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It is not advisable at all to remove your home rights from your matrimonial home. If your mother in law is providing your husband with a personal loan for the purchase, then she would be able to do so even if the property is jointly held.
Your mother-in law can put a second charge on the property, but for that, you do not have to remove your home rights .
If you remove your home rights, the owner, your husband can transfer the home to any one else or your mother-in law , without your consent. So , not sure what they are intending to do here.
As explained above you do not have to remove your home rights, as it is not stopping them to add a second or third charge to the property.
However you can remove your home rights and add it again later on.
Matrimonial home rights, are a statutory right to protect your interest in the home you lived in when you were married or in a civil partnership, but where you do not own the property. they can not limit or exclude it or prevent you from registering them.
You need to sign consent forms given by the mortgage company.
You do not have to do anything else.
Is it the Lender ( mortgage company ) or your mother-in law /husband are adamant?
Right, then you and your husband need to go to other lenders/banks for mortgage.
Again , you should not and do not have to remove your home rights.
Their solicitor is protecting their loan, if your husband fails to repay them back, then they can sell the house to recover the loan .
However, if you have registered your matrimonial home rights then they can not sell the house without your consent.
You are not responsible for the personal debt of your husband.
However, here it is your home, so the creditor( your mother-in law ) can approach court to sell the house to recover the loan amount given to your husband.
So, yes having an insurance works as a safety net, in case things go wrong.
Thank you for using Just Answers. Best wishes.