Mortgage issues

[Catcat]

In 1997 I bought my first property on my own even though I was married . The bank strongly advised that I didn’t take insurance out for redundancy as they stated the nhs would never make people redundant . I later sold the property and debouching another more expensive property jointly with my husband using 20k profit of my own money as deposit in 1998. In 2003 my husband and I separated and I moved into Council property for a few weeks . During this time the bank phoned me and asked me to go down to the bank to sign and release money that my husband needed on the mortgage to buy a new vehicle for his work. I was also advised on the telephone that I should sign the mortgage over to my husband to make it easier for myself . I stated I didn’t want to as it was my house too and was assured that in order for him to have the loan I needed to do this and it would not affect my claim to the property in anyway and that my name would remain on the deeds .i went to the bank and signed the form at the counter without any further discussion iropporrinity for legal advice . A few weeks later my husband and I reconciled . In 2004 after being struck down with a disability I was made redundant from work .i was aware I could not claim due to the redundancy but knew I had critical cover and disability as well as life insurance . When trying to claim I was advised the policy had been cancelled but they didn’t know why and that I could take it out again , however , my newly diagnosed condition would not be covered . I left it as I felt there was nothing I could do and I was too ill to fight . I have been informed that should my husband die before me I will have to pay inheritance tax on the property . I would not be able to do this and as a result would loose my home . Can anyone advise what I should do . I am unable to get a mortgage as I am now a 50 year old disabled woman .thank you in advance

[ostell]

Re: Mortgage issues

If you were not divorced then there would be no inheritance tax when the property is transferred to you. transfer between spouses is exempt. At least that's my understanding.