transfer of equity - still a first time buyer?

RoseFairy

first time posting on this board, so sorry if i repeat anything.

Our situation: the house we live in was bought 4years ago - the main mortgage being between my brother and husband. btw we are paying most of mortgage as we are living in it -we are agreed and fair on that bit.

background to how above came: my brother was looking to buy a property (single and looking as investment/letting out purpose), and had everything approved ie mortgage for £250k etc - however this fell through as he was guzumped - and so he started looking for another property. At around the same time we found a property that we wanted to purchase £180k (never bought before as was renting).
Now brother suggested that as he already has a mortgage approved we could save on searching/paperwork and get on property ladder together. So my brother being the main mortgage holder added my husbands name - nothing was requested eg salary, work, etc.

Present situation: We want to buy a bigger property and (if only we thought of this before!) want to remove my husbands name and put my name instead for this property.

So far i have found out that this is called 'transfer of equity', requires a 'simple' form to be filled out, £150 fee, solicitors fee of about £500, other stuff like land registery, surveying property again (fee?) - so maybe looking at £1000 costs .
btw - i am not working or on benefits (SAHM), and not quite sure yet whether to sell or rent this property


Is there more costs and things to consider?
Will this free my husband name to be considered a first time buyer.
Are there any benefits to doing this as we want to look for bigger property?

Thrugelmir

Your husband presumably is named on the mortgage so it isn't merely a question of removing his name from the title deeds.

The first issue you need to address is your brother in law remortgaging the property into his (and your name).

What are you hoping to achieve by removing your husbands name?

RoseFairy

Thrugelmir wrote: »

Your husband presumably is named on the mortgage so it isn't merely a question of removing his name from the title deeds.

The first issue you need to address is your brother in law remortgaging the property into his (and your name).

What are you hoping to achieve by removing your husbands name?

Hi thanks.
My husbands name was added to when my brother got the mortgage - however no info was requested eg job/income.

we would like to stay with the type of mortgage we have - so not remortgaging.

By giving my name instead of husbands name - could we thenn buy a property - my husband getting a mortgage in his name, based on his income etc. and would he still be considered a first time buyer?