ex is about to make our joint house into sole names is this dangerous

[raisinbran]

We have a small property that is paid off. in joint names which we rent out. In sorting out our finances for splitting he has applied to get the house put in to sole name, with the intention of then getting a mortgage to relese cash to me. Is there any chance he could just not pay me once the ownership is in his name?

We have another very small house which has only 50k in cash the rest mortgaged fixed rate until 2011 which is in my name, so he see's it as us having one house each.

I can't see the wood for the trees at the moment and don't know if I am going to lose out.

any property exchange buying out needs a proper conveyance and contract through solicitors

he can get a mortgage just like a normal purchase transaction you shouldnt commit first

get to a solicitors and agree nothing yet, make sure he cannot do this without your signature.

I would be very careful -my DH lost out badly during a dvorce - his EXDW had a house, which they had done up toghether and let, in her name only. His house was in both names. She got half the value of his house when she left, and her huse was not taken into account. Do not do anything unless your solicitor knows and agrees.

Would echo views about getting lawyer's advice - I'd be very careful. As a minimum only sign if there is a charge on the property for the amount he will owe you.

Don't allow the house to be signed over to him until he has given you the cash.

Go see a solicitor - if you just sign the Transfer into his name then thats it he can dispose of it however he sees fit. In court proceedings he may be made to compensate you for this but if he has no money left you are not going to get any IYSWIM. Also you will be left with your property mortgaged to the hilt!

DO NOT SIGN WITHOUT LEGAL ADVICE.

Go and see a solicitor. Arrange for the signed transfer to be handed over only once your solicitor has your share of the equity in his/her client account.

Hate to say it but this stinks!

'normall' what happens in these situations is:

He should approach bank to arrange to remorgage to release an agreed amount of money to you.

They will arrange this in the usual way. write to his solicitors to check deeds et etc as normal. Obviously you are on the deeds so they will ask the solicitor to arrange a consecutive remortgage and transfer of deeds

All this means is that all the relevent paperwork, for his mortage, tranfer of deeds, etc etc will all be filled in by both of you beforehand but will all be completed on the same day, therefore. the money that you have both agreed is yours will go straight to you vias his solicitors.

It is not that complicated once you have agreed how much you will each get.

it is imperative that you see a solicitor ASAP. you will need one in any case for the basic stuff not necessarily because things will get difficult.

I can only assume the reason he wants to get you off the deeds is to protect his own interests as it will be very very costly for you to persue a share in the equity if this is done.

It doesnt take a genius to work out that owning a house outright is not ther same as owning a mortgage on a house

ps only know all this as my Dh went through this ina previous life.

Thank you everyone, I'll get in touch with my solicitor. I wasn't comfortable with it but didn't want to be seen to be deliberately awkward.