Delayed transfer of house to wife

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Stroop
Posted by
New Member

03 Feb 08 #12660 by Stroop

Topic started by Stroop

I have a consent application that states that my wife is to have 100% equity ("beneficial interest") of the house (which we agreed). However, since she does not earn enough to 'own' the mortage, my name is still on the mortgage and the application says that she will "endeavour" to transfer the title deeds and mortgage into her name.

Should I stipulate that currently we we shouod have 50% each in beneficial interest until such time she transfers the mortage into her name?

attilladahun
Platinum Member

03 Feb 08 #12738 by attilladahun

Reply from attilladahun

No
Since the date of the order whilst your name is still on the deeds you are in essence holding your 50% share as trustee for her.
Theoretically the mortgagees should be told of the order as should the house insurers

As she will have undertaken to use her best endeavours to apply to seek to release your covenants she must attempt to do so when gets increased pay or has co habitee or her finances improve eg if she inherits.

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