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Read our latest Financial Settlements guide (2021)

What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.

Tenant In Common 99/1 split?

LittleMrMike
Platinum Member

29 Jun 12 #339916 by LittleMrMike

Reply from LittleMrMike

If you transfer the house to your wife''s sole name, then you remain liable on the mortgage even though you no longer own it - unless, that is, the lender will release you.
Just at the moment lenders seem pretty reluctant to do this, so you need to be aware that it is theoretically possible for the lender to sue you - on the basis that you borrowed money and agreed to repay it.
Now obviously you will not want to remain liable for a mortgage on a house you do not own, and therefore there needs to be some protection for you to cover this risk. It would be normal for your wife to covenant
to make the mortgage payments
to indemnify you in the event of your being sued due to her default; and
to make '' reasonable endeavours '' to secure your release.
So I think you need to be satisfied that your wife can afford to make the mortgage payments on her own with the aid of such resources as she has.
This type of arrangement is not all that uncommon these days and you, and your solicitors, need to consider the extent of the risk and what you can do to protect against it.

LMM

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