First Time Buyer - Sole ownership to joint??

Mr._OCaz

Hi,

Just in the process of buying my first property, all down to seller's solicitor to sort out final few documents but hoping to be complete in next couple of weeks.

Anyway i am moving in with my fiance, when we bought the house i checked with my bank regarding mortgage as i am a graduate they gave me a deal and for ease everything is in my name as no checks to be done etc. Now we are near completion I am just wondering how i would change the deeds from my sole name to having my fiance's name on them too?

How would i go about this and how much would it cost?

clutton_2

i am fairly sure you will need to get a joint mortgage - but why not just talk to your solicitor - that is what you pay him for ? good luck

zzzLazyDaisy

If you are going to want to put the house in joint names fairly soon, do it now, if you wait you will just incur additional cost.

Putting the house into joint names is a conveyance from you to both of you. This means you will need to use a solicitor and have the transaction registered at the land registry = cost.

More importantly, you will need to have the mortgage put in joint names. At the very least this would mean you paying off the current mortagage and starting again. While that might be a paper exercise, it is likely to involve admin fees, and may also involve a redemption penalty - eg if you have taken a fixed or discounted mortgage.

You need to speak to your solicitor about this before you go any further.

Daisy

Mr._OCaz

Right - so the mortgage would need to be in joint names too?

Thing is at this stage i have signed deeds, mortgage, land registry etc. At the very last stages now, just waiting for their solicitor to provide finals documents.

So i imagine this would hold things up a great deal? I am tied in my current mortgage deal for 2 years (regarding penalties etc) when i intend to switch elsewhere - would it be best to put it in joint names then?

Mr._OCaz

Believe i have found a cheap solution to this problem once we have eventually completed, for £40 i can apply on a form from the Land Registry called RX1 which registers a restriction as outlined below -



No disposition by a sole proprietor of the registered estate (except a trust

corporation) under which capital money arises is to be registered unless

authorised by an order of the court.


Basically meaning i can't sell, re-mortgage without my fiance's consent too. Main reason we want to have it like this is - although we hope to be together forever (arrrr:p ) - if... we were to split up my partner wants her interest protected, which i understand.

Now you may ask why everything wasn't joint from the start, well to be honest it is just how it happened and was for pure ease of the application of the mortgage etc. As to try change the mortgage at this stage would put things back in a big way and i believe looking at my solicitors fee breakdown could add an extra (atleast) £100 to the bill!

So what are opinions on this for people in the know?

Also would this effect if we were to sell in the future and prospective buyers solicitors saw this after doing a land registry search? Or as long as we both consent to the eventual sale would this be ok?

As we will re-mortgage when are current deal end and then probably put it in joint names properly.

Advice please?