transferal of mortgage help

moomin_3

Hi all, I have an interest only mortgage which I am intending on selling soon, however I have taken a job in OZ which I am starting and it's not ready for sale yet. Is it possible to transfer the ownership to my partner completely so they can stay and finish/sell/sign over etc for me? cheers.

homer_j_3

I believe you would be best seeking legal advice. I doubt you will be able to sign over the property if it has the mortgage company's name on the deeds.

You possibly may need to get something drawn up that lets you hand over power to deal with your affairs whilst out of the country. By seeking legal advice, a solicitor will be able to ensure that you are sufficiently protected etc.

MarkyMarkD

You can't transfer ownership unless you also transfer the mortgage, and that would require your partner to have sufficient income to cover the mortgage. It would also require the lender's consent.

If you have equity in the property, as homer says, you would want some legal protection against your partner failing to settle up with you.

joepubli

you could consider gicing a Limited Power of Attorney to your prtner authorising him/her to sign on your behalf. Its s simple document and can be drawn by a solicitor. There are also standard types you an get from legal stationary shop or by searching on the web.
Joe

HelpWhereIcan

joepubli wrote:

you could consider gicing a Limited Power of Attorney to your prtner authorising him/her to sign on your behalf. Its s simple document and can be drawn by a solicitor. There are also standard types you an get from legal stationary shop or by searching on the web.
Joe

I would suggest that this is the 'best' option for you. I had a client who moved to South Africa and used one to have his mother deal with the sale of his property for him.