If I change my x2b's name on the mortgage to another family member (with each parties consent of course), would this affect my rights to income support? The family member will not be paying towards the mortgage, just helping safeguard my equity in the home.
I am sorry, I didn't explain properly...I am the wife! My husband has agreed to leave me the equity in the family home while he keeps other investments, however he has some unsecured loans which he is likely to try and not pay leaving the debts liable for charge on the marital home. I just want to safe guard my equity.
Sorry, deve, I may be suffering from senile dementia paralytica, but I still don't follow.
If your x2b transfers his interest to you, you become the sole owner of the property. If he then defaults on an unsecured debt, the creditor surely can't get a charging order against the former marital home, because he no longer has an interest in it ?
From your husband's point of view, if he signed the mortgage, he remains personally liable on the mortgage covenant unless the lender is prepared to release him.
But the idea you suggest seems to me to be unnecessary and fraught with difficulties - what would happen if, for example, the relative to whom you transfer the half share becomes bankrupt ?