Transfer by spouse of mortgaged property
2:58 PM, 11th July 2016, 10 years ago
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My husband and I are in the process of an amicable divorce, he has a number of properties and wishes to gift two to me one to live in and the other to make sure I am financially ok, he has plans to move on with another woman.
I’m not confident I can take on the mortgages on my salary so is there a way that he can perhaps via a trust or some other mechanism transfer these properties to me while we are still married so that I will have some security thereafter.
Many thanks
SL
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Member Since February 2011 - Comments: 3453 - Articles: 286
3:01 PM, 11th July 2016, About 10 years ago
If you do not go down the full transfer of legal titles and taking on a mortgage/s you can consider using a Declaration of Trust with 100% in your name.
A Declaration of Trust enables the ownership of equity and rental profits to be adjusted and legally documented without disturbing the legal title or existing mortgage arrangements.
Please see our page on this >> https://www.property118.com/ownership-restructuring-tax-purposes/