My husband and I are separating. Is it possible for my son to take over his share of the mortgage?
Whether the property and mortgage is transferred to one spouse and a new partner, or a spouse and one of the children, is entirely dependant on this being acceptable to the mortgage company. The property may be transferred from the joint names of you and your husband to you and your son – provided the lender is satisfied their security will not be prejudiced by releasing your husband from the mortgage contract, with your son taking over. It will depend on how much the son is earning and whether his salary will match or exceed the existing earning potential of your husband. It is unlikely that your son will take over his father’s share of the mortgage obligations without simultaneously receiving a transfer of his share in the property as, of course, the lender will not consider a transfer into your name while releasing your husband from the mortgage contract as they would be limiting their security. The only other proposal which may prove acceptable to the lender is where the property is transferred into your sole name with your son guaranteeing the whole mortgage, as long as he is willing and has the wherewithal to do this.
• Emyr Pierce is Managing Partner of Emyr Pierce Solicitors in Rhiwbina, Cardiff, Western Mail Conveyancer of the Year, specialising in Domestic and Commercial Property.