Hi FF36.

For that to be possible a couple of things will need to happen.

Firstly your existing mortgage lender will need to agree to remove your name, something they may have concerns about as it may well weaken their security. Alternatively your husband will need to find a new lender prepared to lend to him alone.

To raise your equity your existing mortgage lender will have to increase the mortgage, or a new lender will need to offer an increased mortgage.

I'd imagine your husband would want full title to pass to him also so I think your trustee would need to be involved in the process.

Hi FF36

TDA is correct as there will be a process to go through.

If your husband can raise the money, then the Trustee could effectively assign all your right to the property into his name. He would then have full ownership. However this would not remove you from the mortgage.

The Trust Deed itself would remove any future liability should the mortgage fall into arrears, however to have the mortgage transfered into your husband's sle name would require the bank's consent.

Mark

Thanks, I realise it will need to be approved and everything by mortgage company (is that who you meant by bank?) I just really wanted to know if it is possible to do it while in trust deed.

It is certainly possible, FF36, as long as the mortgage company and your trustee are happy with the arrangement.

Hi FF36.

Is your husband also in a trust deed?

No just me

That certainly improves the chances I'd have thought.

Hi FF36

I can think of a few cases where this has happened. I suppose the key thing for you is to ensure the equity is dealt with and the trustee transfers the interest in the property. Hopefully the bank will accept a Minute of Agreement to alter the joint arrangement on the Trust Deed.

Mark