Transfer of equity

pretty_mumma

I hope someone can help.

Our house is currently mortgaged with Northern Rock in my partners name.
We are looking to get a joint mortgage on the property and moving to First Direct.

But to do this, we need to get the name changed on the deeds so it shows both of us.

Some have been talking about Transfer of Equity and others about changing the deeds.

What exactly has to happen? Do we need a solicitor to do this? and which one is it?

I only ask because the mortgage companies are talking about transfer of equity - which i presume needs a solicitor, but Land Registry say its a deed change - which doesnt require a solicitor.

Also do we have to pay stamp duty?

Help!!!!

Conrad

It's nothing to worry about. The lenders Solicitor will simply add you on, and ammend the deeds. Terminology will vary from firm to firm but it's irrelevant. People do this day in day out so lenders and solicitors know what to do. Just makes sure when the lenders Solicitor contacts you, you inform them you are being added - you normally complete some papers in this regard.

Adding another party can involve a modest charge by the lenders Solicitors.