If my house is mortgaged in my husbands name only can he transfer it to me?

Posted on 29 October 2007

If my house is mortgaged in my husbands name only can he transfer it to me or will i need to buy and re-mortgage the house in my name, how do i do that?

Patricia

Hello Patricia,

A lender will need to approve you for a whole mortgage on your own first of all. This would count as a purchase, but it can be for £0. (Because of the situation, the lender should be able to apply a real property value to your purchase mortgage despite the purchase price.)  Once the have made a mortgage offer, a solicitor can transfer the property to your name, which will count as 'completion' in buying terms.

Please take independent legal advice, separately from your husband.  I am not a tax advisor so I can't give you the definitive answer on whether you would pay stamp duty, but my understanding is that it should not be payable between spouses. The solicitor will be able to tell you officially if you are liable.

Katie.

Category: Special circumstances

 

Answers provided in response to Ask Bea are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Bea will accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

Question