This is my first post on the site and I am hoping that someone out there can offer me a bit of advice.
I have been married for 4 years and moved into my husband's house, selling mine and putting some equity into my husband's house. We then transferred the house and mortgage into both our names.
Since then my husband, who is self employed, has had very little work. I have no debts at all in my name and do not have a credit card, however, my husband has scary debts, which he has been paying off at a token payment of between £1 and £10. Some of his debtors are now threatening court action for money which we simply do not have. None of the debts are secured against the property.
Having been made redundant 3 times I am now a medical secretary, on a low wage and am afraid that we may lose the equity in our house via a charging order.
In order to protect our home we would like to put the property into my name. We have contacted our building society, who are very happy to offer me a mortgage in my name alone. The mortgage has been paid out of my bank account for some time now. I have a solicitor, who will act on my behalf with regards to the transfer of equity.
The property transfer documents that have arrived from the solicitor, however, state:
'Mr ******** hereby declares that he has never been bankrupt or insolvent or made any arrangement with or assignment for the benefit of his creditors or had a petition in bankruptcy served upon him or a receiving order made against him nor has any judgment ever been entered against him in the Court of Record and he is able to pay all of his debts without the aid of the Property.'
Bearing in mind the above paragraph, does anyone have any advice on how to proceed? Would it be wrong for him to sign the transfer documents or as the debts are not secured against the property, whether he can pay his debts without the aid of the property is neither here nor there.
Has anyone come across this before whilst transferring property and how did you approach it?
I am hoping that someone can help and would be really grateful for any advice.