removing and adding name on house deeds

scared999

Hello
I wonder if anyone could help on a question I have. My partner and I are looking at buying my ex's half of our house. My name is still on the mortgage as is my ex husbands. He wants to move out and we have offered to buy him out - which is all agreed. As my name is already on the mortgage, how would I go about getting my ex husbands name removed and my partners name added? thank you in advance.

Mrs_Bumble

The process is called a transfer of equity, you either apply to your existing lender to remove your ex partner and add the new partner or you remortgage away.

If you remain with your existing lender you will have to engage a solicitor once approval for the transfer has been giving for them to amend the title deeds.

If you remortgage away the solicitor will then amend the title deeds but this will add to the cost of the standard remortgage.

How much is your new partner taking on, is it more than the current stamp duty threshold of £175K.

scared999

Hello Mrs Bumble, thanks for replying. We would be taking over the mortgage at £213,000 and giving my ex £10,000 in cash, plus taking over a loan he has with my uncle of £30k. We would have to pay stamp duty as in affect the house isnt being sold just a transfer of names ?

Thanks in advance.

Mrs_Bumble

Have a look here, (replacing the stamp duty liability threshold of £125K for the £175K that it is presently)

http://www.hmrc.gov.uk/so/technewsletter3-2.htm

You can also get free advice here:

http://www.communitylegaladvice.org.uk/

scared999

thank you. will take a look.