I am very confused about what actually a transfer of property means. My husband''s solicitor has suggested that for a lump sum payment he will sign over property to me, as part of a Clean Break. However the mortgage is in joint names, and the mortgage company won''t sign it over to me alone, even though I am the one who is and always has paid the mortgage. The house was put on the market and apart from 1 offer, which my husband refused, we have had no offers. If I accept his solicitors suggestion, can I sell the property once he has his lump sum? Do I need his agreement to do so, as I do not want to end up paying him the equity value and then be stuck paying the mortgage and unable to sell the house.Is it possible to get his signed agreement up front.I have tried to find clarification of this but have got more confused the more I tried. Can anyone advise please/
To try and sort out your confusion !
1. Ideally, the transfer of the property to you, and the paymwnt of a lump sum to him, ought to take place at the same time.
2. Once the money has been handed over, and the transfer signed, the property becomes yours and you can then sell it.
3. The mortgage lender cannot prevent the transfer. They can, however, refuse to release your husband from the mortgage.
4. If the property is sold, the mortgage will be paid off and the lender has no further interest in the matter.
5. Once the property becomes yours in its entirety it is up to you as the owner whether to sell or not or what price to accept.
6. As matters stand, you are joint owners and both of you would have to concur in any sale.
Thanks LMM, I really appreciate your help. my solicitor has been extremely vague in her responses and does not fill me with the greatest confidence. I just want to make sure that I don''t put myself in a position where I am stuck and it costing me more and more in legal costs that I can not afford. Thanks again