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transfer house title deeds for unexpected separation

(14 Posts)
Hercules12 Mon 09-Mar-20 22:19:22

Hi. So after nearly 25 years of marriage husband has decided he needs to "discover" himself. We have an adult child who is moving out in Sept to university for next 3 years and a 16 year old.
Its fairly amicable at the moment although I didnt see it coming so it's been a shock.
He's moved out to stay at a family members for now and I don't think I could cope with him moving back now it's over. We both earn roughly the same and the 16 year old will stay with me. I have a better pension but he has a large inheritance due soon. This inheritance was never expected to be joint and so we're going down the route of me keeping the house. I can afford the mortgage and earn enough to not need money from him although maintenance would keep me from being broke after bills.
He wants to buy another property he will live in and has been told to get his name taken off the mortgage so he can get one of his own. Its all new to me. Does he also need to come off title deeds? if so then will I need to pay stamp duty even though no money will exchange hands? I haven't got cash for solicitor and want to avoid this as it should stay amicable. Do we need to get a legal seperation now? Is there something important re tax I'm missing? confused

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Hercules12 Mon 09-Mar-20 22:21:04

Should add hes not looking to get equity from the house and can get mortgage for himself if not on our mortgage - not sure re deeds. His inheritance will be roughly same as equity.

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RippleEffects Mon 09-Mar-20 22:31:51

My transfer happened before divorce and the title was changed. No tax implications as its a spousal arrangement.

It will be a change to the mortgage - you'll have to reapply in your own name, can you get one high enough? This is often a stumbling block with removing a spouse. You need the mortgage in place before you can change the title. You may have penalties to pay for ending your joint mortgage early.

I found it helped me to write do everything that was important to me for the future, from small emotional things, to custody and child arrangements. Then I prioritised them. That gave me my key things to negotiate for and helped me establish those that were actually less important.

When you've been with someone for such a long time it's really hard to start thinking about your own needs first but this is what you need to do. Do you have a straight talking friend who can help you work through the basic practical list of what you're going to need?

Hercules12 Mon 09-Mar-20 23:07:06

Hi. Thanks for the supportive reply. smile. I have a sister I'm close to so that helps. I've spoken to the mortgage company and will phone again tomorrow. I should be able to get enough but will check. They've already said I can keep the current deal even if just in my name so no penalties.
Were you legally separated before tranfer deeds? I can't work out if when it says separated the Gov website means legally.
I've been making lists. Trouble is emotionally he's way ahead of me whilst I'm still playing catch up.

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Hercules12 Tue 10-Mar-20 19:15:04

Hi. So another phone call to mortgage and I might not keep the same deal and might have to pay early redemption fees. I wont know until later stage of application. I passed the soft stage of application for affordability so now need to do next longer stage of application when the contact me.
I don't want to get solicitor until I know for sure all going ahead.

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IkeaSlave Tue 10-Mar-20 19:29:55

What's the rush? Does it suit you to do everything this fast? If so, get him to pay the early redemption fees etc.

Have you sat down and looked through the finances yet? his pension, your pension, equity in house, savings? Bet he has! Don't rush if it doesn't suit you.

Maybe he will pay for your first solicitor visit if he is in such a hurry

Is there another woman?

Hercules12 Tue 10-Mar-20 20:08:50

Hi. No sign of another woman, yet. It is a typical midlife crisis otherwise - tattoos, motorbike etc. I'm in no rush but he is. We earn roughly the same. My pension is much better than his and I have some savings. He has same savings.
He doesn't want to rent hence wanting to be off mortgage and deeds to buy. It is to my advantage to get the house but he's getting an inheritance that will be equivalent.
I've just no idea about stamp duty and capital gains tax.
I keep telling dd left that be a lesson for you to earn your own money, have a pension and don't depend on a man no matter how reliable they seem.

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Hercules12 Tue 10-Mar-20 20:09:49

I think you're right about slowing down. Hes in a rush, not me.

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mamamiaow Tue 10-Mar-20 20:48:12

Sorry to hear this, but you need to slow down. Don't let him rush you.

He wants his name off the title to buy his new home. If he had his name on 'your' house title he'd need to pay second home stamp duty, so you are doing him a favour.

The transfer of title needs to be done by a solicitor so will incur costs (up to about £1k, try to negotiate that he covers this because you are saving him the second home stamp duty costs of his new home).

It's probably in your favour to have it transferred over to your own name, but is he rushing because you may be entitled to some of this inheritance that is coming? I would get advice from a family lawyer and financial adviser. Look after yourself.

Hercules12 Tue 10-Mar-20 20:57:45

Hi. Many thanks for such kind responses. Yes it's to his advantage to get off the deeds although I'll be happy with the house. I have wondered about the inheritance but its coming from a country with lots of corruption and could easily be hidden. Also the inheritance has never been intended to be a joint asset ever. When I ask him about it he becomes cagey.

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Gummyy Wed 11-Mar-20 20:13:19

Wow, interesting! My soon to be x husband also seems to be in a rush to get his name off the title deeds, he told me that it is for my benefit ! He has drawn up a financial settlement for me to sign which includes that I will not ask for any money in connection of any further costs that may appear due to settlement/ divorce , he is a financial advisor and has not mentioned that it will cost to alter deeds,!

Wonderwoman550 Thu 12-Mar-20 00:06:35

I am in the process of a divorce still both living at the matrimonial home at the final stage before the financial settlement my husband has applied to re mortgage our jointly owned property without my consent and it has been agreed is this legal?

Gummyy Thu 12-Mar-20 10:59:41

I believe that if you are both on the deeds and have both names on your mortgage , this could not be done without your consent and signature on paper work.

Gummyy Thu 12-Mar-20 11:00:44

Why has he done this anyway ?

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