying that the commercial premises are to be his (subject to him repaying the loan).

I hope you appreciate that I am not trying to be negative, but I am concerned that your financial future is protected.

I hope that is helpful. If you would like me to clarify anything, please ask. If not, I would be grateful if you could rate my answer.

Expert:  familylawexpert replied 4 years ago.

I notice that you have not yet rated my answer. Is there any further clarification that you would like? Please do ask if so. If not, I would be grateful for that rating.

Kind regards