Transfer of equity can tak upt to 6 months!!!

ik1

Hi Everyone,

I just spoke to The Chesire (part of nationwide now) about transfering the mortgage from joint to just my wifes name and I was told this can take upto 6 months!!

Is it me or does that seem a awfully long time to transfer equity, I am sure when I bought the house it took about 2-3 months from start to finish.

Can it take this long...they said it is not simple with deeds etc but having already spoken to a solictor he said about 6-8 weeks max.

Bananamana

If the lender is slow (i.e. like most of them) yes it can take 6 months. The solicitors role is usually in preparing the transfer and registerind it ( a couple of hours work).

I would estimate 6 to 8 weeks however subject to your lender.

There are two ways to do it-

lender joins as party to the transfer- usually takes an age as they hate signing deeds

lender gives you a new mortgage at the same amount as your current mortgage- sends your solicitor the money and then the solicitor sends to back to "redeem" the current mortgage. - This is usually much much quicker.

poppysarah

Do they ask why you're doing it?

ik1

it just seems ridiculous that getting a new mortgage is quicker than changing some details on some papers...i know they still need to validate the earnings to make sure my wife can afford the mortgage and deeds need to be changed but 6 months...I hope it does not take this long. Maybe someone has done with the Cheshire and can enlighten me?

poppysarah

They will want to know their money is secure and that there's no ulterior motive like you're being made bankrupt.

ik1

lol I get where your coming from. But I have been a model customer for the last 5 years and overpaid about 50% of my original loan...however the response of, it will take 6 months is a little annoying and when I asked has it taken this long with any of your other customers...we don't know is the response. So it just seems they are not bothered or even interested in helping...it will take 6 months is all I heard!! Really annoying when I have queried previously they never mentioned this...I get the feeling he didn't really know as he put me on hold couple of times and to ask his supervisor!! Lets hope it does not take 6 months as I will be very peed off with them!!:mad:

ik1

poppysarah wrote: »

Do they ask why you're doing it?

no...they don't care...as long as my wifes salary covers the mortgage thats all...