Can i change my joint deed into my wifes name only?

Helli2020

I am thinkng of changing our ownership deed into my wifes name only. Can this be doe ad how?

Crosby

From what I understood from a quick convo with my current lender a few weeks ago, taking your name off the mortgage will only cost a few hundred pounds (cant remember how much) but you will also need to get a conveyancer involved to get the deeds changed (few more hundred quid). So all in all I understood was less than 1k and 2-3 weeks lawyer's time.
I would love to see more professional comment though as this is a hot topic for me too.

Helli2020

To be honest, i'm happy to stay on the mortgage, but want to change the deed into my wifes name. If i can do both i.e. just her name on both the mortgage and deed, then happy days but unsure how to do this legally

CloudCuckooLand

Is there are mortgage on the property in question?

If so, your wife would need income and credit history to support that on her own.

There may well be CGT or other issues, due to your other property holdings.

Your other posts indicate financial difficulties. If the Lender on the other properties also has this property, they may decline to cooperate, as it weakens their ability to recover falling asset values.

Suspect you need to seek professional advice, to cover the whole of your holdings and ascertain the optimum method of proceeding.

Helli2020

I have one family property and 3 buy to lets which have been no end of trouble. They are with different lenders to the family home and i have never had ay issues with this mortgage, bills etc...but we are in the process of sorting out wills etc....and i want to make sure everything is protected

Senior_Paper_Monitor

In 99.9% of circumstances it is same person/people on both deeds (register of title) and mortgage.

In order for the mortgage company to agree to release you they will need to fully underwrite your wife's ability to support the mortgage on her income - additionally some lenders are well iffy about co-habitating husband and wife not both being on mortgage.

The actual process is fairly simple and pretty much as indicated in Crosby's post (#2).

Senior_Paper_Monitor

I note your comment "make sure everything is protected" and based on "no end of trouble" and "any issues with this mortgage" I assume your are 'trying to protect the family home against debt elsewhere on your portfolio' (my apologies if I am wrong in this assumption).

As part of the transfer of equity it will be necessary for you to sign a 'Declaration of Solvency' (effectively stating that you can meet your liabilities from assets other than the one you are giving away or releasing for less than market value).

To sign that knowing the statement to be untrue could be a criminal offence and/or result in the transfer being reversed by the courts.

You certainly need advice here - a good broker (not all will be familiar with these areas), IFA and/or solicitor - before taking any 'bar room lawyer advised' action.