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Hi
Im looking for some advice based on the below scenario
1. I purchased a house in which is currently in negative or zero equity if sold now.
2. There is still an outstanding Mortgage amount
3. The property was bought in my own name, prior to marriage.
4. Since marriage, the property has been our main residence and the Mortgage has been paid from Joint Acc / funds.
5. I have not pledged the house/equity as security against any loans etc.
6. My wife is not named on the house documents (Deeds) or mortgage and we have 2 young kids, I have agreed with my wife and want to formalise an agreement that any Beneficial Interest (equity) in the Property will be my Wife’s (after Mortgage is paid off).
7. I will continue to pay 100% of the mortgage until the children are both 18 years old, but any Beneficial Interest (equity) belongs to my wife.
8. Is there any problem with me still being named on the mortgage, but my wife having beneficial interest?
What options are available to do this:
· Land & Registry Office: Marital Homes Right Order on the Property?
· Trust Deed to formalise the agreement?
· Arrange a Property adjustment order?
· Arrange a Trust for our kids with an agreement that any beneficial interest/equity belongs to them in the Trust and administered by my wife?
Any Advice or Direction on the best way to proceed to arrange this will be appreciated.
Im looking for some advice based on the below scenario
1. I purchased a house in which is currently in negative or zero equity if sold now.
2. There is still an outstanding Mortgage amount
3. The property was bought in my own name, prior to marriage.
4. Since marriage, the property has been our main residence and the Mortgage has been paid from Joint Acc / funds.
5. I have not pledged the house/equity as security against any loans etc.
6. My wife is not named on the house documents (Deeds) or mortgage and we have 2 young kids, I have agreed with my wife and want to formalise an agreement that any Beneficial Interest (equity) in the Property will be my Wife’s (after Mortgage is paid off).
7. I will continue to pay 100% of the mortgage until the children are both 18 years old, but any Beneficial Interest (equity) belongs to my wife.
8. Is there any problem with me still being named on the mortgage, but my wife having beneficial interest?
What options are available to do this:
· Land & Registry Office: Marital Homes Right Order on the Property?
· Trust Deed to formalise the agreement?
· Arrange a Property adjustment order?
· Arrange a Trust for our kids with an agreement that any beneficial interest/equity belongs to them in the Trust and administered by my wife?
Any Advice or Direction on the best way to proceed to arrange this will be appreciated.
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