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Should I give up my share of the marital home?

Posted on 18 April 2013 by Paula


My husband and I are spliting up,and we have a mortagage in both names, but will be going though repossession. My husband wants me to give him my share of the house so me and my 13 year old can get rented house. Please help?

Paula,

Unless it's to try and get council accomodation, I can't see how having the property reposessed will get you a rented house. Going down the route of giving your share of the marital home to your hubsand, and having it reposessed by the lender will completely ruin both yours and your husbands credit profile, and make it virtually impossible for you to obtain credit for a very long time.

I would strongly recommend that you take proper legal advice before going down this route, as it seems to me a very risky strategy, that I can't see how it benefits you.

If you don't have a solicitor, then let me know and I can put you in touch with one that we work closely with.

Regards,

Simon

simon.collins@johncharcol.co.uk

John Charcol is part of the Towergate Financial Group.

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Answers provided in response to Ask the experts 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 necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

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