Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By mike1y111
#50505 Hi All its me again, the serial poster!

I was told on this board that i can get my partner/family to buy my beneficial interest in the house. We currently have a mortgage and a secured loan on it, with equity of say 20k. How could i get my partner to buyout my half? Do i need to tell the morgage company? change the names on title deeds? and if later any creditor tries to put a charge on the house how would it affect my partner as i wont own the property?

Many thanks
By JLP
#51069
mike1y111 wrote:Hi All its me again, the serial poster!

I was told on this board that i can get my partner/family to buy my beneficial interest in the house. We currently have a mortgage and a secured loan on it, with equity of say 20k. How could i get my partner to buyout my half? Do i need to tell the morgage company? change the names on title deeds? and if later any creditor tries to put a charge on the house how would it affect my partner as i wont own the property?

Many thanks



Creditor wont put a charge on your house as all your debts will included in your Trust Deed.Thats the whole point of it, its a diligence stopper. Your IP should be able to help your partner/family buy out the Beneficial Interest. I spoke to an IP yesterday who suggested a remortgage-preferably with Penalties to reduce the equity. You can then protect your equity for about £500 or so. Most Ip's are really nice so have an informal chat with one about this.